FOURTH QUARTER 2022 ANNUITY SALES
March 21, 2023 by Sheryl J. Moore
Deferred Annuity Sales
Total 4Q2022 deferred annuity sales were $79,309 million, compared with sales of $60,924 million for the fourth quarter of 2021. Fourth quarter deferred annuity sales were up more than 9% when compared to the previous quarter and up more than 30% when compared to the same period last year.
Non-Variable Deferred Annuity Sales
Total 4Q2022 non-variable deferred annuity sales were $57,825 million, compared with sales of $28,646 million for the fourth quarter of 2021. Fourth quarter non-variable deferred annuity sales were up more than 18% when compared to the previous quarter, and up nearly 102% when compared to the same period last year. Non-variable deferred annuities include sales of fixed, indexed, and multi-year guaranteed deferred annuities.
Variable Deferred Annuity Sales
Total 4Q2022 variable deferred annuity sales were $21,484 million, compared with sales of $32,278 million for the fourth quarter of 2021. Fourth quarter variable deferred annuity sales were down nearly 9% when compared to the previous quarter, and down more than 33% when compared to the same period last year. Variable deferred annuities include sales of structured and variable deferred annuities.
Indexed Annuity
Sales for the fourth quarter of 2022 were $21,703 million, compared with sales of $16,940 million for the fourth quarter of 2021. Fourth quarter indexed annuity sales were up more than 3% when compared to the previous quarter, and up more than 28% when compared to the same period last year. This was a record-setting quarter for indexed annuity sales, topping the prior 3rd quarter 2022 record by 3.47%. This was also a record-setting year for indexed annuity sales, topping the prior 2019 record by 7.74%.
Total 4Q2022 indexed annuity sales were $21,703,982,204.
Total 2022 indexed annuity sales were $78,965,122,275.
THE TOP TEN INDEXED ANNUITY CARRIERS FOR THE FOURTH QUARTER OF 2022:
- Athene USA
- Allianz Life
- Corebridge Financial
- Sammons Financial Companies
- Nationwide
- Fidelity & Guaranty Life
- Security Benefit Life
- Lincoln National Life
- Massachusetts Mutual Life Companies
- Global Atlantic Financial Group
AVERAGE COMMISSION:
The indexed annuity commission received by the agent averaged 6.38% of premium for the fourth quarter of 2022; a trend that is up 0.03% from the prior quarter.
LEADERS BY CHANNEL:
Bank- Corebridge Financial
Career- CNO Companies
Direct Response- Prudential
Full Service National Broker Dealer- Corebridge Financial
Independent Agent- Athene USA
Independent Broker Dealer- Corebridge Financial
Registered Investment Advisor- Massachusetts Mutual Life Companies
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Allianz Life Allianz Benefit Control Annuity
Bank- American General Power Index 5 Plus Annuity
Career- Bankers L&C Premium Bonus IA
Direct Response- Pruco Life PruSecure 5-Year
Full Service National Broker Dealer- Forethought Life ForeAccumulation II FIA 5-Year
Independent Agent- Allianz Life Allianz Benefit Control Annuity
Independent Broker Dealer- Allianz Life Allianz Benefit Control Annuity
Registered Investment Advisor- MassMutual Ascend Index Protector 5 MVA
Fee-Based Overall- American General Power Index Advisory IA
Fixed Annuity
Sales for the fourth quarter of 2022 were $575 million, compared to sales of $486 million for the fourth quarter of 2021. Fourth quarter fixed annuity sales were up more than 27% when compared to the previous quarter, and up more than 18% when compared with the same period last year.
Total 4Q2022 fixed annuity sales were $575,389,788.
Total 2022 fixed annuity sales were $1,975,183,516.
THE TOP TEN FIXED ANNUITY CARRIERS FOR THE FOURTH QUARTER OF 2022:
- Modern Woodman of America
- National Life Group
- EquiTrust
- Global Atlantic Financial Group
- Western-Southern Life Assurance Company
- Nationwide
- CNO Companies
- American National
- Reliance Standard
- Brighthouse Financial
AVERAGE COMMISSION:
The fixed annuity commission received by the agent averaged 5.73% of premium for the fourth quarter of 2022; a trend that is flat when compared to last quarter.
LEADERS BY CHANNEL:
Bank- Global Atlantic Financial Group
Career- Modern Woodmen of America
Direct Response- Corebridge Financial
National Broker Dealer- Western-Southern Life Assurance Company
Independent Agent- National Life Group
Independent Broker Dealer- Brighthouse Financial
Registered Investment Advisor- N/A
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Forethought Life ForeCare Fixed Annuity
Bank- Forethought Life ForeCare Fixed Annuity
Career- United of Omaha Bonus Flexible Annuity
Direct Response- N/A
Full Service National Broker Dealer- Western-Southern Life Senior Select 1-Year
Independent Agent- EquiTrust ChoiceFour with Liquidity Rider
Independent Broker Dealer- Forethought Life ForeCare Fixed Annuity
Registered Investment Advisor- N/A
Multi-Year Guaranteed Annuity
Sales for the fourth quarter of 2022 were $35,546 million, compared with sales of $11,218 million for the fourth quarter of 2021. Fourth quarter MYGA sales were up nearly 30% when compared to the previous quarter, and up nearly 217% when compared to the same period last year. This quarter and this year are the greatest MYGA sales have been since Wink began tracking sales of the products in 2015.
