The Best-Selling Indexed Annuity Has Changed. The Issuer Hasn’t.
September 7, 2021 by Cyril Tuohy
Allianz 222 held the No. 1 position for 21 consecutive quarters, then ceded its perch in the last three months of 2020 to Allianz Benefit Control, data from Wink’s Sales & Market Report show.
Allianz Benefit Control was then the top-selling indexed product in the first quarter and Wink expects it to repeat that dominance for the second quarter. Second-quarter sales data will be released this month, Wink said.
Allianz Benefit Control has “a snappy name, more marketable interest bonuses, and more attractive rates,” said Sheryl Moore, CEO of Wink and publisher of Wink’s Sales & Market Report, which tracks the annuity industry.
“Ultimately, however, it has become No. 1 because Allianz wants it to be their best-selling product,” she said in an email.
Benefit Control is “effectively a de-risked version of the 222,” Moore said.
The benefit base bonus is smaller than the one on 222, and the most marketable of the guaranteed lifetime withdrawal benefits credits someone with only half of the interest earned, in exchange for receiving income early, she said.’