Second Quarter 2023 Annuity Sales

August 24, 2023 by Sheryl J. Moore

Deferred Annuity Sales

Total 2Q2023 deferred annuity sales were $79,742 million, compared with sales of $72,735 million for the second quarter of 2022. Second quarter deferred annuity sales were down nearly 6% when compared to the previous quarter and up nearly 10% when compared to the same period last year. 

Non-Variable Deferred Annuity Sales

Total 2Q2023 non-variable deferred annuity sales were $56,132 million, compared with sales of $46,268 million for the second quarter of 2022. Second quarter non-variable deferred annuity sales were down nearly 11% when compared to the previous quarter, and up more than 21% 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 2Q2023 variable deferred annuity sales were $23,609 million, compared with sales of $26,467 million for the second quarter of 2022. Second quarter variable deferred annuity sales were up more than 8% when compared to the previous quarter, and down nearly 11% when compared to the same period last year. Variable deferred annuities include sales of structured and variable deferred annuities.

Indexed Annuity

Sales for the second quarter of 2023 were $25,167 million, compared with sales of $19,607 million for the second quarter of 2022. Second quarter indexed annuity sales were up more than 11% 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 1st quarter 2023 record by 11.33%.

Total 2Q2023 indexed annuity sales were $25,167,816,348.

THE TOP TEN INDEXED ANNUITY CARRIERS FOR THE SECOND QUARTER OF 2023:

1. Allianz Life
2. Athene USA
3. Corebridge Financial
4. American Equity Companies
5. Sammons Financial Companies
6. Security Benefit Life
7. Nationwide
8. Fidelity & Guaranty Life
9. Massachusetts Mutual Life Companies
10. Global Atlantic Financial Group

AVERAGE COMMISSION:
The indexed annuity commission received by the agent averaged 6.49% of premium for the second quarter of 2023; a trend that is up 0.08% from the prior quarter.

LEADERS BY CHANNEL:
Bank- Corebridge Financial

Career- CNO Companies

Direct Response- Prudential

Full Service National Broker Dealer- Allianz Life

Independent Agent- Allianz Life

Independent Broker Dealer- Allianz Life

Registered Investment Advisor- Sammons Financial 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- Allianz Life Essential Income 7 Annuity

Independent Agent- Allianz Life Allianz Benefit Control Annuity

Independent Broker Dealer- Allianz Life Allianz Core Income 7 Annuity

Registered Investment Advisor- Midland National Life Capital Income FIA

Fee-Based Overall- Midland National Life Capital Income FIA

Fixed Annuity

Sales for the second quarter of 2023 were $503 million, compared to sales of $484 million for the second quarter of 2022. Second quarter fixed annuity sales were up more than 31% when compared to the previous quarter, and up nearly 4% when compared with the same period last year.

Total 2Q2023 fixed annuity sales were $503,317,315.

THE TOP TEN FIXED ANNUITY CARRIERS FOR THE SECOND QUARTER OF 2023:

1. Global Atlantic Financial Group
2. EquiTrust
3. Modern Woodmen of America
4. National Life Group
5. CNO Companies
6. Western-Southern Life Assurance Company
7. American National
8. Nationwide
9. Brighthouse Financial
10. Jackson National Life

AVERAGE COMMISSION:
The fixed annuity commission received by the agent averaged 5.89% of premium for the second quarter of 2023; a trend that is down 0.10% 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- EquiTrust

Independent Broker Dealer- Global Atlantic Financial Group

TOP SELLING PRODUCTS BY CHANNEL:
Overall- Forethought Life ForeCare Fixed Annuity

Bank- Forethought Life ForeCare Fixed Annuity

Career- American National of NY WealthQuest Citadel 5 Diamond

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

Multi-Year Guaranteed Annuity

Sales for the second quarter of 2023 were $30,461 million, compared with sales of $26,176 million for the second quarter of 2022. Second quarter MYGA sales were down nearly 24% when compared to the previous quarter, and up more than 16% when compared to the same period last year. 

Total 2Q2023 MYGA sales were $30,461,691,624.

THE TOP TEN MYGA CARRIERS FOR THE SECOND QUARTER OF 2023:

1. Athene USA 
2. Massachusetts Mutual Life Companies
3. New York Life
4. American National
5. Corebridge Financial
6. Fidelity & Guaranty Life
7. Delaware Life
8. Symetra Financial
9. Nationwide
10. Prosperity Life Insurance Group

AVERAGE COMMISSION:
The multi-year guaranteed annuity commission received by the agent averaged 2.04% of premium for the second quarter of 2023; an increase of 0.11% from last quarter.

LEADERS BY CHANNEL:
Bank- Athene USA

Career- New York Life

Direct Response- Puritan Life

Independent Agent- American National

Full Service National Broker Dealer- Massachusetts Mutual Life Companies

Independent Broker Dealer- Athene USA

Registered Investment Advisor- Security Benefit Life

TOP SELLING PRODUCTS BY CHANNEL:
Overall- Athene Annuity Athene MYG 5

Bank- Athene Annuity Athene MYG 5

Career- Massachusetts Mutual Life Stable Voyage 3-Year

Direct Response- Puritan Life Canvas 7-Year

Full Service National Broker Dealer- Massachusetts Mutual Life Stable Voyage 3-Year

Independent Agent- American National Life Palladium MYG 5

Independent Broker Dealer- Nationwide Life Nationwide Secure Growth 5 5-Year

Registered Investment Advisor- Security Benefit Life Advanced Choice Annuity 4-Year

Fee-Based Overall- Security Benefit Life Advanced Choice Annuity 4-Year

Structured Annuity

Sales for the second quarter of 2023 were $10,818 million compared with sales of $10,526 million for the second quarter of 2022. Second quarter structured annuity sales were up nearly 12% when compared to the previous quarter, and up nearly 3% when compared to the same period last year. This was a record-setting quarter for structured annuity sales, topping the prior 2nd quarter 2022 record by 2.84%. 

Total 2Q2023 structured annuity sales were $10,818,507,557.

THE TOP TEN STRUCTURED ANNUITY CARRIERS FOR THE SECOND QUARTER OF 2023:

1. Equitable Financial
2. Brighthouse Financial
3. Allianz Life
4. Prudential
5. Lincoln National Life
6. RiverSource Life
7. Jackson National Life
8. TruStage
9. Nationwide
10. Athene USA

LEADERS BY CHANNEL:
Bank- Equitable Financial

Career- Equitable Financial

Full Service National Broker Dealer- Allianz Life

Independent Broker Dealer- Equitable Financial

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

Full Service National Broker Dealer- Allianz Life Allianz Index Advantage

Independent Broker Dealer- Equitable Financial Structured Capital Strategies Plus 21

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 second quarter of 2023 were $12,784 million, compared with sales of $15,940 million for the second quarter of 2022. Second quarter variable annuity sales were up more than 5% when compared to the previous quarter, and down nearly 20% when compared to the same period last year. 

Total 2Q2023 variable annuity sales were $12,784,138,030.

THE TOP TEN VARIABLE CARRIERS FOR THE SECOND QUARTER OF 2023:

1. Jackson National Life
2. Equitable Financial
3. New York Life
4. Nationwide
5. Lincoln National Life
6. Pacific Life Companies
7. Corebridge Financial
8. Thrivent Financial
9. Fidelity Investments
10. Transamerica

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- Nationwide

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- Jefferson National Life Monument Advisor

Fee-Based Overall- Fidelity Fidelity Personal Retirement Annuity

Wink anticipates compiling third quarter, 2023’s sales with a release date of November 2023.