Total 4Q2022 MYGA sales were $35,546,244,408.
Total 2022 MYGA sales were $103,736,933,038.
THE TOP TEN MYGA CARRIERS FOR THE FOURTH QUARTER OF 2022:
- Massachusetts Mutual Life Companies
- Athene USA
- New York Life
- Corebridge Financial
- Brighthouse Financial
- Global Atlantic Financial Group
- Sammons Financial Group
- Pacific Life Companies
- Nationwide
- Fidelity & Guaranty Life
AVERAGE COMMISSION:
The multi-year guaranteed annuity commission received by the agent averaged 1.73% of premium for the fourth quarter of 2022; a decline of 0.46% from last quarter.
LEADERS BY CHANNEL:
Bank- Athene USA
Career- New York Life
Direct Response- Puritan Life
Independent Agent- Oceanview Life
Full Service National Broker Dealer- Massachusetts Mutual Life Companies
Independent Broker Dealer- Nationwide
Registered Investment Advisor- Sammons Financial Companies
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Massachusetts Mutual Life Stable Voyage 3-Year
Bank- Athene Annuity Athene MYG 5
Career- Massachusetts Mutual Life Stable Voyage 3-Year
Direct Response- Puritan Life Canvas 3-Year
Full Service National Broker Dealer- Massachusetts Mutual Life Stable Voyage 3-Year
Independent Agent- Athene Annuity Athene MaxRate 5
Independent Broker Dealer- Nationwide Life Nationwide Secure Growth 5 5-Year
Registered Investment Advisor- Midland National Life Oak ADVantage 3-Year
Fee-Based Overall- Midland National Life Oak ADVantage 3-Year
Structured Annuity
Sales for the fourth quarter of 2022 were $9,392 million compared with sales of $10,115 million for the fourth quarter of 2021. Fourth quarter structured annuity sales were down nearly 8% when compared to the previous quarter, and down more than 7% when compared to the same period last year.
Total 4Q2022 structured annuity sales were $9,392,837,002.
Total 2022 structured annuity sales were $39,589,795,786.
THE TOP TEN STRUCTURED ANNUITY CARRIERS FOR THE FOURTH QUARTER OF 2022:
- Equitable Financial
- Brighthouse Financial
- Allianz Life
- Lincoln National Life
- Prudential
- RiverSource Life
- Jackson National Life
- CUNA Mutual Life
- Athene USA
- Nationwide
LEADERS BY CHANNEL:
Bank- Equitable Financial
Career- RiverSource Life
Direct Response- N/A
Full Service National Broker Dealer- Allianz Life
Independent Broker Dealer- Allianz
Registered Investment Advisor- Lincoln National Life
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Equitable Financial Structured Capital Strategies Plus 21
Bank- Equitable Financial Structured Capital Strategies Plus 21
Career- RiverSource Life Structured Solutions 6-Year
Direct Response- N/A
Full Service National Broker Dealer- Allianz Life Allianz Index Advantage
Independent Broker Dealer- Lincoln National Life Lincoln Level Advantage B Share
Registered Investment Advisor- Lincoln National Life Lincoln Level Advantage Advisory
Fee-Based Overall- Lincoln National Life Lincoln Level Advantage Advisory
Variable Annuity
Sales for the fourth quarter of 2022 were $12,091 million, compared with sales of $22,163 million for the fourth quarter of 2021. Fourth quarter variable annuity sales were down nearly 10% when compared to the previous quarter, and down more than 45% when compared to the same period last year.
Total 4Q2022 variable annuity sales were $12,091,397,760.
Total 2022 variable annuity sales were $59,939,825,568.
THE TOP TEN Variable CARRIERS FOR THE FOURTH QUARTER OF 2022:
- Jackson National Life
- Equitable Financial
- New York Life
- Nationwide
- Lincoln National Life
- Corebridge Financial
- Pacific Life Companies
- Thrivent Financial
- Fidelity Investments
- RiverSource Life
LEADERS BY CHANNEL:
Bank- Jackson National Life
Career- Equitable Financial
Direct Response- Fidelity Investments
Full Service National Broker Dealer- Jackson National Life
Independent Broker Dealer- Jackson National Life
Registered Investment Advisor- Transamerica
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Jackson National Perspective II Flexible Premium Variable & Fixed Deferred Annuity
Bank- Jackson National Perspective II Flexible Premium Variable & Fixed Deferred Annuity
Career- Equitable Financial Equi-Vest
Direct Response- Fidelity Fidelity Personal Retirement Annuity
Full Service National Broker Dealer- Jackson National Perspective II Flexible Premium Variable & Fixed Deferred Annuity
Independent Broker Dealer- Jackson National Perspective II Flexible Premium Variable & Fixed Deferred Annuity
Registered Investment Advisor- Pacific Life Pacific Advisory Variable Annuity
Fee-Based Overall- Jefferson National Life Monument Advisor
Wink anticipates compiling first quarter, 2023’s sales with a release date of May 2023.
