SECOND QUARTER 2022 ANNUITY SALES
August 31, 2022 by Sheryl J. Moore
Deferred Annuity Sales
Total 2Q2022 deferred annuity sales were $72,804 million, compared with sales of $64,492 million for the second quarter of 2021. Second quarter deferred annuity sales were up nearly 22% when compared to the previous quarter and up nearly 13% when compared to the same period last year. Deferred annuities include sales of fixed, indexed, multi-year guaranteed, structured and variable deferred annuities.
Non-Variable Deferred Annuity Sales
Total 2Q2022 non-variable deferred annuity were $46,337 million, compared with sales of $31,570 million for the second quarter of 2021. Second quarter non-variable deferred annuity sales were up more than 46% when compared to the previous quarter, and up nearly 47% 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 2Q2022 variable deferred annuity sales were $26,467 million, compared with sales of $32,922 million for the second quarter of 2021. Second quarter variable deferred annuity sales were down more than 5% when compared to the previous quarter, and down nearly 20% when compared to the same period last year. Variable deferred annuities include sales of structured and variable deferred annuities.
Indexed Annuity
Sales for the second quarter of 2022 were $19,584 million, compared with sales of $16,673 million for the second quarter of 2021. Second quarter indexed annuity sales were up more than 17% when compared to the previous quarter, and up more than 17% when compared to the same period last year.
Total 2Q2022 indexed annuity sales were $19,584,380,444
THE TOP TEN INDEXED ANNUITY CARRIERS FOR THE SECOND QUARTER OF 2022:
- Allianz Life
- Athene USA
- AIG
- Massachusetts Mutual Life Companies
- Sammons Financial Companies
- Fidelity & Guaranty Life
- Global Atlantic Financial Group
- Nationwide
- American Equity Companies
- Symetra Financial
AVERAGE COMMISSION:
The indexed annuity commission received by the agent averaged 6.34% of premium for the second quarter of 2022; a trend that is down 0.01% from the prior quarter.
LEADERS BY CHANNEL:
Bank- Massachusetts Mutual Life Companies
Career- CNO Companies
Direct Response- N/A
Independent Agent- Allianz Life
Independent Broker Dealer- Allianz Life
National Broker Dealer- Global Atlantic Financial Group
Registered Investment Advisor- Massachusetts Mutual Life Companies
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Allianz Life Allianz 222 Annuity
Bank- American General Power Index 5 Plus Annuity
Career- Bankers L&C Premium Bonus IA
Direct Response- N/A
Fee-Based Overall- Great American Index Protector 5 MVA
Independent Agent- Allianz Life Allianz 222 Annuity
Independent Broker Dealer- Allianz Life Allianz 222 Annuity
National Broker Dealer- Forethought Life ForeAccumulation II FIA 5-Year
Registered Investment Advisor- Great American Index Protector 5 MVA
Fixed Annuity
Sales for the second quarter of 2022 were $479 million, compared to sales of $462 million for the second quarter of 2021. Second quarter fixed annuity sales were up more than 3% when compared to the previous quarter, and up nearly 4% when compared with the same period last year.
Total 2Q2022 fixed annuity sales were $479,233,328.
THE TOP TEN FIXED ANNUITY CARRIERS FOR THE SECOND QUARTER OF 2022:
1. Modern Woodmen of America
2. Global Atlantic Financial Group
3. American National
4. Western-Southern Life Assurance Company
5. Jackson National Life
6. EquiTrust
7. CNO Companies
8. Brighthouse Financial
9. National Life Group
10. AIG
AVERAGE COMMISSION:
The fixed annuity commission received by the agent averaged 5.67%of premium for the second quarter of 2022; a trend that is down 0.08% when compared to last quarter.
LEADERS BY CHANNEL:
Bank- OneAmerica
Career- Modern Woodmen of America
Direct Response- AIG
Independent Agent- Global Atlantic Financial Group
Independent Broker Dealer- Brighthouse Financial
National Broker Dealer- Western-Southern Life Assurance Company
Registered Investment Advisor- N/A
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Forethought Life ForeCare Fixed Annuity
Bank- Forethought Life ForeCare Fixed Annuity
Career- United of Omaha Bonus Flexible Annuity
Direct Response- N/A
Fee-Based Overall- N/A
Independent Agent- Forethought Life ForeCare Fixed Annuity
Independent Broker Dealer- Forethought Life ForeCare Fixed Annuity
National Broker Dealer- Western-Southern Life Senior Select 1-Year
Registered Investment Advisor- N/A
Multi-Year Guaranteed Annuity
Sales for the second quarter of 2022 were $26,273 million, compared with sales of $14,450 million for the second quarter of 2021. Second quarter MYGA sales were up 80% when compared to the previous quarter, and up nearly 82% when compared to the same period last year.
