Second Quarter 2024 Annuity Sales
August 23, 2024 by Sheryl J. Moore
All Annuity Sales
Total 2Q2024 all annuity sales $109,621 million. Second quarter annuity sales were up nearly 4% when compared to the previous quarter. Given that this is the second quarter that Wink has collected data on income annuity sales, additional comparisons will be available in future quarters.
Deferred Annuity Sales
Total 2Q2024 deferred annuity $104,667 million, compared with sales of $79,742 million for the second quarter of 2023. Second quarter deferred annuity sales were up more than 4% when compared to the previous quarter and up more than 31% when compared to the same period last year.
Non-Variable Deferred Annuity Sales
Total 2Q2024 non-variable deferred annuity sales were $73,688 million, compared with sales of $56,132 million for the second quarter of 2023. Second quarter non-variable deferred annuity sales were up less than 1% when compared to the previous quarter, and up more than 31% 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 2Q2024 variable deferred annuity sales were $30,979 million, compared with sales of $23,609 million for the second quarter of 2023. Second quarter variable deferred annuity sales were up more than 14% when compared to the previous quarter, and up more than 31% when compared to the same period last year. Variable deferred annuities include sales of structured and variable deferred annuities.
Income Annuity Sales
Total 2Q2024 income annuity sales were $4,953 million. Second quarter income annuity sales were down more than 4% when compared to the previous quarter. Given that this is the second quarter that Wink has collected data on income annuity sales, additional 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 second quarter of 2024 were $41,034 million, compared with sales of $30,461 million for the second quarter of 2023. Second quarter MYGA sales were down more than 6% when compared to the previous quarter, and up nearly 35% when compared to the same period last year.
Total 2Q2024 MYGA sales were $41,034,535,399.
THE TOP TEN MYGA CARRIERS FOR THE QUARTER:
- Massachusetts Mutual Life Companies
- Athene USA
- Corebridge Financial
- New York Life
- Global Atlantic Financial Group
- American National
- Fidelity & Guaranty Life
- Western-Southern Life Assurance Company
- Lincoln National Life
- Reliance Standard
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Massachusetts Mutual Life Stable Voyage 3-Year
Bank- Athene Annuity Athene MYG 5 with MVA
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- Lincoln National MYGuarantee Plus 5
Career- Massachusetts Mutual Life Premier Voyage 5-Year
Direct Response- Puritan Life Canvas 7-Year
Independent Agent- American National Life Palladium MYG 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- Massachusetts Mutual Life Companies
Independent Broker Dealer- Lincoln National Life
Career- New York Life
Direct Response- Puritan Life
Independent Agent- American National
AVERAGE COMMISSION:
The multi-year guaranteed annuity commission received by the agent averaged 2.39% of premium for the second quarter of 2024; an increase of 0.06% from last quarter.
Fixed Annuity
Sales for the second quarter of 2024 were $506 million, compared to sales of $503 million for the second quarter of 2023. Second quarter fixed annuity sales were down more than 7% when compared to the previous quarter, and up less than 1% when compared with the same period last year.
Total 2Q2024 fixed annuity sales were $506,626,953.
THE TOP TEN FIXED ANNUITY CARRIERS FOR THE QUARTER:
- Global Atlantic Financial Group
- EquiTrust
- CNO Companies
- CL Life
- National Life Group
- Western-Southern Life Assurance Company
- OneAmerica
- Nationwide
- Brighthouse Financial
- American National
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- United of Omaha Bonus Flexible Annuity
Independent Agent- EquiTrust ChoiceFour with Liquidity Rider
LEADERS BY CHANNEL:
Bank- Global Atlantic Financial Group
Retirement Investment Advisor- Jackson National Life
National Broker Dealer- Western-Southern Assurance Company
Independent Broker Dealer- Global Atlantic Financial Group
Career- CNO Companies
Direct Response- Corebridge Financial
Independent Agent- EquiTrust
AVERAGE COMMISSION:
The fixed annuity commission received by the agent averaged 5.66% of premium for the second quarter of 2024; a trend that is down 0.04% when compared to last quarter.
Indexed Annuity
Sales for the second quarter of 2024 were $32,147 million, compared with sales of $25,167 million for the second quarter of 2023. Second quarter indexed annuity sales were up more than 10% when compared to the previous quarter, and up nearly 28% when compared to the same period last year. This was a record-setting quarter for indexed annuity sales, topping the prior 1st quarter 2024 record by 10.44%.
