Fourth Quarter 2023 Annuity Sales
March 6, 2024 by Sheryl J. Moore
Deferred Annuity Sales
Total 4Q2023 deferred annuity sales $105,464 million, compared with sales of $79,336 million for the fourth quarter of 2022. Fourth quarter deferred annuity sales were up more than 33% when compared to the previous quarter and up nearly 33% when compared to the same period last year.
Non-Variable Deferred Annuity Sales
Total 4Q2023 non-variable deferred annuity sales were $81,332 million, compared with sales of $57,852 million for the fourth quarter of 2022. Fourth quarter non-variable deferred annuity sales were up more than 48% when compared to the previous quarter, and up nearly 41% when compared to the same period last year. Non-variable deferred annuities include sales of fixed, indexed, and multi-year guaranteed deferred annuities.
Variable Deferred Annuity Sales
Total 4Q2023 variable deferred annuity sales were $24,132 million, compared with sales of $21,484 million for the fourth quarter of 2022. Fourth quarter variable deferred annuity sales were down more than 1% when compared to the previous quarter, and up more than 12% when compared to the same period last year. Variable deferred annuities include sales of structured and variable deferred annuities.
Indexed Annuity
Sales for the fourth quarter of 2023 were $27,967 million, compared with sales of $21,649 million for the fourth quarter of 2022. Fourth quarter indexed annuity sales were up nearly 20% when compared to the previous quarter, and up more than 29% when compared to the same period last year. This was a record-setting quarter for indexed annuity sales, topping the prior 2nd quarter 2023 record by 11.12%. This was also a record-setting year for indexed annuity sales, topping the prior 2022 record by 25.57%.
Total 4Q2023 indexed annuity sales were $27,967,139,052.
THE TOP TEN INDEXED ANNUITY CARRIERS FOR THE QUARTER:
- Athene USA
- Allianz Life
- Lincoln National Life
- American Equity Companies
- Sammons Financial Companies
- Corebridge Financial
- Nationwide
- Massachusetts Mutual Life Companies
- Fidelity & Guaranty Life
- Pacific Life Companies
AVERAGE COMMISSION:
The indexed annuity commission received by the agent averaged 6.59% of premium for the fourth quarter of 2023; a trend that is up 0.08% from the prior quarter.
LEADERS BY CHANNEL:
Bank- Corebridge Financial
Career- CNO Companies
Direct Response- Prudential
Full Service National Broker Dealer- Lincoln National Life
Independent Agent- Athene USA
Independent Broker Dealer- Lincoln National Life
Registered Investment Advisor- Sammons Financial Companies
TOP SELLING PRODUCTS BY CHANNEL:
Overall- American Equity IncomeShield 10
Bank- American General Power Index 5 Plus Annuity
Career- Pruco Life Prudential SurePath Income FIA
Direct Response- Pruco Life Prudential SurePath Income FIA
Full Service National Broker Dealer- Forethought Life ForeAccumulation II FIA 5-Year
Independent Agent- American Equity IncomeShield 10
Independent Broker Dealer- Nationwide L&A Nationwide New Heights Select 9
Registered Investment Advisor- Midland National Life Capital Income
Fee-Based Overall- Midland National Life Capital Income
Fixed Annuity
Sales for the fourth quarter of 2023 were $730 million, compared to sales of $575 million for the fourth quarter of 2022. Fourth quarter fixed annuity sales were up more than 47% when compared to the previous quarter, and up nearly 27% when compared with the same period last year.
Total 4Q2023 fixed annuity sales were $730,634,092.
THE TOP TEN FIXED ANNUITY CARRIERS FOR THE QUARTER:
- Nationwide
- Global Atlantic Financial Group
- Modern Woodmen of America
- EquiTrust
- CNO Companies
- Western-Southern Life Assurance Company
- OneAmerica
- CL Life
- Reliance Standard
- National Life Group
AVERAGE COMMISSION:
The fixed annuity commission received by the agent averaged 5.65% of premium for the fourth quarter of 2023; a trend that is down 0.09% when compared to last quarter.
LEADERS BY CHANNEL:
Bank- Nationwide
Career- Modern Woodmen of America
Direct Response- Corebridge Financial
National Broker Dealer- Nationwide
Independent Agent- EquiTrust
Independent Broker Dealer- Nationwide
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Forethought Life ForeCare Fixed Annuity
Bank- State Life Annuity Care II
Career- American National WealthQuest Citadel 7 Diamond
Full Service National Broker Dealer- Western-Southern Life Senior Select 1-Year
Independent Agent- EquiTrust ChoiceFour with Liquidity Rider
Independent Broker Dealer- Forethought Life ForeCare Fixed Annuity
Multi-Year Guaranteed Annuity
Sales for the fourth quarter of 2023 were $52,634 million, compared with sales of $35,627 million for the fourth quarter of 2022. Fourth quarter MYGA sales were up 70% when compared to the previous quarter, and up nearly 48% when compared to the same period last year. This was a record-setting quarter for multi-year guaranteed annuity sales, topping the prior 4th quarter 2022 record by 47.73%. This was also a record-setting year for multi-year guaranteed annuity sales, topping the prior 2022 record by 48.31%.
