FIRST QUARTER 2023 ANNUITY SALES
May 25, 2023 by Sheryl J. Moore
Deferred Annuity Sales
Total 1Q2023 deferred annuity sales were $84,741 million, compared with sales of $59,716 million for the first quarter of 2022. First quarter deferred annuity sales were up nearly 7% when compared to the previous quarter and up nearly 42% when compared to the same period last year.
Non-Variable Deferred Annuity Sales
Total 1Q2023 non-variable deferred annuity sales were $62,911 million, compared with sales of $31,730 million for the first quarter of 2022. First quarter non-variable deferred annuity sales were up nearly 9% when compared to the previous quarter, and up more than 98% when compared to the same period last year. Non-variable deferred annuities include sales of fixed, indexed, and multi-year guaranteed deferred annuities.
Variable Deferred Annuity Sales
Total 1Q2023 variable deferred annuity sales were $21,829 million, compared with sales of $27,985 million for the first quarter of 2022. First quarter variable deferred annuity sales were up nearly 2% when compared to the previous quarter, and down 22% when compared to the same period last year. Variable deferred annuities include sales of structured and variable deferred annuities.
Indexed Annuity
Sales for the first quarter of 2023 were $22,606 million, compared with sales of $16,676 million for the first quarter of 2022. First quarter indexed annuity sales were up more than 4% when compared to the previous quarter, and up nearly 36% when compared to the same period last year. This was a record-setting quarter for indexed annuity sales, topping the prior 4th quarter 2022 record by 4.42%.
Total 1Q2023 indexed annuity sales were $22,606,484,403.
THE TOP TEN INDEXED ANNUITY CARRIERS FOR THE FIRST QUARTER OF 2023:
- Athene USA
- Allianz Life
- Corebridge Financial
- Sammons Financial Companies
- Nationwide
- Security Benefit Life
- Fidelity & Guaranty Life
- Global Atlantic Financial Group
- American Equity Companies
- Lincoln National Life
AVERAGE COMMISSION:
The indexed annuity commission received by the agent averaged 6.41% of premium for the first quarter of 2023; a trend that is up 0.03% from the prior quarter.
LEADERS BY CHANNEL:
Bank- Corebridge Financial
Career- CNO Companies
Direct Response- Prudential
Full Service National Broker Dealer- Global Atlantic Financial Group
Independent Agent- Allianz Life
Independent Broker Dealer- Athene USA
Registered Investment Advisor- Massachusetts Mutual Life Companies
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Allianz Life Allianz Benefit Control Annuity
Bank- American General Power Index 5 Plus Annuity
Career- Bankers L&C Premium Bonus IA
Direct Response- Pruco Life PruSecure 5-Year
Full Service National Broker Dealer- Forethought Life ForeAccumulation II FIA 5-Year
Independent Agent- Allianz Life Allianz Benefit Control Annuity
Independent Broker Dealer- Nationwide L&A Nationwide New Heights Select 9
Registered Investment Advisor- MassMutual Ascend Index Protector 5 MVA
Fee-Based Overall- MassMutual Ascend Index Protector 5 MVA
Fixed Annuity
Sales for the first quarter of 2023 were $382 million, compared to sales of $463 million for the first quarter of 2022. First quarter fixed annuity sales were down more than 33% when compared to the previous quarter, and down more than 17% when compared with the same period last year.
Total 1Q2023 fixed annuity sales were $382,941,161.
THE TOP TEN FIXED ANNUITY CARRIERS FOR THE FIRST QUARTER OF 2023:
- Global Atlantic Financial Group
- National Life Group
- CNO Companies
- Western-Southern Life Assurance Company
- Nationwide
- American National
- Massachusetts Mutual Life Companies
- Modern Woodman of America
- Jackson National Life
- Reliance Standard
AVERAGE COMMISSION:
The fixed annuity commission received by the agent averaged 5.99%of premium for the first quarter of 2023; a trend that is up when compared to last quarter.
LEADERS BY CHANNEL:
Bank- Global Atlantic Financial Group
Career- CNO Companies
National Broker Dealer- Western-Southern Life Assurance Company
Independent Agent- National Life Group
Independent Broker Dealer- Brighthouse Financial
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Forethought Life ForeCare Fixed Annuity
Bank- Forethought Life ForeCare Fixed Annuity
Career- United of Omaha Bonus Flexible Annuity
Full Service National Broker Dealer- Western-Southern Life Senior Select 1-Year
Independent Agent- Forethought Life ForeCare Fixed Annuity
Independent Broker Dealer- Forethought Life ForeCare Fixed Annuity
Multi-Year Guaranteed Annuity
Sales for the first quarter of 2023 were $39,922 million, compared with sales of $14,597 million for the first quarter of 2022. First quarter MYGA sales were up more than 12% when compared to the previous quarter, and up more 173% when compared to the same period last year. This quarter is the greatest MYGA sales have been since Wink began tracking sales of the products in 2015.
