Third Quarter 2023 Annuity Sales

November 22, 2023 by Sheryl J. Moore

Deferred Annuity Sales

Total 3Q2023 deferred annuity sales were $78,616 million, compared with sales of $72,438 million for the third quarter of 2022. Third quarter deferred annuity sales were down more than 1% when compared to the previous quarter but up nearly 9% when compared to the same period last year. 

Non-Variable Deferred Annuity Sales

Total 3Q2023 non-variable deferred annuity sales were $54,799 million, compared with sales of $48,845 million for the third quarter of 2022. Third quarter non-variable deferred annuity sales were down more than 2% when compared to the previous quarter, and up more than 12% 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 3Q2023 variable deferred annuity sales were $23,817 million, compared with sales of $23,592 million for the third quarter of 2022. Third quarter variable deferred annuity sales were up less than 1% when compared to the previous quarter, and up nearly 1% when compared to the same period last year. Variable deferred annuities include sales of structured and variable deferred annuities.

Indexed Annuity

Sales for the third quarter of 2023 were $23,345 million, compared with sales of $20,977 million for the third quarter of 2022. Third quarter indexed annuity sales were down more than 7% when compared to the previous quarter, and up more than 11% when compared to the same period last year.

Total 3Q2023 indexed annuity sales were $23,345,658,089.

THE TOP TEN INDEXED ANNUITY CARRIERS FOR THE QUARTER:

1. Athene USA
2. American Equity Companies
3. Allianz Life
4. Corebridge Financial
5. Sammons Financial Companies
6. Nationwide
7. Fidelity & Guaranty Life
8. Security Benefit Life
9. Global Atlantic Financial Group
10. Kuvare Companies

AVERAGE COMMISSION:
The indexed annuity commission received by the agent averaged 6.51% of premium for the third quarter of 2023; a trend that is up 0.02% from the prior quarter.

LEADERS BY CHANNEL:
Bank- Corebridge Financial

Career- CNO Companies

Direct Response- N/A

Full Service National Broker Dealer- Corebridge Financial

Independent Agent- American Equity Companies

Independent Broker Dealer- Athene USA

Registered Investment Advisor- Sammons Financial 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- N/A

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- Midland National Life Capital Income Fixed FIA

Fee-Based Overall- Midland National Life Capital Income FIA

Fixed Annuity

Sales for the third quarter of 2023 were $495 million, compared to sales of $451 million for the third quarter of 2022. Third quarter fixed annuity sales were down more than 1% when compared to the previous quarter, and up nearly 10% when compared with the same period last year.

Total 3Q2023 fixed annuity sales were $495,943,139.

THE TOP TEN FIXED ANNUITY CARRIERS FOR THE QUARTER:

1. Modern Woodmen of America
2. Global Atlantic Financial Group
3. EquiTrust
4. CNO Companies
5. Western-Southern Life Assurance Company
6. National Life Group
7. CL Life
8. Nationwide
9. American National
10. Brighthouse Financial

AVERAGE COMMISSION:
The fixed annuity commission received by the agent averaged 5.74% of premium for the third quarter of 2023; a trend that is down 0.15% when compared to last quarter.

LEADERS BY CHANNEL:
Bank- Global Atlantic Financial Group

Career- Modern Woodmen of America

Direct Response- Corebridge Financial

National Broker Dealer- Western-Southern Life Assurance Company

Independent Agent- EquiTrust

Independent Broker Dealer- Global Atlantic Financial Group

TOP SELLING PRODUCTS BY CHANNEL:
Overall- Forethought Life ForeCare Fixed Annuity

Bank- Forethought Life ForeCare Fixed Annuity

Career- American National WealthQuest Citadel 7 Diamond

Full Service National Broker Dealer- Western-Southern Life Senior Select 1-Year

Independent Agent- EquiTrust ChoiceFour with Liquidity Rider

Independent Broker Dealer- Forethought Life ForeCare Fixed Annuity

Multi-Year Guaranteed Annuity

Sales for the third quarter of 2023 were $30,957 million, compared with sales of $27,417 million for the third quarter of 2022. Third quarter MYGA sales were up nearly 2% when compared to the previous quarter, and up nearly 13% when compared to the same period last year.

Total 3Q2023 MYGA sales were $30,957,648,712.

THE TOP TEN MYGA CARRIERS FOR THE QUARTER:

1. Massachusetts Mutual Life Companies
2. Athene USA
3. Global Atlantic Financial Group
4. Corebridge Financial
5. New York Life
6. Symetra Financial
7. Western-Southern Life Assurance Company
8. American National
9. Delaware Life
10. Fidelity & Guaranty Life

AVERAGE COMMISSION:
The multi-year guaranteed annuity commission received by the agent averaged 2.01% of premium for the third quarter of 2023; a decline of 0.03% from last quarter.

LEADERS BY CHANNEL:
Bank- Athene USA

Career- New York Life

Direct Response- Puritan Life

Independent Agent- American National

Full Service National Broker Dealer- Massachusetts Mutual Life Companies

Independent Broker Dealer- Athene USA

Registered Investment Advisor- Security Benefit Life

TOP SELLING PRODUCTS BY CHANNEL:
Overall- Massachusetts Mutual Life Stable Voyage 3-Year

Bank- Athene Annuity Athene MYG 5

Career- Massachusetts Mutual Life Stable Voyage 3-Year

Direct Response- Puritan Life Canvas 7-Year

Full Service National Broker Dealer- Massachusetts Mutual Life Stable Voyage 3-Year

Independent Agent- American National Life Palladium MYG 5

Independent Broker Dealer- Forethought Life SecureFore 5 Fixed Annuity

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 third quarter of 2023 were $11,477 million compared with sales of $10,199 million for the third quarter of 2022. Third quarter structured annuity sales were up more than 6%when compared to the previous quarter, and up nearly 13% when compared to the same period last year. This was a record-setting quarter for structured annuity sales, topping the prior 2nd quarter 2023 record by 6.02%.

Total 3Q2023 structured annuity sales were $11,477,012,724.

THE TOP TEN STRUCTURED ANNUITY CARRIERS FOR THE QUARTER:

1. Equitable Financial
2. Allianz Life
3. Prudential
4. Brighthouse Financial
5. Lincoln National Life
6. RiverSource Life
7. Jackson National Life
8. TruStage
9. Nationwide
10. Athene USA 

LEADERS BY CHANNEL:
Bank- Equitable Financial

Career- Equitable Financial

Direct Response- Prudential

Full Service National Broker Dealer- Allianz Life

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

Direct Response- Pruco Life Prudential FlexGuard Indexed VA

Full Service National Broker Dealer- Allianz Life Allianz Index Advantage+ VA

Independent Broker Dealer- Equitable Financial Structured Capital Strategies Plus 21

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 third quarter of 2023 were $12,340 million, compared with sales of $13,392 million for the third quarter of 2022. Third quarter variable annuity sales were down more than 3% when compared to the previous quarter, and down nearly 8% when compared to the same period last year.

Total 3Q2023 variable annuity sales were $12,340,257,263.

THE TOP TEN VARIABLE CARRIERS FOR THE QUARTER:

1. Jackson National Life
2. Equitable Financial
3. New York Life
4. Nationwide
5. Lincoln National Life
6. Pacific Life Companies
7. Corebridge Financial
8. Fidelity Investments
9. Thrivent Financial
10. Transamerica

LEADERS BY CHANNEL:
Bank- Jackson National Life

Career- Equitable Financial

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 fourth quarter, 2023’s sales with a release date of March 2024. -sjm