Why MYGAs are enjoying a renaissance
March 28, 2023 by Susan Rupe
It’s the golden age of MYGAs, one annuity expert declared, as sales of multi-year guaranteed annuities more than doubled between 2021 and 2022.
A recent webinar by the National Association for Fixed Annuities delved into the reasons why MYGAs are reaping the benefits of what another expert called “a perfect storm” that combined a record-breaking drop in the bond market and the worst equity performance since 2008 with a rising interest rate environment.
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Multi-year guaranteed annuity sales in the fourth quarter were $35.5 billion, Wink Inc. reported last week. Sales were up 29.6% when compared to the previous quarter, and up 216.8% when compared to the same period, last year. MYGAs have a fixed rate guaranteed for more than one year. Total 2022 MYGA sales were $103.7 billion, an increase of 105.5% from the previous year. This quarter and this year are the greatest MYGA sales have been since Wink began tracking sales of the products in 2015.