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  • Fourth Quarter 2023 Annuity Sales

    March 6, 2024 by Sheryl J. Moore

    Deferred Annuity Sales

    Total 4Q2023 deferred annuity sales $105,464 million, compared with sales of $79,336 million for the fourth quarter of 2022. Fourth quarter deferred annuity sales were up more than 33% when compared to the previous quarter and up nearly 33% when compared to the same period last year.

    Non-Variable Deferred Annuity Sales

     Total 4Q2023 non-variable deferred annuity sales were $81,332 million, compared with sales of $57,852 million for the fourth quarter of 2022. Fourth quarter non-variable deferred annuity sales were up more than 48% when compared to the previous quarter, and up nearly 41% 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 4Q2023 variable deferred annuity sales were $24,132 million, compared with sales of $21,484 million for the fourth quarter of 2022. Fourth quarter variable deferred annuity sales were down more than 1% when compared to the previous quarter, and up more than 12% when compared to the same period last year. Variable deferred annuities include sales of structured and variable deferred annuities.

     

     

    Indexed Annuity

    Sales for the fourth quarter of 2023 were $27,967 million, compared with sales of $21,649 million for the fourth quarter of 2022. Fourth quarter indexed annuity sales were up nearly 20% when compared to the previous quarter, and up more than 29% when compared to the same period last year. This was a record-setting quarter for indexed annuity sales, topping the prior 2nd quarter 2023 record by 11.12%. This was also a record-setting year for indexed annuity sales, topping the prior 2022 record by 25.57%.

     Total 4Q2023 indexed annuity sales were $27,967,139,052.

    THE TOP TEN INDEXED ANNUITY CARRIERS FOR THE QUARTER:

    1. Athene USA
    2. Allianz Life
    3. Lincoln National Life
    4. American Equity Companies
    5. Sammons Financial Companies
    6. Corebridge Financial
    7. Nationwide
    8. Massachusetts Mutual Life Companies
    9. Fidelity & Guaranty Life
    10. Pacific Life Companies

     

    AVERAGE COMMISSION:
    The indexed annuity commission received by the agent averaged 6.59% of premium for the fourth quarter of 2023; a trend that is up 0.08% from the prior quarter.

     

    LEADERS BY CHANNEL:
    Bank- Corebridge Financial

    Career- CNO Companies

    Direct Response- Prudential

    Full Service National Broker Dealer- Lincoln National Life

    Independent Agent- Athene USA

    Independent Broker Dealer- Lincoln National Life

    Registered Investment Advisor- Sammons Financial Companies

     

    TOP SELLING PRODUCTS BY CHANNEL: 
    Overall- American Equity IncomeShield 10

    Bank- American General Power Index 5 Plus Annuity

    Career- Pruco Life Prudential SurePath Income FIA

    Direct Response- Pruco Life Prudential SurePath Income FIA

    Full Service National Broker Dealer- Forethought Life ForeAccumulation II FIA 5-Year

    Independent Agent- American Equity IncomeShield 10

    Independent Broker Dealer- Nationwide L&A Nationwide New Heights Select 9

    Registered Investment Advisor- Midland National Life Capital Income

    Fee-Based Overall- Midland National Life Capital Income

     

    Fixed Annuity

    Sales for the fourth quarter of 2023 were $730 million, compared to sales of $575 million for the fourth quarter of 2022. Fourth quarter fixed annuity sales were up more than 47% when compared to the previous quarter, and up nearly 27% when compared with the same period last year.

     

    Total 4Q2023 fixed annuity sales were $730,634,092.

     

    THE TOP TEN FIXED ANNUITY CARRIERS FOR THE QUARTER:

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

     

    AVERAGE COMMISSION:
    The fixed annuity commission received by the agent averaged 5.65% of premium for the fourth quarter of 2023; a trend that is down 0.09% when compared to last quarter.