Total 1Q2023 MYGA sales were $39,922,495,969.
THE TOP TEN MYGA CARRIERS FOR THE FIRST QUARTER OF 2023:
- Athene USA
- Massachusetts Mutual Life Companies
- New York Life
- Corebridge Financial
- Global Atlantic Financial Group
- Pacific Life Companies
- Symetra Financial
- Fidelity & Guaranty Life
- Western-Southern Life Assurance Company
- Nationwide
AVERAGE COMMISSION:
The multi-year guaranteed annuity commission received by the agent averaged 1.93% of premium for the first quarter of 2023; an increase of 0.20% from last quarter.
LEADERS BY CHANNEL:
Bank- Athene USA
Career- New York Life
Direct Response- Puritan Life
Independent Agent- Kuvare Companies
Full Service National Broker Dealer- Massachusetts Mutual Life Companies
Independent Broker Dealer- Pacific Life Companies
Registered Investment Advisor- Security Benefit Life
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Athene Annuity Athene MYG 5
Bank- Athene Annuity Athene MYG 5
Career- Thrivent Financial Security One
Direct Response- Puritan Life Canvas 7-Year
Full Service National Broker Dealer- Massachusetts Mutual Life Stable Voyage 3-Year
Independent Agent- Athene Annuity Athene MaxRate 5
Independent Broker Dealer- Brighthouse Life Fixed Rate Annuity 5-Year
Registered Investment Advisor- Security Benefit Life Advanced Choice Annuity 4-Year
Fee-Based Overall- Security Benefit Life Advanced Choice Annuity 4-Year
Structured Annuity
Sales for the first quarter of 2023 were $9,671 million compared with sales of $9,470 million for the first quarter of 2022. First quarter structured annuity sales were up nearly 3% when compared to the previous quarter, and up more than 2% when compared to the same period last year.
Total 1Q2023 structured annuity sales were $9,671,555,482.
THE TOP TEN STRUCTURED ANNUITY CARRIERS FOR THE FIRST QUARTER OF 2023:
- Equitable Financial
- Brighthouse Financial
- Allianz Life
- Lincoln National Life
- Prudential
- RiverSource Life
- Jackson National Life
- TruStage
- Athene USA
- Nationwide
LEADERS BY CHANNEL:
Bank- Equitable Financial
Career- RiverSource Life
Full Service National Broker Dealer- Equitable Financial
Independent Broker Dealer- Allianz Life
Registered Investment Advisor- Lincoln National Life
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Equitable Financial Structured Capital Strategies Plus 21
Bank- Equitable Financial Structured Capital Strategies Plus 21
Career- RiverSource Life Structured Solutions 6-Year
Full Service National Broker Dealer- Equitable Financial Structured Capital Strategies Plus 21
Independent Broker Dealer- Lincoln National Life Lincoln Level Advantage B Share
Registered Investment Advisor- Lincoln National Life Lincoln Level Advantage Advisory
Fee-Based Overall- Lincoln National Life Lincoln Level Advantage Advisory
Variable Annuity
Sales for the first quarter of 2023 were $12,158 million, compared with sales of $18,515 million for the first quarter of 2022. First quarter variable annuity sales were up nearly 1% when compared to the previous quarter, and down more than 34% when compared to the same period last year.
Total 1Q2023 variable annuity sales were $12,158,367,521.
THE TOP TEN Variable CARRIERS FOR THE FIRST QUARTER OF 2023:
- Jackson National Life
- Equitable Financial
- New York Life
- Nationwide
- Pacific Life Companies
- Lincoln National Life
- Corebridge Financial
- Thrivent Financial
- Transamerica
- Fidelity Investments
LEADERS BY CHANNEL:
Bank- Jackson National Life
Career- New York Life
Direct Response- Fidelity Investments
Full Service National Broker Dealer- Jackson National Life
Independent Broker Dealer- Jackson National Life
Registered Investment Advisor- Nationwide
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Jackson National Perspective II Flexible Premium Variable & Fixed Deferred Annuity
Bank- Jackson National Perspective II Flexible Premium Variable & Fixed Deferred Annuity
Career- Equitable Financial Equi-Vest
Direct Response- Fidelity Fidelity Personal Retirement Annuity
Full Service National Broker Dealer- Jackson National Perspective II Flexible Premium Variable & Fixed Deferred Annuity
Independent Broker Dealer- Jackson National Perspective II Flexible Premium Variable & Fixed Deferred Annuity
Registered Investment Advisor- Jefferson National Life Monument Advisor
Fee-Based Overall- Fidelity Fidelity Personal Retirement Annuity
Wink anticipates compiling second quarter, 2023’s sales with a release date of August 2023.
