Wink, Inc. Releases 1st Quarter, 2024 Annuity Sales Results
June 6, 2024 by Wink's Press Release
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NEWS RELEASE
Indexed and Structured Annuity Sales are on a Hot Streak!
Wink, Inc. Releases 1st Quarter, 2024 Annuity Sales Results
Des Moines, Iowa. June 5th, 2024– Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1998, released its 107th edition report for 1st Quarter, 2024. One hundred and thirty-three annuity providers participated in the report.
Total first quarter sales for all annuities were $105.7 billion. All annuities include the multi-year guaranteed (MYG) annuity, traditional fixed annuity, indexed annuity, structured annuity, variable annuity, immediate income (SPIA), and deferred income annuity product lines. Given that this is the first quarter that Wink has collected data on income annuity sales, comparisons will be available in future quarters.
Noteworthy highlights for all annuity sales in the first quarter include Athene USA ranking as the #1 carrier overall for deferred annuity sales, with a market share of 9.2%. Nationwide came in second place, while Corebridge Financial, New York Life, and Equitable Financial rounded out the top five carriers in the market, respectively.
Total first quarter sales for all deferred annuities were $100.5 billion; sales were down 3.0% when compared to the previous quarter and up 18.6% when compared to the same period last year. All deferred annuities include the multi-year guaranteed annuity, traditional fixed, indexed annuity, structured annuity, and variable annuity product lines.
Noteworthy highlights for all deferred annuity sales in the first quarter include Athene USA ranking as the #1 carrier overall for deferred annuity sales, with a market share of 9.7%. Corebridge Financial moved into second place, while Equitable Financial, Nationwide, and Allianz Life rounded the top five carriers in the market, respectively. Jackson National’s Perspective II Flexible Premium Variable & Fixed Deferred Annuity, a variable annuity, was the #1 selling deferred annuity, for all channels combined, in overall sales for the quarter.
Total first quarter non-variable deferred annuity sales were $73.4 billion; sales were down 7.6% when compared to the previous quarter and up 16.7% when compared to the same period last year. Non-variable deferred annuities include the MYG annuity, traditional fixed annuity, and indexed annuity product lines.
Noteworthy highlights for non-variable deferred annuity sales in the first quarter include Athene USA ranking as the #1 carrier overall for non-variable deferred annuity sales, with a market share of 12.9%. Corebridge Financial took second place while Global Atlantic Financial Group, Nationwide and Massachusetts Mutual Life Companies completed the top five carriers in the market, respectively. Forethought Life’s SecureFore 3 Fixed Annuity, a MYG annuity was the #1 selling non-variable deferred annuity for the quarter, for all channels combined, in overall sales for the second consecutive quarter.
Total first quarter variable deferred annuity sales were $27.0 billion; sales were up 12.2% when compared to the previous quarter and up 24.1% when compared to the same period last year. Variable deferred annuities include structured annuity and variable annuity product lines.
Noteworthy highlights for variable deferred annuity sales in the first quarter include Equitable Financial ranking as the #1 carrier overall for variable deferred annuity sales, with a market share of 19.5%. Jackson National Life continued in the second-place position, as Allianz Life, Brighthouse Financial, and Lincoln National Life concluded as the top five carriers in the market, respectively. Jackson National’s Perspective II Flexible Premium Variable & Fixed Deferred Annuity, a variable annuity, was the #1 selling variable deferred annuity, for all channels combined, in overall sales for the second consecutive quarter.
Total first quarter income annuity sales were $5.1 billion. Income annuities include immediate income annuity (SPIA) and deferred income annuity product lines. Given that this is the first quarter that Wink has collected data on income annuity sales, comparisons will be available in future quarters.
Noteworthy highlights for income annuity sales in the first quarter include Nationwide ranking as the #1 carrier overall for income annuity sales, with a market share of 37.9%. New York Life came in second, as Massachusetts Mutual Life Companies, Western-Southern Life Assurance Company and Penn Mutual concluded as the top five carriers in the market, respectively.
Multi-year guaranteed annuity (MYGA) sales in the first quarter were $43.7 billion; sales were down 16.8% when compared to the previous quarter, and up 9.6% when compared to the same period, last year. MYGAs have a fixed rate that is guaranteed for more than one year.
Noteworthy highlights for MYGAs in the first quarter include Athene USA ranking as the #1 carrier, with a market share of 12.1%. Corebridge Financial moved into the second-ranked position, while Global Atlantic Financial Group, New York Life, and Delaware Life rounded out the top five carriers in the market, respectively. Forethought Life’s SecureFore 3 Fixed Annuity product was the #1 selling multi-year guaranteed annuity, for all channels combined, for the second consecutive quarter.
“There is no way that MYGA sales were going to top the record-setting quarter they had last quarter,” explained Moore.
Traditional fixed annuity sales in the first quarter were $546.7 million; sales were down 25.1% when compared to the previous quarter, and up 42.7% when compared with the same period last year. Traditional fixed annuities have a fixed rate that is guaranteed for one year only.
Noteworthy highlights for traditional fixed annuities in the first quarter include Global Atlantic Financial Group ranking as the #1 carrier in fixed annuities, with a market share of 15.2%. Modern Woodman of America ranked second while EquiTrust, CNO Companies, and Nationwide completed the top five carriers in the market, respectively. Forethought Life’s ForeCare Fixed Annuity was the #1 selling fixed annuity, for all channels combined, for the fifteenth consecutive quarter.