     

    LEADERS BY CHANNEL:
    Bank- Nationwide

    Career- Modern Woodmen of America

    Direct Response- Corebridge Financial

    National Broker Dealer- Nationwide

    Independent Agent- EquiTrust

    Independent Broker Dealer- Nationwide

     

     

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

    Bank- State Life Annuity Care II

    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 fourth quarter of 2023 were $52,634 million, compared with sales of $35,627 million for the fourth quarter of 2022. Fourth quarter MYGA sales were up 70% when compared to the previous quarter, and up nearly 48% when compared to the same period last year. This was a record-setting quarter for multi-year guaranteed annuity sales, topping the prior 4th quarter 2022 record by 47.73%. This was also a record-setting year for multi-year guaranteed annuity sales, topping the prior 2022 record by 48.31%.

    Total 4Q2023 MYGA sales were $52,634,304,641.

     

    THE TOP TEN MYGA CARRIERS FOR THE QUARTER:

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

     

    AVERAGE COMMISSION:
    The multi-year guaranteed annuity commission received by the agent averaged 1.91% of premium for the fourth quarter of 2023; a decline of 0.10% from last quarter.

     

    LEADERS BY CHANNEL:
    Bank- Athene USA

    Career- New York Life

    Direct Response- Puritan Life

    Independent Agent- Athene USA

    Full Service National Broker Dealer- Massachusetts Mutual Life Companies

    Independent Broker Dealer- Lincoln National Life

    Registered Investment Advisor- Sammons Financial Companies

     

     

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

    Bank- Athene Annuity Athene MYG 5

    Career- Thrivent Financial MYG 9-Year

    Direct Response- Puritan Life Canvas 5-Year

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

    Independent Agent- Athene Annuity Athene MaxRate 5

    Independent Broker Dealer- Lincoln National Life Lincoln Select FA 5-Year

    Registered Investment Advisor- Midland National Life Oak ADVantage 7-Year

    Fee-Based Overall- Midland National Life Oak ADVantage 7-Year

     

     

    Structured Annuity

    Sales for the fourth quarter of 2023 were $12,489 million compared with sales of $9,392 million for the fourth quarter of 2022. Fourth quarter structured annuity sales were up more than 3% when compared to the previous quarter, and up nearly 33% when compared to the same period last year. This was a record-setting quarter for structured annuity sales, topping the prior 3rd quarter 2023 record by 3.28%. This was also a record-setting year for structured annuity sales, topping the prior 2022 record by 13.86%.

    Total 4Q2023 structured annuity sales were $12,489,254,894.

     

    THE TOP TEN STRUCTURED ANNUITY CARRIERS FOR THE QUARTER:

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

     

    LEADERS BY CHANNEL:
    Bank- Equitable Financial

    Career- Equitable Financial

    Direct Response- Prudential

    Full Service National Broker Dealer- Brighthouse Financial

    Independent Broker Dealer- Allianz Life

    Registered Investment Advisor- Lincoln National Life

     

    TOP SELLING PRODUCTS BY CHANNEL: 
    Overall- Pruco Life Prudential FlexGuard Indexed VA

    Bank- Members Life TruStage ZoneChoice Annuity

    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- Jackson National Jackson Market Link Pro II

    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 fourth quarter of 2023 were $11,643 million, compared with sales of $12,091 million for the fourth quarter of 2022. Fourth quarter variable annuity sales were down nearly 6% when compared to the previous quarter, and down nearly 4% when compared to the same period last year. This was a record-low quarter for variable annuity sales, topping the prior 3rd quarter 2023 low by 5.65%.

     

    Total 4Q2023 variable annuity sales were $11,643,109,785.

     

    THE TOP TEN VARIABLE CARRIERS FOR THE QUARTER:

    1. Jackson National Life
    2. Equitable Financial
    3. New York Life
    4. Lincoln National Life
    5. Nationwide
    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- Lincoln National Life

     

    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- Lincoln National Life ChoicePlus Assurance Series B Share

    Fee-Based Overall- Fidelity Fidelity Personal Retirement Annuity

     

    Wink anticipates compiling first quarter, 2024’s sales with a release date of May 2024. -sjm

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