Non-variable annuity sales decline in third quarter
November 28, 2017 by Staff
Sales of non-variable deferred annuities totaled more than $20.2 billion in the third quarter, down 14 percent from the previous quarter and 11 percent from the year-ago quarter, according to Wink’s Sales and Market Report.
Those non-variable products included the indexed annuity, traditional fixed annuity, and multi-year guaranteed annuity products.
Higher rates on certificates of deposit and a rising stock market likely contributed to the decline in sales, said Sheryl Moore, president and CEO of Moore Market Intelligence and Wink Inc. in Pleasant Hill. “There is typically an inverse relationship between sales of fixed and indexed annuities, as compared to CD rates. Likewise, whenever the market is on the rise, that hurts sales of these products as well,” she said.
Among indexed annuity carriers, Allianz Life retained its No. 1 market share at 14.9 percent of sales, followed by Nationwide, Athene USA, American Equity Cos. and Great American Insurance Group.
