MYGA Sales Fall 10 percent in 2017

March 28, 2018 by Cyril Tuohy

Multi-year guaranteed annuity (MYGA) sales fell 9.5 percent to $30.3 billion in 2017 compared to 2016 after insurers cut back on attractive rates due to the low interest rate levels, a market expert said.

Fourth-quarter 2017 MYGA sales rose 1.3 percent to $6.7 billion compared to the fourth-quarter 2016. Quarterly sales rose 1.2 percent compared to the third quarter, according to Wink’s Sales & Market Report.

“A couple of insurers in 2016 had attractive rates and had MYGA specials so MYGAs were coming off a strong 2016, but are now lower in 2017,” said Sheryl J. Moore, president and CEO of Moore Market Intelligence and Wink Inc., publisher of Wink’s Sales & Market Report.

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Originally Posted at InsuranceNewsNet on March 28, 2018 by Cyril Tuohy.