Wink, Inc. Releases 3rd Quarter, 2024 Annuity Sales Results
November 26, 2024 by Jamie Johnson
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Products with Indexed Interest Blaze New Sales Records!
Wink, Inc. Releases 3rd Quarter, 2024 Annuity Sales Results
Des Moines, Iowa. November 26, 2024– Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1998, released its 109th edition report for 3rd Quarter, 2024. One hundred and thirty-six annuity providers participated in the report.
Total third quarter sales for all annuities were $115.2 billion; sales were up 6.6% 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 third quarter include Athene USA ranking as the #1 carrier overall for annuity sales, with a market share of 8.1%. Massachusetts Mutual Life Companies came in second place, while Allianz Life, Corebridge Financial, and Jackson National Life rounded out the top five carriers in the market, respectively.
Total third quarter sales for all deferred annuities were $110.9 billion; sales were up 6.0% when compared to the previous quarter and up 40.0% 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 third quarter include Athene USA ranking as the #1 carrier overall for deferred annuity sales, with a market share of 8.4%. Massachusetts Mutual Life Companies continued in the second-ranked position, while Allianz Life, Corebridge Financial, and Equitable Financial completed 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 second consecutive quarter.
Total third quarter non-variable deferred annuity sales were $79.7 billion; sales were up 8.2% when compared to the previous quarter and up 45.5% 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 third quarter include Athene USA ranking as the #1 carrier overall for non-variable deferred annuity sales, with a market share of 11.3%. Massachusetts Mutual Life Companies continued in the second-ranked position, while Corebridge Financial, Allianz Life, and Global Atlantic Financial Group 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 second consecutive quarter.
Total third quarter variable deferred annuity sales were $31.2 billion; sales were up 0.7% when compared to the previous quarter and up 27.7% when compared to the same period last year. Variable deferred annuities include structured annuity and variable annuity product line.
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 18.3%. Jackson National Life continued in the second-place position, as Lincoln National Life, Allianz Life, and Prudential 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 for the second consecutive quarter.
Total third quarter income annuity sales were $4.3 billion; sales were up 27.4% 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 third quarter include New York Life ranking as the #1 carrier overall for income annuity sales, with a market share of 36.1%. Massachusetts Mutual Life Companies moved into second-ranked position, as Nationwide, Western-Southern Life Assurance Company, and Penn Mutual concluded the top five carriers in the market, respectively.
Multi-year guaranteed annuity (MYGA) sales in the third quarter were $42.4 billion; sales were up 3.3% when compared to the previous quarter, and up 36.9% 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 14.2%. Athene USA continued in 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 second consecutive quarter.
Traditional fixed annuity sales in the third quarter were $516.7 million; sales were up 2.0% when compared to the previous quarter, and up 4.2% 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 Global Atlantic Financial Group ranking as the #1 carrier in fixed annuities, with a market share of 15.7%. CNO Companies ranked second, while Modern Woodmen of America, CL Life and EquiTrust 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 seventeenth consecutive quarter.
Indexed annuity sales for the third quarter were $36.8 billion; sales were up 14.6% when compared to the previous quarter, and up 57.8% 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 2024 record by 14.6%.
Noteworthy highlights for indexed annuities in the third quarter include Allianz Life ranking as the #1 seller of indexed annuities, with a market share of 13.0%. Sammons Financial Companies ranked second, while Athene USA, Corebridge Financial, and Global Atlantic Financial Group completed 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 quarter.
Sheryl Moore, CEO of both Wink, Inc., and Moore Market Intelligence commented, “It was another record-setting quarter for indexed annuity sales. Already YTD sales have nearly beat out the full year 2023’s results!”
Structured annuity sales in the third quarter were $16.1 billion; up 2.8% as compared to the previous quarter, and up 33.1% 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 2nd quarter 2024 record by 2.8%.
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 22.5%. 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 second consecutive quarter.
“Structured annuity sales YTD have already eclipsed total 2023 results,” exclaimed Moore. “It appears that VAs are losing market share to their indexed brethren!”
Variable annuity sales in the third quarter were $15.1 billion; down 1.4% as compared to the previous quarter, and up 22.3% 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 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 17.1%. Equitable Financial ranked second, while Nationwide, New York Life, 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-second consecutive quarter, for all channels combined.
“The steady increase in the market has lent to stronger VA sales, but structured annuities will likely continue to rule the variable subset” explained Moore.
Immediate income annuity (Single Premium Immediate Annuity, a.k.a. SPIA) sales in the third quarter were $3.1 billion; up 21.8% as compared to the previous quarter. Noteworthy highlights for immediate income annuities in the third quarter include New York Life ranking as the #1 carrier in immediate income annuities, with a market share of 32.9%. Massachusetts Mutual Life Companies ranked second, while Nationwide, Western-Southern Life Assurance Company, and Penn Mutual finished as the top five carriers in the market, respectively.
Deferred income annuity sales in the third quarter were $1.2 billion; up 44.6% as compared to the previous quarter. Noteworthy highlights for deferred income annuities in the third quarter include New York Life ranking as the #1 carrier in deferred income annuities, with a market share of 44.5%. Massachusetts Mutual Life Companies ranked second, as Western-Southern Life Assurance Company, Integrity Life Companies, and Corebridge 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, reinsurers, 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 26, 2024
Des Moines, IA
(855) ASK-WINK
