Wink, Inc. Releases 4th Quarter, 2023 Deferred Annuity Sales Results
March 6, 2024 by Jamie Johnson
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NEWS RELEASE
Indexed, MYGA, and Structured Annuity Sales Hit Records
Wink, Inc. Releases 4th Quarter, 2023 Deferred Annuity Sales Results
Des Moines, Iowa. March 5th, 2024– Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1998, released its 106th edition report for 4th Quarter, 2023. One hundred and thirty-one annuity providers participated in the report.
Total fourth quarter sales for all deferred annuities were $105.4 billion; sales were up 33.1% when compared to the previous quarter and up 32.9% 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 fourth quarter include Athene USA ranking as the #1 carrier overall for deferred annuity sales, with a market share of 12.9%. Massachusetts Mutual Life Companies held second place, while Lincoln National Life, Corebridge Financial, and Equitable Financial 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 second consecutive quarter.
Total fourth quarter variable deferred annuity sales were $24.1 billion; sales were down 1.2% when compared to the previous quarter and up 12.3% 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 fourth quarter include Equitable Financial ranking as the #1 carrier overall for variable deferred annuity sales, with a market share of 20.1%. 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. Jackson National’s Perspective II Flexible Premium Variable & Fixed Deferred Annuity, a variable annuity, was the #1 selling variable deferred annuity, for all channels combined, in overall sales for the quarter.
Indexed annuity sales for the fourth quarter were $27.9 billion; sales were up 19.8% when compared to the previous quarter, and up over 29.1% 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 2nd quarter 2023 record by 11.1%. This was also a record-setting year for indexed annuity sales, topping the prior 2022 record by 25.5%.
Noteworthy highlights for indexed annuities in the fourth quarter include Athene USA ranking as the #1 seller of indexed annuities, with a market share of 11.4%. Allianz Life moved into the second-ranked position, while Lincoln National Life, American Equity Companies, and Sammons Financial Companies rounded out the top five carriers in the market, respectively. American Equity’s IncomeShield 10 was the #1 selling indexed annuity, for all channels combined, for the quarter.
Sheryl Moore, CEO of both Wink, Inc., and Moore Market Intelligence commented, “Indexed annuities have now sold over a trillion dollars, since their introduction in 1995!”
Traditional fixed annuity sales in the fourth quarter were $730.6 million; sales were up 47.3% when compared to the previous quarter, and up 26.9% 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 fourth quarter include Nationwide ranking as the #1 carrier in fixed annuities, with a market share of 28.4%. Global Atlantic Financial Group ranked second while Modern Woodman of America, EquiTrust, 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 fourteenth consecutive quarter.
Multi-year guaranteed annuity (MYGA) sales in the fourth quarter were $52.6 billion; sales were up 70.0% when compared to the previous quarter, and 47.7% when compared to the same period, last year. MYGAs have a fixed rate that is guaranteed for more than one year. This was a record-setting quarter for multi-year guaranteed annuity sales, topping the prior 4th quarter 2022 record by 47.7%. This was also a record-setting year for multi-year guaranteed annuity sales, topping the prior 2022 record by 48.3%.
Noteworthy highlights for MYGAs in the fourth quarter include Athene USA ranking as the #1 carrier, with a market share of 19.4%. Massachusetts Mutual Life Companies moved into the second-ranked position, while Corebridge Financial, Global Atlantic Financial Group, 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 second consecutive quarter.
“It’s no surprise to see MYGA sales hitting records. When five-year MYGAs are crediting upward of 6.0%, and CDs are crediting 1.72%, consumers are going to choose the MYGA every time,” explained Moore.
Structured annuity sales in the fourth quarter were up over $12.4 billion; up 3.2% as compared to the previous quarter, and up 32.9% 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. This was a record-setting quarter for structured annuity sales, topping the prior 3rd quarter 2023 record by over 3.2%. This was also a record-setting year for structured annuity sales, topping the prior 2022 record by 13.8%.
Noteworthy highlights for structured annuities in the fourth quarter include Equitable Financial ranking as the #1 carrier in structured annuity sales, with a market share of 25.2%. Allianz Life ranked second, while Brighthouse Financial, Prudential and Jackson National Life completed the top five carriers in the market, respectively. Pruco Life’s Prudential FlexGuard Indexed Variable Annuity was the #1 selling structured annuity, for all channels combined, for the quarter.
“Structured annuity sales hit a record this quarter!” exclaimed Moore. “But what is more significant is the fact that structured annuity sales eclipsed variable annuity sales for the first time.”
Variable annuity sales in the fourth quarter were $11.6 billion; down 5.6% as compared to the previous quarter, and down 3.7% 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 fourth quarter include Jackson National Life ranking as the #1 carrier in variable annuities, with a market share of 18.4%. Equitable Financial ranked second, while New York Life, Lincoln National Life, and Nationwide 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 sales on indexed annuity, fixed annuity, multi-year guaranteed annuity, structured annuity, variable annuity, and multiple life insurance product lines. Sales reporting on single premium immediate annuity, deferred income annuity, and additional life insurance product lines will be available starting in 1st Quarter, 2024’s report.
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.
March 5, 2024
Des Moines, IA
(855) ASK-WINK
