MYGA sales growth dominates among deferred annuities in 1Q 2022, Wink report finds

[Insurance Forums Staff]

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MYGA sales growth dominates among deferred annuities in 1Q 2022, Wink report finds

Latest sales report shows a 2.2% increase over 1Q 2021 deferred annuity sales.

Continue reading the Original Article.

 

[Allen Trent]

interesting headline giving the impression that MYGA sales were up the most.

From reading the data, it appears to show Index Annuity sales were up 14.5% in 1st Qtr 2022 compared to 1st Qtr 2021, whereas MYGA was 9.8%.

Regardless, looks like 1st quarter 2022 had many buyers looking for safety of a guaranteed rate or guarantee of principal & away from variable.

interesting to see MYGA average commission is now down to 1.79%. Guessing that means a large majority of MYGA sales are coming via bank channels/direct/RIA/brokerage house partnerships

 

[Tahoe Ray]

interesting to see MYGA average commission is now down to 1.79%. Guessing that means a large majority of MYGA sales are coming via bank channels/direct/RIA/brokerage house partnerships

My guess is that most agents are writing the shorter surrenders. 3 year MYGAs pay around 1.5% and have rates that are very competitive with longer durations.

 

[sman]

My guess is that most agents are writing the shorter surrenders. 3 year MYGAs pay around 1.5% and have rates that are very competitive with longer durations.

Yep. The majority of MYGA's I sell are shorter duration. I may write the occasional 5 year, but not very often (probably haven't written a 5 year in the last 3-4 years).