Bottom Falls Out of Fixed Annuity Market in 3Q
December 6, 2016 by Cyril Tuohy
Third-quarter sales of traditional fixed annuities took a beating, dropping by as much as 59 percent to $1.2 billion from the year-ago period, according to data released last week.
Retirement investors fled the fixed-annuity market in search of higher yields, said Sheryl J. Moore, president and CEO of Moore Market Intelligence and Wink Inc., publisher of Wink’s Sales & Market Report.
Sales of fixed annuities were down nearly 24 percent compared with the second quarter, Wink found. Moore termed third-quarter sales of fixed annuities as “sluggish.”
Among the top sellers of fixed annuities in the third quarter were Jackson National, Athene USA, Reliance Standard, Great American Insurance Group and MetLife.
The top fixed annuity product sold was Forethought Life’s ForeCare fixed annuity, Wink reported.
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