Annuities rising; consumers seek balance of growth and protection
June 1, 2023 by Todd Giesling
The financial environment in 2022 — with unprecedented long-term equity market volatility and rapidly rising interest rates at levels not seen since the financial crisis — led to more people seeking the protection offered by fixed annuities.
Sales of protection-based annuity solutions — which include fixed-rate deferred annuities, fixed indexed annuities without a guaranteed living benefit, registered index-linked annuities without a guaranteed living benefit and traditional variable annuities with a guaranteed minimum accumulation benefit — were up a staggering 60% in 2022.
Many of these sales were through the bank channel, as fixed annuities can be a good alternative to bank certificates of deposit.
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