AIG Tops Annuity Sales Chart Again
August 18, 2016 by Kerry Pechter
For the second consecutive quarter, AIG has reached the top of the list of annuity sellers in the U.S., with combined fixed and variable annuity sales of $9.78 billion in the first half of 2016, according to LIMRA Secure Retirement Institute, which published its Second Quarter U.S. Annuity Sales survey this week.
AIG-owned annuity issuers (including American General Life and SunAmerica) sold $4.12 billion worth of individual variable annuities (Portfolio Director and Polaris) and $5.66 billion worth of fixed annuities (including fixed rate, fixed indexed and both immediate and deferred income annuities and qualified longevity annuity contracts or QLACs) through June 30, 2016.
AIG was bailed out and acquired by the U.S. Treasury during the financial crisis of 2008, after massive losses on the sale of derivatives called credit default swaps, a form of insurance against the failure of fixed income investments, drove it to insolvency. Click HERE to view the full story. RIJ articles require a subscription to read.