Wink, Inc. Releases 3rd Quarter, 2023 Deferred Annuity Sales Results
November 22, 2023 by Jamie Johnson
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Wink, Inc. Releases 3rd Quarter, 2023 Deferred Annuity Sales Results
Des Moines, Iowa. November 21, 2023– Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1998, released its 105th edition report for 2nd Quarter, 2023. One hundred and twenty-four annuity providers participated in the report.
Total third quarter sales for all deferred annuities were $78.6. billion; sales were down 1.4% when compared to the previous quarter and up 8.5% 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 third quarter include Athene USA ranking as the #1 carrier overall for deferred annuity sales, with a market share of 8.5%. Massachusetts Mutual Life Companies moved into second place, while Equitable Financial, Corebridge Financial and Allianz Life rounded out the top five carriers in the market, respectively. Massachusetts Mutual Life Stable Voyage 3-Year, a MYGA, was the #1 selling deferred annuity, for all channels combined, in overall sales for the quarter.
Total third quarter non-variable deferred annuity sales were $54.7 billion; sales were down 2.3% when compared to the previous quarter and up 12.1% 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 third quarter include Athene USA ranking as the #1 carrier overall for non-variable deferred annuity sales, with a market share of 11.9%. Massachusetts Mutual Life Companies held onto second place while Corebridge Financial, Global Atlantic Financial Group and American Equity Companies completed the top five carriers in the market, respectively. Massachusetts Mutual Life Stable Voyage 3-Year was the #1 selling non-variable deferred annuity for the quarter, for all channels combined.
Total third quarter variable deferred annuity sales were $23.8 billion; sales were up 0.8% when compared to the previous quarter and up over 0.9% 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 third quarter include Equitable Financial ranking as the #1 carrier overall for variable deferred annuity sales, with a market share of 19.4%. Jackson National Life continued in the second-place position, as Lincoln National Life, Allianz Life, Brighthouse Financial 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 for the second consecutive quarter.
Indexed annuity sales for the third quarter were $23.3 billion; sales were down 7.2% when compared to the previous quarter, and up 11.2% 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®.
Noteworthy highlights for indexed annuities in the third quarter include Athene USA ranking as the #1 seller of indexed annuities, with a market share of 11.4%. American Equity Companies moved into the second-ranked position, while Allianz Life, Corebridge Financial, 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 fifth consecutive quarter.
Sheryl Moore, CEO of both Wink, Inc., and Moore Market Intelligence commented, “Indexed annuities couldn’t top last quarter’s record sales, but expect sales to set a record for 2023.”
Traditional fixed annuity sales in the third quarter were $495.9 million; sales were down 1.4% when compared to the previous quarter, and up 9.8% 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 third quarter include Modern Woodmen of America ranking as the #1 carrier in fixed annuities, with a market share of 17.0%. Global Atlantic Financial Group ranked second while EquiTrust, CNO Companies, and Western-Southern Life Assurance Company 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 thirteenth consecutive quarter.
Multi-year guaranteed annuity (MYGA) sales in the third quarter were $30.9 billion; sales were up 1.6% when compared to the previous quarter, and 12.9% when compared to the same period, last year. MYGAs have a fixed rate that is guaranteed for more than one year.
Noteworthy highlights for MYGAs in the third quarter include Massachusetts Mutual Life Companies ranking as the #1 carrier, with a market share of 15.9%. Athene USA took the second-ranked position, while Global Atlantic Financial Group, Corebridge Financial, and New York Life rounded out the top five carriers in the market, respectively. Massachusetts Mutual Life’s Stable Voyage 3-Year product was the #1 selling multi-year guaranteed annuity for all channels combined for the quarter.
Structured annuity sales in the third quarter were $11.4 billion; up 6.0% as compared to the previous quarter, and up 12.5% 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 third quarter include Equitable Financial ranking as the #1 carrier in structured annuity sales, with a market share of 26.6. Allianz Life ranked second, while Prudential, Brighthouse Financial, 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 sixth consecutive quarter.
“Structured annuities sales set another record this quarter and will do so again for 2023” exclaimed Moore. “I am projecting that structured annuity sales will top variable annuity sales by next quarter!”
Variable annuity sales in the third quarter were $12.3 billion; down 3.4% as compared to the previous quarter, and down 7.8% 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 third quarter include Jackson National Life ranking as the #1 carrier in variable annuities, with a market share of 19.3%. 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 nineteenth 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.
November 21, 2023
Des Moines, IA
(855) ASK-WINK
