Wink, Inc. Releases 2nd Quarter, 2024 Annuity Sales Results
August 23, 2024 by Wink's Press Release
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NEWS RELEASE
Indexed and Structured Annuity Sales Set Records!
Wink, Inc. Releases 2nd Quarter, 2024 Annuity Sales Results
Des Moines, Iowa. August 22, 2024– Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1998, released its 108th edition report for 2nd Quarter, 2024. One hundred and thirty-four annuity providers participated in the report.
Total second quarter sales for all annuities were $109.6 billion; sales were up 3.7% when compared to the previous quarter. All annuities include the multi-year guaranteed (MYG) annuity, traditional fixed annuity, indexed annuity, structured annuity, variable annuity, immediate income (SPIA), and deferred income annuity product lines.
Noteworthy highlights for all annuity sales in the second quarter include Athene USA ranking as the #1 carrier overall for annuity sales, with a market share of 8.2%. Massachusetts Mutual Life Companies came in second place, while Corebridge Financial, Equitable Financial, and Nationwide rounded out the top five carriers in the market, respectively.
Total second quarter sales for all deferred annuities were $104.6 billion; sales were up 4.1% when compared to the previous quarter and up 31.2% when compared to the same period last year. All deferred annuities include the multi-year guaranteed annuity, traditional fixed, indexed annuity, structured annuity, and variable annuity 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 8.6%. Massachusetts Mutual Life Companies moved into second place, while Corebridge Financial, Equitable Financial, and Allianz Life rounded out the top five carriers in the market, respectively. Massachusetts Mutual Life’s Stable Voyage 3-Year, a MYG annuity, was the #1 selling deferred annuity, for all channels combined, in overall sales for the quarter.
Total second quarter non-variable deferred annuity sales were $73.6 billion; sales were up 0.3% when compared to the previous quarter and up 31.2% when compared to the same period last year. Non-variable deferred annuities include the MYG annuity, traditional fixed annuity, and indexed annuity 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 11.9%. Massachusetts Mutual Life Companies took second place while Corebridge Financial, Global Atlantic Financial Group, and Sammons Financial Companies completed the top five carriers in the market, respectively. Massachusetts Mutual Life’s Stable Voyage 3-Year, a MYG annuity was the #1 selling non-variable deferred annuity for the quarter, for all channels combined, in overall sales for the quarter.
Total second quarter variable deferred annuity sales were $30.9 billion; sales were up 14.3% when compared to the previous quarter and up 31.2% 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 18.0%. Jackson National Life continued in the second-place position, as Allianz Life, Prudential, and Brighthouse Financial concluded as 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 quarter.
Total second quarter income annuity sales were $4.9 billion; sales were down 4.1% when compared to the previous quarter. Income annuities include immediate income annuity (SPIA) and deferred income annuity product lines.
Noteworthy highlights for income annuity sales in the second quarter include Nationwide ranking as the #1 carrier overall for income annuity sales, with a market share of 36.4%. New York Life continued in second, as Massachusetts Mutual Life Companies, Western-Southern Life Assurance Company, and Penn Mutual concluded as the top five carriers in the market, respectively.
Multi-year guaranteed annuity (MYGA) sales in the second quarter were $41.0 billion; sales were down 6.2% when compared to the previous quarter, and up 34.7% 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 second quarter include Massachusetts Mutual Life Companies ranking as the #1 carrier, with a market share of 14.0%. Athene USA moved into the second-ranked position, while Corebridge Financial, New York Life, and Global Atlantic Financial Group 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.
Traditional fixed annuity sales in the second quarter were $506.6 million; sales were down 7.3% when compared to the previous quarter, and up 0.6% 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 17.1%. EquiTrust ranked second while CNO Companies, CL Life, and National Life Group 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 sixteenth consecutive quarter.
Indexed annuity sales for the second quarter were $32.1 billion; sales were up 10.4% when compared to the previous quarter, and up 27.7% 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 1st quarter 2024 record by 10.4%.
Noteworthy highlights for indexed annuities in the second quarter include Athene USA ranking as the #1 seller of indexed annuities, with a market share of 10.7%. Sammons Financial Companies moved into the second-ranked position, while Allianz Life, Corebridge Financial, and American Equity Companies completed 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, “It was a record-setting quarter for indexed annuity sales. Rates on these products haven’t been this attractive since I’ve been in the business!”
Structured annuity sales in the second quarter were $15.6 billion; up 12.2% as compared to the previous quarter, and up 44.6% 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 1st quarter 2024 record by 12.2%.
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 22.1%. Allianz Life ranked second, while Prudential, Brighthouse Financial, and Jackson 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 quarter.
“No surprise that structured annuity sales set a record this quarter,” exclaimed Moore. “These products are definitely the ‘it girl’ of life insurance right now.”
Variable annuity sales in the second quarter were $15.3 billion; up 16.5% as compared to the previous quarter, and up 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 17.4%. Equitable Financial ranked second, while New York Life, Nationwide, and Lincoln National Life finished 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 twenty-first consecutive quarter, for all channels combined.
“The steadily upward trending market in the second quarter, lent to a rebound in VA sales,” explained Moore
Immediate income annuity (SPIA) sales in the second quarter were $4.1 billion; down 4.9% as compared to the previous quarter.
Noteworthy highlights for immediate income annuities in the second quarter include Nationwide ranking as the #1 carrier in immediate income annuities, with a market share of 43.7%. New York Life ranked second, while Massachusetts Mutual Life Companies, Penn Mutual, and Pacific Life Companies finished as the top five carriers in the market, respectively.
Deferred income annuity sales in the second quarter were $830.0 million; down 0.07% as compared to the previous quarter.
Noteworthy highlights for deferred income annuities in the second quarter include New York Life ranking as the #1 carrier in deferred income annuities, with a market share of 48.8%. Western-Southern Life Assurance Company ranked second, as Massachusetts Mutual Life Companies, Integrity Life Companies, and Symetra Financial finished as the top five carriers in the market, respectively.
Wink now reports sales on all annuity lines of business, as well as all life insurance product lines.
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 insurance product sales since 1998, this report provides sales by product, company, crediting method, index, distribution, surrender charge period, guarantee period, and more. Wink’s Sales & Market Report expanded to cover all annuity products and all life insurance products in 2024.
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 22, 2024
Des Moines, IA
(855) ASK-WINK