Indexed annuity sales for the first quarter were $29.1 billion; sales were up 4% when compared to the previous quarter, and up 28.7% when compared with the same period last year. Indexed annuities have a floor of no less than zero percent and limited excess interest that is determined by the performance of an external index, such as Standard and Poor’s 500®. This was a record-setting quarter for indexed annuity sales, topping the prior 4th quarter 2023 record by 4.0%.
Noteworthy highlights for indexed annuities in the first quarter include Athene USA ranking as the #1 seller of indexed annuities, with a market share of 14.4%. Allianz Life moved into the second-ranked position, while Sammons Financial Companies, Corebridge Financial, and Nationwide completed the top five carriers in the market, respectively. Nationwide Life and Annuity’s Nationwide New Heights Select 9 was the #1 selling indexed annuity, for all channels combined, for the quarter.
Sheryl Moore, CEO of both Wink, Inc., and Moore Market Intelligence commented, “Indexed annuities have now sold over a trillion dollars, since their introduction in 1995. Not too shabby for a product line that isn’t yet 30 years old!”
Structured annuity sales in the first quarter were $13.9 billion; up 11.7% as compared to the previous quarter, and up 44.2% as compared to the same period, the previous year. Structured annuities have a limited negative floor and limited excess interest that is determined by the performance of an external index or subaccounts. This was a record-setting quarter for structured annuity sales, topping the prior 4th quarter 2023 record by 11.71%.
Noteworthy highlights for structured annuities in the first quarter include Equitable Financial ranking as the #1 carrier in structured annuity sales, with a market share of 24.4%. Allianz Life ranked second, while Brighthouse Financial, Prudential and Jackson National Life completed the top five carriers in the market, respectively. Pruco Life’s Prudential FlexGuard Indexed Variable Annuity was the #1 selling structured annuity, for all channels combined, for the second consecutive quarter.
“Structured annuities are the fastest-growing segment of the annuity market” exclaimed Moore. “I look forward to more growth, as there are new entrants soon to pop-in.”
Variable annuity sales in the first quarter were $13.1 billion; up 12.9% as compared to the previous quarter, and up 8.1% as compared to the same period last year. Variable annuities have no floor, and the potential for gains/losses is determined by the performance of the subaccounts that may be invested in an external index, stocks, bonds, commodities, or other investments.
Noteworthy highlights for variable annuities in the first quarter include Jackson National Life ranking as the #1 carrier in variable annuities, with a market share of 18.1%. Equitable Financial ranked second, while New York Life, Nationwide, and Lincoln National Life finished as the top five carriers in the market, respectively. Jackson National’s Perspective II Flexible Premium Variable & Fixed Deferred Annuity was the #1 selling variable annuity for the twentieth consecutive quarter, for all channels combined.
Immediate income annuity (SPIA) sales in the first quarter were $4.3 billion. Given that this is the first quarter that Wink has collected data on immediate income annuity sales, comparisons will be available in future quarters.
Noteworthy highlights for immediate income annuities in the first quarter include Nationwide ranking as the #1 carrier in immediate income annuities, with a market share of 45.2%. New York Life ranked second, while Massachusetts Mutual Life Companies, Penn Mutual, and Western-Southern Life Assurance Company finished as the top five carriers in the market, respectively.
Deferred income annuity sales in the first quarter were $830.5 million. Given that this is the first quarter that Wink has collected data on deferred income annuity sales, comparisons will be available in future quarters.
Noteworthy highlights for deferred income annuities in the first quarter include New York Life ranking as the #1 carrier in deferred income annuities, with a market share of 38.5%. Massachusetts Mutual Life Companies ranked second, as Western-Southern Life Assurance Company, Symetra Financial, and Integrity Life Companies finished as the top five carriers in the market, respectively.
Wink now reports sales on all annuity lines of business, as well as all life insurance product lines.
For more information, go to www.WinkIntel.com
Wink, Inc. is the company behind the most comprehensive life insurance and annuity due-diligence tools, AnnuitySpecs and LifeSpecs at www.WinkIntel.com. Wink, Inc. is the distributor of the quarterly Wink’s Sales & Market Report. Serving as the insurance industry’s #1 resource of insurance product sales since 1998, this report provides sales by product, company, crediting method, index, distribution, surrender charge period, guarantee period and more. Wink’s Sales & Market Report expanded to cover all annuity products and all life insurance products in 2024.
The staff of Wink, Inc. has combined experience of nearly 200 years working with insurance products, more than a century of which is specific to competitive intelligence. Based in Des Moines, Iowa, the firm offers competitive intelligence and market research in the life insurance and annuity industries, serving financial services professionals, distributors, manufacturers, regulators, and consultants on both a domestic and global basis.
Sheryl J. Moore, CEO is the guiding force behind Wink, Inc. Ms. Moore previously worked as a market research analyst for top carriers in the life insurance and annuity industries. Her views on the direction of the market are frequently heard in seminars and quoted by industry trade journals.
June 5, 2024
Des Moines, IA
(855) ASK-WINK
