Annuities in coronavirus slump as VAs draw regulatory and academic scrutiny
September 9, 2020 by Tobias Salinger
In a signal of the economic toll of the coronavirus pandemic, annuity sales are tumbling and shifting toward protection-based products.
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The changing conditions coincided with a new issuer reaping with the most sales of fixed-index annuities, Wink CEO Sheryl Moore says. After more than a decade with Allianz at highest market share, Athene surged to the top of Wink’s fixed-index rankings at 11%. The outlook still appears bleak for most products, though.
“Everyone saw these sales declines coming from a mile away,” Moore said in a statement. “As everyone continues adjusting to COVID-friendly selling and the 10-year Treasury remains minuscule, sales are going to continue to be challenged.”
Jackson National reeled in the highest sales of any issuer at a 7.5% share of the market, according to Wink. New York Life, MassMutual, Lincoln and Equitable rounded out the rest of the top five sellers, in that order. Allianz’s 222 Annuity remained the highest selling fixed-index product for the 20th consecutive quarter, while Jackson National’s Perspective II VA drew the No. 1 sales among all products for the sixth quarter in a row.
