•••••••According to Limra’s United States Individual Annuity Sales Survey, overall variable annuity sales decreased by 6% in the first quarter to $28.1 billion after posting a double-digit increase the previous year.
Sales of conventional variable annuities (VA) fell 11% year over year to $18.5 billion in the first quarter. Sales of registered index-linked annuities (RILAs), which had previously experienced double-digit growth, increased just 5% to $9.6 billion in the first quarter.
Due mainly to the robust equity market growth, VA sales in the fourth quarter of last year increased by 17% to $32.3 billion. Variable annuity sales were $125.6 billion in 2021, a 27% increase from the previous year. Additionally, traditional variable annuity sales increased by 13% in the fourth quarter from 2020 to $21.7 billion. Sales for the year came to $86.6 billion, a 16% increase from 2020. “That put an end to a nine-year slump,” said Limra.
Variable annuities are often compared to mutual funds because they provide comparable financial benefits. The rate of return varies depending on the bonds, stocks, and money market funds you decide to invest in.
Below are the top 10 variable annuity issuers and their corresponding first-quarter sales:
1. Jackson National Life ($4.189 billion)
Jackson started as a modest family-run company in 1961. The company’s main office is in Lansing, Michigan. For ordinary clients, it offers annuities, and for institutional investors, it offers fixed-income products. Its subsidiaries and affiliates offer specialized asset management and retail brokerage services.
2. Equitable Financial ($3.713 billion)
Equity Financial is a division of Equitable Holdings, which has served more than 2.8 million customers nationwide since 1859, offering group retirement, individual retirement, and life insurance products. Its main office is in New York.
3. Lincoln Financial Group ($2.388 billion)
The corporation, located in Radnor, Pennsylvania, was founded in Fort Wayne, Indiana, in 1905. It runs numerous insurance and investment enterprises through subsidiary firms. The advice and solutions offered by Lincoln Financial Group enable people to take control of their finances with assurance and optimism.
4. TIAA ($1.890 billion)
The Carnegie Foundation for the Advancement of Teaching founded the Teachers Insurance and Annuity Association of America in 1918 to offer educators guaranteed retirement income and life insurance. It is the top supplier of financial services to the government, academic, medical, research, and cultural sectors.
5. Brighthouse Financial ($1.809 billion)
Based in Charlotte, North Carolina, Brighthouse broke away from MetLife in 2017 and established a standalone business. It’s one of the major annuity and life insurance providers in the United States, with more than two million customers and 2.6 million active insurance, annuity, and life insurance policies.
6. AIG Companies ($1.611 billion)
The history of AIG begins in 1919. It is a New York-based American global insurance and financial services firm with activities across over 80 countries.
7. Allianz Life of North America ($1.507 billion)
Allianz Life has served Americans since 1896 and maintains its main office in Minneapolis. It is a component of Munich-based Allianz SE, a global services company founded in 1890. More than 100 million customers are served globally by Allianz SE.
8. Prudential Annuities ($1.505 billion)
Prudential Annuities is situated in Shelton, Connecticut. It’s a division of Prudential Financial Inc with headquarters in Newark, New Jersey. The business offers institutional and retail clients in the United States and more than 40 other countries insurance, investment management, and other financial products and services.
The Prudential Fixed Annuity offers a guaranteed daily increase of future income regardless of market performance without surrendering the ability to change course as your needs evolve.
9. Nationwide ($1.504 billion)
Nationwide and its affiliates are headquartered in Columbus, Ohio, offering insurance and financial services. Additionally, the company has regional offices in Scottsdale, Arizona; Westerville, Ohio; Des Moines, Iowa; Sacramento, California; and San Antonio, Texas.
Farm Bureau Mutual Automobile Insurance Company was the company’s original name when it was founded in 1926.
10. New York Life ($1.283 billion)
New York Life, established in 1845, is one of the biggest life insurance providers in the United States. The fact that New York Life pays dividends to qualified policyholders and has been for the last 168 years makes its policies particularly appealing. Additionally, it is the biggest mutual life insurance firm in the country.
Contact Information:
Email: [email protected]
Phone: 5099875559
