Wink, Inc. Releases 2nd Quarter, 2023 Deferred Annuity Sales Results
August 24, 2023 by Wink's Press Release
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INDEXED AND STRUCTURED ANNUITIES SMASH RECORDS!
Wink, Inc. Releases 2nd Quarter, 2023 Deferred Annuity Sales Results
Des Moines, Iowa. August 24, 2023– Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1998, released its 104th edition report for 2nd Quarter, 2023. One hundred and twenty-four annuity providers participated in the report.
Total second quarter sales for all deferred annuities were $79.7 billion; sales were down 5.9% when compared to the previous quarter and increased 9.6% when compared to the same period last year. All deferred annuities include the variable annuity, structured annuity, indexed annuity, traditional fixed annuity, and multi-year guaranteed annuity (MYGA) product lines.
Noteworthy highlights for all deferred annuity sales in the second quarter include Athene USA ranking as the #1 carrier overall for deferred annuity sales, with a market share of 8.7%. Allianz Life moved into second place, while Massachusetts Mutual Life Companies, Equitable Financial, and Corebridge Financial rounded out the top five carriers in the market, respectively. Athene’s Athene MYG 5, a MYGA, was the #1 selling deferred annuity, for all channels combined, in overall sales for the second consecutive quarter.
Total second quarter non-variable deferred annuity sales were $56.1 billion; sales were down 10.7% when compared to the previous quarter and up 21.3% when compared to the same period last year. Non-variable deferred annuities include the indexed annuity, traditional fixed annuity, and MYGA product lines.
Noteworthy highlights for non-variable deferred annuity sales in the second quarter include Athene USA ranking as the #1 carrier overall for non-variable deferred annuity sales, with a market share of 12.0%. Massachusetts Mutual Life Companies held onto second place while Corebridge Financial, Allianz Life, and New York Life completed the top five carriers in the market, respectively. Athene’s Athene MYG 5 a MYGA, was the #1 selling non-variable deferred annuity, for all channels combined, for the quarter for the second consecutive quarter.
Total second quarter variable deferred annuity sales were $23.6 billion; sales were up 8.1% when compared to the previous quarter and down 10.8% when compared to the same period last year. Variable deferred annuities include structured annuity and variable annuity product lines.
Noteworthy highlights for variable deferred annuity sales in the second quarter include Equitable Financial ranking as the #1 carrier overall for variable deferred annuity sales, with a market share of 19.5%. Jackson National Life continued in the second-place position, as Lincoln National Life, Brighthouse Financial, and Allianz Life concluded the top five carriers in the market, respectively. Equitable Financial’s Structured Capital Strategies Plus 21, a structured annuity, was the #1 selling variable deferred annuity, for all channels combined, in overall sales.
Indexed annuity sales for the second quarter were $25.1 billion; sales were up 11.3% when compared to the previous quarter, and up 28.3% when compared with the same period last year. Indexed annuities have a floor of no less than zero percent and limited excess interest that is determined by the performance of an external index, such as Standard and Poor’s 500®. This was a record-setting quarter for indexed annuity sales, topping the prior first quarter 2023 record by 11.3%.
Noteworthy highlights for indexed annuities in the second quarter include Allianz Life ranking as the #1 seller of indexed annuities, with a market share of 15.0%. Athene USA continued in the second-ranked position, while Corebridge Financial, American Equity Companies, and Sammons Financial Companies rounded-out the top five carriers in the market, respectively. Allianz Life’s Allianz Benefit Control Annuity was the #1 selling indexed annuity, for all channels combined, for the fourth consecutive quarter.
Sheryl Moore, CEO of both Wink, Inc., and Moore Market Intelligence commented, “With rates being as strong as they are, it is no surprise that indexed annuity sales are setting records all over the place!”
Traditional fixed annuity sales in the second quarter were $503.3 million; sales were up 31.4% when compared to the previous quarter, and up 3.8% when compared with the same period last year. Traditional fixed annuities have a fixed rate that is guaranteed for one year only.
