First Quarter 2024 Annuity Sales
June 6, 2024 by Sheryl J. Moore
All Annuity Sales
Total 1Q2024 all annuity sales $105,705 million. Given that this is the first quarter that Wink has collected data on income annuity sales, comparisons will be available in future quarters. All annuities include sales of multi-year guaranteed, fixed, indexed, structured, variable, immediate income, and deferred income annuities.
Deferred Annuity Sales
Total 1Q2024 deferred annuity sales $100,534 million, compared with sales of $84,741 million for the first quarter of 2023. First quarter deferred annuity sales were down more than 3% when compared to the previous quarter and up nearly 19% when compared to the same period last year. Deferred annuities include sales of multi-year guaranteed, fixed, indexed, structured, and variable annuities.
Non-Variable Deferred Annuity Sales
Total 1Q2024 non-variable deferred annuity sales were $73,436 million, compared with sales of $62,911 million for the first quarter of 2023. First quarter non-variable deferred annuity sales were down nearly 8% when compared to the previous quarter, and up nearly 17% when compared to the same period last year. Non-variable deferred annuities include sales of multi-year guaranteed, fixed, and indexed deferred annuities.
Variable Deferred Annuity Sales
Total 1Q2024 variable deferred annuity sales were $27,098 million, compared with sales of $21,829 million for the first quarter of 2023. First quarter variable deferred annuity sales were up more than 12% when compared to the previous quarter, and up more than 24% when compared to the same period last year. Variable deferred annuities include sales of structured and variable deferred annuities.
Income Annuity Sales
Total 1Q2024 income annuity sales were $5,170 million. Given that this is the first quarter that Wink has collected data on income annuity sales, comparisons will be available in future quarters. Income annuities include sales of immediate income and deferred income annuities.
Multi-Year Guaranteed Annuity
Sales for the first quarter of 2024 were $43,780 million, compared with sales of $39,922 million for the first quarter of 2023. First quarter MYGA sales were down nearly 17% when compared to the previous quarter, and up nearly 10% when compared to the same period last year.
Total 1Q2024 MYGA sales were $43,780,595,505.
THE TOP TEN MYGA CARRIERS FOR THE QUARTER:
- Athene USA
- Corebridge Financial
- Global Atlantic Financial Group
- New York Life
- Delaware Life
- Massachusetts Mutual Life Companies
- Symetra Financia
- Nationwide
- Protective Life Companies
- Fidelity & Guaranty Life
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Forethought Life SecureFore 3 Fixed Annuity
Bank- Forethought Life SecureFore 3 Fixed Annuity
Registered Investment Advisor- Aspida Life Aspida Advisory MYGA 5-Year
Full Service National Broker Dealer- Massachusetts Mutual Life Stable Voyage 3-Year
Independent Broker Dealer- Delaware Life Apex MYGA 5-Year
Career- Thrivent Financial MYG 9-Year
Direct Response- Puritan Life Canvas 5-Year
Independent Agent- EquiTrust Life Certainty Select 5
Fee-Based Overall- Aspida Life Aspida Advisory MYGA 5-Year
LEADERS BY CHANNEL:
Bank- Athene USA
Registered Investment Advisor- Aspida Life
Full Service National Broker Dealer- New York Life
Independent Broker Dealer- Delaware Life
Career- Thrivent Financial
Direct Response- Puritan Life
Independent Agent- EquiTrust
AVERAGE COMMISSION:
The multi-year guaranteed annuity commission received by the agent averaged 2.33% of premium for the first quarter of 2024; an increase of 0.42% from last quarter.
Fixed Annuity
Sales for the first quarter of 2024 were $546 million, compared to sales of $382 million for the first quarter of 2023. First quarter fixed annuity sales were down more than 25% when compared to the previous quarter, and up nearly 43% when compared with the same period last year.
Total 1Q2024 fixed annuity sales were $546,768,203.
