AnnuitySpecs.com reports 13% rise in fixed indexed annuities salesNews added by National Underwriter on May 23, 2012
National Underwriter

National Underwriter

Joined: April 22, 2011

Sales of fixed indexed annuities rose 13% in the first quarter of 2012, according to a new report.

AnnuitySpecs.com, a unit of Moore Market Intelligence, published this finding in the site’s 59th edition of Indexed Sales & Market Report, which provides sales by product, company, crediting method, index, distribution, surrender charge period and other criteria. Forty-four indexed annuity carriers participated in the report, representing 99% of indexed annuity production.

The report reveals that sales of fixed indexed annuities reached $8.0 billion in the first quarter of 2012, down less than 3% from the previous quarter, but up by more than 13% compared to the same period one year ago.

“It is not surprising that indexed annuity sales are up over 2011, while annuity sales in general are down,” says Moore Market Intelligence President and CEO Sheryl Moore in a prepared statement. “No other lifetime income product is as strategically-positioned to thrive in this low-interest rate environment. In fact, the indexed annuity is well-suited for any market environment.”

The report reveals that Allianz Life maintained its position as the top carrier in indexed annuities with a 17% market share. Aviva maintained its position as the second-ranked company in the market, while American Equity, Fidelity & Guaranty Life, and Great American (GAFRI) rounded-out the top five, respectively.

The report says that consumers elected a guaranteed lifetime withdrawal benefit (GLWB) rider on nearly 56% of total indexed annuity sales during the quarter.

First quarter sales of indexed life insurance products totaled $255.9 million, an increase of more than 20% over the previous quarter, the report adds. As compared to the same period in 2011, sales were up nearly 34%.

Aviva recaptured its former #1 position in indexed life sales, with a 13% market share. AXA Equitable took the position as second-ranked company in the market, while AEGON Companies, Pacific Life Companies, and Allianz Life rounded-out the top five companies, respectively, the report says.

Originally published on LifeHealthPro.com
The views expressed here are those of the author and not necessarily those of ProducersWEB.
Reprinting or reposting this article without prior consent of Producersweb.com is strictly prohibited.
If you have questions, please visit our terms and conditions
Post Press Release