Total 4Q2023 MYGA sales were $52,634,304,641.
THE TOP TEN MYGA CARRIERS FOR THE QUARTER:
- Athene USA
- Massachusetts Mutual Life Companies
- Corebridge Financial
- Global Atlantic Financial Group
- New York Life
- Delaware Life
- Lincoln National Life
- Western-Southern Life Assurance Company
- Fidelity & Guaranty Life
- Symetra Financial
AVERAGE COMMISSION:
The multi-year guaranteed annuity commission received by the agent averaged 1.91% of premium for the fourth quarter of 2023; a decline of 0.10% from last quarter.
LEADERS BY CHANNEL:
Bank- Athene USA
Career- New York Life
Direct Response- Puritan Life
Independent Agent- Athene USA
Full Service National Broker Dealer- Massachusetts Mutual Life Companies
Independent Broker Dealer- Lincoln National Life
Registered Investment Advisor- Sammons Financial Companies
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Massachusetts Mutual Life Stable Voyage 3-Year
Bank- Athene Annuity Athene MYG 5
Career- Thrivent Financial MYG 9-Year
Direct Response- Puritan Life Canvas 5-Year
Full Service National Broker Dealer- Massachusetts Mutual Life Stable Voyage 3-Year
Independent Agent- Athene Annuity Athene MaxRate 5
Independent Broker Dealer- Lincoln National Life Lincoln Select FA 5-Year
Registered Investment Advisor- Midland National Life Oak ADVantage 7-Year
Fee-Based Overall- Midland National Life Oak ADVantage 7-Year
Structured Annuity
Sales for the fourth quarter of 2023 were $12,489 million compared with sales of $9,392 million for the fourth quarter of 2022. Fourth quarter structured annuity sales were up more than 3% when compared to the previous quarter, and up nearly 33% when compared to the same period last year. This was a record-setting quarter for structured annuity sales, topping the prior 3rd quarter 2023 record by 3.28%. This was also a record-setting year for structured annuity sales, topping the prior 2022 record by 13.86%.
Total 4Q2023 structured annuity sales were $12,489,254,894.
THE TOP TEN STRUCTURED ANNUITY CARRIERS FOR THE QUARTER:
- Equitable Financial
- Allianz Life
- Brighthouse Financial
- Prudential
- Jackson National Life
- Lincoln National Life
- RiverSource Life
- Nationwide
- TruStage
- Massachusetts Mutual Life Companies
LEADERS BY CHANNEL:
Bank- Equitable Financial
Career- Equitable Financial
Direct Response- Prudential
Full Service National Broker Dealer- Brighthouse Financial
Independent Broker Dealer- Allianz Life
Registered Investment Advisor- Lincoln National Life
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Pruco Life Prudential FlexGuard Indexed VA
Bank- Members Life TruStage ZoneChoice Annuity
Career- RiverSource Life Structured Solutions 6-Year
Direct Response- Pruco Life Prudential FlexGuard Indexed VA
Full Service National Broker Dealer- Allianz Life Allianz Index Advantage+ VA
Independent Broker Dealer- Jackson National Jackson Market Link Pro II
Registered Investment Advisor- Lincoln National Life Lincoln Level Advantage Advisory
Fee-Based Overall- Lincoln National Life Lincoln Level Advantage Advisory
Variable Annuity
Sales for the fourth quarter of 2023 were $11,643 million, compared with sales of $12,091 million for the fourth quarter of 2022. Fourth quarter variable annuity sales were down nearly 6% when compared to the previous quarter, and down nearly 4% when compared to the same period last year. This was a record-low quarter for variable annuity sales, topping the prior 3rd quarter 2023 low by 5.65%.
Total 4Q2023 variable annuity sales were $11,643,109,785.
THE TOP TEN VARIABLE CARRIERS FOR THE QUARTER:
- Jackson National Life
- Equitable Financial
- New York Life
- Lincoln National Life
- Nationwide
- Pacific Life Companies
- Corebridge Financial
- Fidelity Investments
- Thrivent Financial
- Transamerica
LEADERS BY CHANNEL:
Bank- Jackson National Life
Career- Equitable Financial
Direct Response- Fidelity Investments
Full Service National Broker Dealer- Jackson National Life
Independent Broker Dealer- Jackson National Life
Registered Investment Advisor- Lincoln National Life
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
Career- Equitable Financial Equi-Vest
Direct Response- Fidelity Fidelity Personal Retirement Annuity
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
Registered Investment Advisor- Lincoln National Life ChoicePlus Assurance Series B Share
Fee-Based Overall- Fidelity Fidelity Personal Retirement Annuity
Wink anticipates compiling first quarter, 2024’s sales with a release date of May 2024. -sjm