Allianz Life's MasterDex X still top of the indexed-annuity heap
March 2, 2010 by Darla Mercado
Sales of the popular product helped Allianz maintain its place as the top seller of indexed annuities
By Darla Mercado
March 1, 2010
Sales of indexed annuities set a record last year, surpassing $30 billion — despite a modest 2.7% decline in sales in the fourth quarter.
According to data from AnnuitySpecs.com’s Indexed Sales and Market Report, sales of indexed annuities in the final quarter of the year fell to $7 billion.
That’s still a healthy amount of business, though. Allianz Life Insurance Co. of North America benefited from the strong interest in indexed annuities. Buoyed by its top-selling MasterDex X product, the carrier maintained its place at the top of indexed annuity sales leader board in the fourth quarter.
Minneapolis-based Allianz Life posted the highest operating profit in the company’s 110-year history at nearly $800 million for its 2009 financial year. Premiums for the insurer rose to $9 billion, up 2% from 2008.
On the IA front, Allianz Life was trailed in the fourth-quarter IA by Aviva Life and Annuity Co., American Investment Life Holding Co., Jackson National Life Insurance Co. and ING Groep NV.
Jackson National was the top seller of indexed annuities in wirehouses and banks.
Meanwhile, indexed life insurance sales in the fourth quarter rose to $162.1 million, up 24% from the previous three-month period and up 2.8% from the comparable period in 2008.
Top sellers in this space include Aviva — again in first place — trailed by Pacific Life Insurance Co., National Life Group, Minnesota Life Insurance Co and AEGON USA LLC.
Pacific Life’s Indexed Accumulator III was the No. 1 selling product.