Total 2Q2024 indexed annuity sales were $32,147,103,320.
THE TOP TEN INDEXED ANNUITY CARRIERS FOR THE QUARTER:
- Athene USA
- Sammons Financial Companies
- Allianz Life
- Corebridge Financial
- American Equity Companies
- Nationwide
- Fidelity & Guaranty Life
- Global Atlantic Financial Group
- Massachusetts Mutual Life Companies
- Security Benefit Life
TOP SELLING PRODUCTS BY CHANNEL:
Overall- American Equity IncomeShield 10
Bank- American General Power Index 5 Plus Annuity
Registered Investment Advisor- Midland National Life Capital Income FIA
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
Independent Agent- American Equity IncomeShield 10
Fee-Based Overall- Midland National Life Capital Income FIA
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
Independent Agent- Sammons Financial Companies
AVERAGE COMMISSION:
The indexed annuity commission received by the agent averaged 6.65% of premium for the second quarter of 2024; a trend that is up 0.03% from the prior quarter.
Structured Annuity
Sales for the second quarter of 2024 were $15,660 million compared with sales of $10,825 million for the second quarter of 2023. Second quarter structured annuity sales were up more than 12% when compared to the previous quarter, and up nearly 45% when compared to the same period last year. This was a record-setting quarter for structured annuity sales, topping the prior 1st quarter 2024 record by 12.25%.
Total 2Q2024 structured annuity sales were $15,660,824,689.
THE TOP TEN STRUCTURED ANNUITY CARRIERS FOR THE QUARTER:
- Equitable Financial
- Allianz Life
- Prudential
- Brighthouse Financial
- Jackson National Life
- RiverSource Life
- Lincoln National Life
- Transamerica
- Nationwide
- Athene USA
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Equitable Financial Structured Capital Strategies Plus 21
Bank- Equitable Financial Structured Capital Strategies Plus 21
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 second quarter of 2024 were $15,318 million, compared with sales of $12,784 million for the second quarter of 2023. Second quarter variable annuity sales were up nearly 17% when compared to the previous quarter, and up nearly 20% when compared to the same period last year.
Total 2Q2024 variable annuity sales were $15,318,518,353.
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- Jefferson National Life Monument Advisor
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- Nationwide
Full Service National Broker Dealer- Jackson National Life
Independent Broker Dealer- Jackson National Life
Career- New York Life
Direct Response- Fidelity Investments
Immediate Income Annuity
Sales for the second quarter of 2024 were $4,123 million. Second quarter immediate income annuity sales were down nearly 5% when compared to the previous quarter. Given that this is the second quarter that Wink has collected data on immediate income annuity sales, additional comparisons will be available in future quarters.
Total 2Q2024 immediate income annuity sales were $4,123,960,130.
THE TOP TEN IMMEDIATE INCOME CARRIERS FOR THE QUARTER:
- Nationwide
- New York Life
- Massachusetts
- Penn Mutual
- Pacific Life Companies
- American National
- Western-Southern Life Assurance Company
- RiverSource Life
- Symetra Financial
- Securian Financial
LEADERS BY CHANNEL:
Bank- Nationwide
Registered Investment Advisor- Pacific Life Companies
Full Service Broker Dealer- New York Life
Independent Broker Dealer- Nationwide
Career- New York Life
Direct Response- Brighthouse Financial
Independent Agent- Nationwide
Deferred Income Annuity
Sales for the second quarter of 2024 were $830 million. Second quarter deferred income annuity sales were down less than 1% when compared to the previous quarter. Given that this is the second quarter that Wink has collected data on deferred income annuity sales, additional comparisons will be available in future quarters.
Total 2Q2024 deferred annuity sales were $830,013,390.
THE TOP TEN DEFERRED INCOME CARRIERS FOR THE QUARTER:
- New York Life
- Western-Southern Life Assurance Company
- Massachusetts Mutual Life Companies
- Integrity Life Companies
- Symetra Financial
- Brighthouse Financial
- Pacific Life Companies
- Global Atlantic Financial Group
- Corebridge Financial
- Thrivent Financial
LEADERS BY CHANNEL:
Bank- New York Life
Registered Investment Advisor- Integrity Life Companies
Full Service National Broker Dealer- New York Life
Independent Broker Dealer- Brighthouse Financial
Career- New York Life
Direct Response- New York Life
Independent Agent- Symetra Financial
Wink anticipates compiling third quarter, 2024’s sales with a release date of November 2024.
-sjm