Noteworthy highlights for traditional fixed annuities in the second quarter include Global Atlantic Financial Group ranking as the #1 carrier in fixed annuities, with a market share of 16.9%. EquiTrust ranked second, while Modern Woodmen of America, National Life Group, and CNO Companies completed the top five carriers in the market, respectively. Forethought Life’s ForeCare Fixed Annuity was the #1 selling fixed annuity, for all channels combined, for the twelfth consecutive quarter.
Multi-year guaranteed annuity (MYGA) sales in the second quarter were $30.4 billion; sales were down 23.7% when compared to the previous quarter, and up 16.3% when compared to the same period, last year. MYGAs have a fixed rate guaranteed for more than one year.
Noteworthy highlights for MYGAs in the second quarter include Athene USA ranking as the #1 carrier, with a market share of 13.9%. Massachusetts Mutual Life Companies maintained the second-ranked position, while New York Life, American National, and Corebridge Financial rounded-out the top five carriers in the market, respectively. Athene’s Athene MYG 5 product was the #1 selling multi-year guaranteed annuity for all channels, combined for the second consecutive quarter.
Structured annuity sales in the second quarter were $10.8 billion; up 11.8% as compared to the previous quarter, and up 2.7% as compared to the same period, the previous year. Structured annuities have a limited negative floor and limited excess interest that is determined by the performance of an external index or subaccounts.
Noteworthy highlights for structured annuities in the second quarter include Equitable Financial ranking as the #1 carrier in structured annuity sales, with a market share of 26.6%. Brighthouse Financial ranked second, while Allianz Life, Prudential, and Lincoln National Life completed the top five carriers in the market, respectively. Equitable Financial’s Structured Capital Strategies Plus 21 was the #1 selling structured annuity, for all channels combined, for the fifth consecutive quarter.
“Interest in structured annuities is so high right now,” exclaimed Moore. “We have even had a new entrant introduce this product in the direct response channel!”
Variable annuity sales in the second quarter were $12.7 billion; up 5.1% as compared to the previous quarter, and down 19.8% as compared to the same period last year. Variable annuities have no floor, and the potential for gains/losses is determined by the performance of the subaccounts that may be invested in an external index, stocks, bonds, commodities, or other investments.
Noteworthy highlights for variable annuities in the second quarter include Jackson National Life ranking as the #1 carrier in variable annuities, with a market share of 18.8%. Equitable Financial ranked second, while New York Life, Nationwide, and Lincoln National Life finished out as the top five carriers in the market, respectively. Jackson National’s Perspective II Flexible Premium Variable & Fixed Deferred Annuity was the #1 selling variable annuity for the eighteenth consecutive quarter, for all channels combined.
Wink reports on indexed annuity, fixed annuity, multi-year guaranteed annuity, structured annuity, variable annuity, and multiple life insurance lines’ product sales. Sales reporting on additional product lines will follow in the future.
For more information, go to www.WinkIntel.com
Wink, Inc. is the company behind the most comprehensive life insurance and annuity due-diligence tools, AnnuitySpecs and LifeSpecs at www.WinkIntel.com. Wink, Inc. is the distributor of the quarterly Wink’s Sales & Market Report. Serving as the insurance industry’s #1 resource of indexed insurance product sales since 1998, this report provides sales by product, company, crediting method, index, distribution, surrender charge period, and more. Wink’s Sales & Market Report expanded to cover all deferred annuity products in 2015, all deferred variable annuity products in 2019 and all non-variable cash value life insurance products in 2017.
The staff of Wink, Inc. has combined experience of nearly 200 years working with insurance products, more than a century of which is specific to competitive intelligence. Based in Des Moines, Iowa, the firm offers competitive intelligence and market research in the life insurance and annuity industries, serving financial services professionals, distributors, manufacturers, regulators, and consultants on both a domestic and global basis.
Sheryl J. Moore, CEO is the guiding force behind Wink, Inc. Ms. Moore previously worked as a market research analyst for top carriers in the life insurance and annuity industries. Her views on the direction of the market are frequently heard in seminars and quoted by industry trade journals.
August 24, 2023
Des Moines, IA
(855) ASK-WINK