Total 2Q2022 MYGA sales were $26,273,398,403.
THE TOP TEN MYGA CARRIERS FOR THE SECOND QUARTER OF 2022:
1. New York Life
2. Massachusetts Mutual Life Companies
3. Western-Southern Life Assurance Company
4. Pacific Life Companies
5. AIG
6. Global Atlantic Financial Group
7. Athene USA
8. Fidelity & Guaranty Life
9. Symetra Financial
10. Oceanview Life
AVERAGE COMMISSION:
The multi-year guaranteed annuity commission received by the agent averaged 1.72% of premium for the second quarter of 2022; a decline of 0.07% from last quarter.
LEADERS BY CHANNEL:
Bank- New York Life
Career- New York Life
Direct Response- Puritan Life
Independent Agent- Oceanview Life
Independent Broker Dealer- Global Atlantic Financial Group
National Broker Dealer- Western-Southern Life Assurance Company
Registered Investment Advisor- Massachusetts Mutual Life Companies
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Western-Southern Life SmartSelect 3-Year
Bank- Athene Annuity Athene MYG 3
Career- Thrivent Financial Security One
Direct Response- Puritan Life Canvas 3-Year
Fee-Based Overall- Great American Advantage 5 Advisory
Independent Agent- Sagicor Life Milestone MYGA 3-Year
Independent Broker Dealer- Forethought Life SecureFore 3 Fixed Annuity
National Broker Dealer- Western-Southern Life SmartSelect 3-Year
Registered Investment Advisor- Great American Advantage 5 Advisory
Structured Annuity
Sales for the second quarter of 2022 were $10,526 million compared with sales of $9,863 million for the second quarter of 2021. Second quarter structured sales were up more than 11% when compared to the previous quarter, and up nearly 7% when compared to the same period last year. This was a record-setting quarter for structured annuity sales, topping the prior 4th quarter 2021 record by more than 4%.
Total 2Q2022 structured annuity sales were $10,526,915,280.
THE TOP TEN STRUCTURED ANNUITY CARRIERS FOR THE SECOND QUARTER OF 2022:
1. Equitable Financial
2. Brighthouse Financial
3. Allianz Life
4. Prudential
5. Lincoln National Life
6. RiverSource Life
7. Jackson National Life
8. CUNA Mutual Life
9. Nationwide
10. Athene USA
LEADERS BY CHANNEL:
Bank- Equitable Financial
Career- Equitable Financial
Direct Response- N/A
Independent Broker Dealer- Allianz Life
National Broker Dealer- Brighthouse Financial
Registered Investment Advisor- Lincoln National Life
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Equitable Financial Structured Capital Strategies Plus 21
Bank- Equitable Financial Structured Capital Strategies Plus 21
Career- Equitable Financial Structured Capital Strategies Plus 21
Direct Response- N/A
Fee-Based Overall- Lincoln National Life Lincoln Level Advantage Advisory
Independent Broker Dealer- Lincoln National Life Lincoln Level Advantage B Share
National Broker Dealer- Allianz Life Allianz Index Advantage
Registered Investment Advisor- Lincoln National Life Lincoln Level Advantage Advisory
Variable Annuity
Sales for the second quarter of 2022 were $15,940 million, compared with sales of $23,058 million for the second quarter of 2021. Second quarter variable annuity sales were down nearly 14% when compared to the previous quarter, and down nearly 31% when compared to the same period last year.
Total 2Q2022 variable annuity sales were $15,940,146,124.
THE TOP TEN VARIABLE CARRIERS FOR SECOND QUARTER OF 2022:
1. Jackson National Life
2. Equitable Financial
3. New York Life
4. Nationwide
5. Lincoln National Life
6. Pacific Life Companies
7. AIG
8. Thrivent Financial
9. RiverSource Life
10. Brighthouse Financial
LEADERS BY CHANNEL:
Bank- Jackson National Life
Career- Equitable Financial
Direct Response- Fidelity Investments
Independent Broker Dealer- Jackson National Life
National Broker Dealer- Jackson National Life
Registered Investment Advisor- Nationwide
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
Fee-Based Overall- Fidelity Fidelity Personal Retirement Annuity
Independent Broker Dealer- Jackson National Perspective II Flexible Premium Variable & Fixed Deferred Annuity
National Broker Dealer- Jackson National Perspective II Flexible Premium Variable & Fixed Deferred Annuity
Registered Investment Advisor- Jefferson National Life Monument Advisor
Wink anticipates compiling third quarter, 2022’s sales with a release date of November 2022
Wink’s Note: Every quarter, for the past 25 years, “Wink’s Sales & Market Report” has been delivered, reporting the life insurance and annuity industries’ finest market research.
Today, I release our 100th edition of this report.
Man, what a wild ride it has been! -sjm