THE TOP TEN FIXED ANNUITY CARRIERS FOR THE QUARTER:
- Global Atlantic Financial Group
- Modern Woodmen of America
- EquiTrust
- CNO Companies
- Nationwide
- Western-Southern Life Assurance Company
- CL Life
- National Life Group
- OneAmerica
- Reliance Standard
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Forethought Life ForeCare Fixed Annuity
Bank- Forethought Life ForeCare Fixed Annuity
Full Service National Broker Dealer- Western-Southern Life Senior Select 1-Year
Independent Broker Dealer- Forethought Life ForeCare Fixed Annuity
Career- American National WealthQuest Citadel 7 Diamond
Independent Agent- EquiTrust ChoiceFour with Liquidity Rider
LEADERS BY CHANNEL:
Bank- OneAmerica
National Broker Dealer- Western-Southern Life Assurance Company
Independent Broker Dealer- Global Atlantic Financial Group
Career- Modern Woodmen of America
Direct Response- Corebridge Financial
Independent Agent- EquiTrust
AVERAGE COMMISSION:
The fixed annuity commission received by the agent averaged 5.70% of premium for the first quarter of 2024; a trend that is up 0.05% when compared to last quarter.
Indexed Annuity
Sales for the first quarter of 2024 were $29,108 million, compared with sales of $22,606 million for the first quarter of 2023. First quarter indexed annuity sales were up more than 4% when compared to the previous quarter, and up nearly 29% when compared to the same period last year. This was a record-setting quarter for indexed annuity sales, topping the prior 4th quarter 2023 record by 4.08%.
Total 1Q2024 indexed annuity sales were $29,108,911,511.
THE TOP TEN INDEXED ANNUITY CARRIERS FOR THE QUARTER:
- Athene USA
- Allianz Life
- Sammons Financial Companies
- Corebridge Financial
- Nationwide
- American Equity Companies
- Fidelity & Guaranty Life
- Global Atlantic Financial Group
- Massachusetts Mutual Life Companies
- AuguStar Retirement
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Nationwide L&A Nationwide New Heights Select 9
Bank- American General Power Index 5 Plus Annuity
Registered Investment Advisor- Midland National Life Capital Income
Full Service National Broker Dealer- Forethought Life ForeAccumulation II FIA 5-Year
Independent Broker Dealer- Athene Annuity Athene Ascent Pro 10
Career- Pruco Life Prudential SurePath Income FIA
Direct Response- Pruco Life PruSecure 5-Year
Independent Agent- American Equity IncomeShield 10
Fee-Based Overall- Midland National Life Capital Income
LEADERS BY CHANNEL:
Bank- Corebridge Financial
Registered Investment Advisor- Sammons Financial Companies
Full Service National Broker Dealer- Global Atlantic Financial Group
Independent Broker Dealer- Athene USA
Career- Prudential
Direct Response- Prudential
Independent Agent- Athene USA
AVERAGE COMMISSION:
The indexed annuity commission received by the agent averaged 6.62% of premium for the first quarter of 2024; a trend that is up 0.03% from the prior quarter.
Structured Annuity
Sales for the first quarter of 2024 were $13,951 million compared with sales of $9,671 million for the first quarter of 2023. First quarter structured annuity sales were up nearly 12% when compared to the previous quarter, and up more than 44% when compared to the same period last year. This was a record-setting quarter for structured annuity sales, topping the prior 4th quarter 2023 record by 11.71%.
Total 1Q2024 structured annuity sales were $13,951,516,066.
