COVID, Low Rates Slam 2Q Annuity Sales: Wink
September 2, 2020 by John Hilton
Annuity sales were down sharply in all but two product categories during the second quarter, according to the Wink’s Sales & Market Report, in a particularly tough sales period.
Overall sales for all deferred annuities in the second quarter were down 12.8% when compared to the previous quarter and 21.2% when compared to the same period last year.
The lone bright spots came via multi-year guaranteed annuity sales of $12.5 billion, up 25.6% compared to the previous quarter, and down just 0.3% when compared to the same period last year; and structured, or registered index-linked, annuity sales of $4.5 billion were up 9.3% over the 2019 second quarter.