Indexed annuity sales rise in 3rd Quarter, 2008
November 20, 2008 by Mercedes Jackson
According to the 59 indexed annuity carriers participating in the Advantage Index Sales & Market Report, total third-quarter sales were $6.7 billion, up 5.2 percent from the same period last year. Year-to-date sales were $19.5 billion, up 3.9 percent from the previous period. Aviva held its No. 1 position, with 29 percent market share; American Investors Income Select Bonus was the top-selling individual product.
On the life side of the market, total third quarter sales were $129.5 million, an increase of less than 1 percent over the previous quarter and the same period in 2007. Year-to-date sales of indexed life were $381.2 million, up 9 percent from the previous period. Aviva continued to hold the No. 1 spot, while Pacific Life moved into the second spot; Old Mutual’s MasterChoice IUL was the top selling IL contract. All 34 carriers in the indexed life market participated.
Says Sheryl Moore, CEO of AnnuitySpecs.com, “I can only see sales of indexed products increasing, during a time when American consumers are seeing the balances on their accounts plummet.”