THE TOP TEN STRUCTURED ANNUITY CARRIERS FOR THE QUARTER:
- Equitable Financial
- Allianz Life
- Brighthouse Financial
- Prudential
- Jackson National Life
- RiverSource Life
- Lincoln National Life
- Nationwide
- Athene USA
- TruStage
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Pruco Life Prudential FlexGuard Indexed VA
Bank- Allianz Life Allianz Index Advantage+ NF VA
Registered Investment Advisor- Lincoln National Life Lincoln Level Advantage Advisory
Full Service National Broker Dealer- Pruco Life Prudential FlexGuard Indexed VA
Independent Broker Dealer- Jackson National Jackson Market Link Pro II
Career- RiverSource Life Structured Solutions 2 6-Year
Direct Response- Brighthouse Life Brighthouse Shield Level Select 3-Year
Fee-Based Overall- Lincoln National Life Lincoln Level Advantage Advisory
LEADERS BY CHANNEL:
Bank- Equitable Financial
Registered Investment Advisor- Lincoln National Life
Full Service National Broker Dealer- Allianz Life
Independent Broker Dealer- Allianz Life
Career- Equitable Financial
Direct Response- Brighthouse Financial
Independent Agent- Brighthouse Financial
Variable Annuity
Sales for the first quarter of 2024 were $13,146 million, compared with sales of $12,158 million for the first quarter of 2023. First quarter variable annuity sales were up nearly 13% when compared to the previous quarter, and up more than 8% when compared to the same period last year.
Total 1Q2024 variable annuity sales were $13,146,683,871.
THE TOP TEN VARIABLE CARRIERS FOR THE QUARTER:
- Jackson National Life
- Equitable Financial
- New York Life
- Nationwide
- Lincoln National Life
- Pacific Life Companies
- Fidelity Investments
- Corebridge Financial
- Thrivent Financial
- Transamerica
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
Registered Investment Advisor- Lincoln National Life ChoicePlus Assurance Series B Share
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
Career- Equitable Financial Equi-Vest
Direct Response- Fidelity Fidelity Personal Retirement Annuity
Fee-Based Overall- Fidelity Fidelity Personal Retirement Annuity
LEADERS BY CHANNEL:
Bank- Jackson National Life
Registered Investment Advisor- Lincoln National Life
Full Service National Broker Dealer- Jackson National Life
Independent Broker Dealer- Jackson National Life
Career- Equitable Financial
Direct Response- Fidelity Investments
Immediate Income Annuity
Sales for the first quarter of 2024 were $4,340 million. Given that this is the first quarter that Wink has collected data on immediate income annuity sales, comparisons will be available in future quarters.
Total 1Q2024 variable annuity sales were $4,340,062,979.
THE TOP TEN IMMEDIATE INCOME CARRIERS FOR THE QUARTER:
- Nationwide
- New York Life
- Massachusetts
- Penn Mutual
- Western-Southern Life Assurance Company
- Pacific Life Companies
- Symetra Financial
- RiverSource Life
- Integrity Life Companies
- Global Atlantic Financial Group
LEADERS BY CHANNEL:
Bank- Nationwide
Registered Investment Advisor- Pacific Life Companies
Full Service National Broker Dealer- New York Life
Independent Broker Dealer- Nationwide
Career- New York Life
Independent Agent- Nationwide
Deferred Income Annuity
Sales for the first quarter of 2024 were $830 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.
Total 1Q2024 variable annuity sales were $830,586,069.
THE TOP TEN DEFERRED INCOME CARRIERS FOR THE QUARTER:
- New York Life
- Massachusetts Mutual Life Companies
- Western-Southern Life Assurance Company
- Symetra Financial
- Integrity Life Companies
- Brighthouse Financial
- Pacific Life Companies
- Corebridge Financial
- Global Atlantic Financial Group
- Thrivent Financial
LEADERS BY CHANNEL:
Bank- New York Life
Registered Investment Advisor- Integrity Life Companies
Full Service National Broker Dealer- Western-Southern Life Assurance Company
Independent Broker Dealer- Pacific Life Companies
Career- New York Life
Direct Response- New York Life
Independent Agent- Symetra Financial
Wink anticipates compiling second quarter, 2024’s sales with a release date of August 2024. -sjm
