For the first time since 2007, AIG Companies has taken over as the top seller of annuities according to LIMRA Secure Retirement Institute.
Aside from a new sales leader, there are two new companies in this year’s top five compared to 2017 sales. The top five sellers of total annuities in 2018 representing 32 percent of market share were AIG Companies, Jackson National Life, New York Life, Lincoln Financial Group and Allianz Life of North America.
The top 10 companies held 53 percent market share in 2018.
Fixed annuities not only had a record breaking sales year, but they also have a new sales leader.
According to LIMRA SRI research, this is the fourth consecutive year that annual fixed annuity sales surpassed $100 billion. The top three sellers of fixed annuities were: AIG Companies, New York Life and Allianz Life of North America, representing 24 percent market share. In 2018, the top 10 companies held 55 percent of the market.
This was the first time in six years total variable annuity (VA) sales had growth. The three top sellers of variable annuities were: Jackson National Life, AXA US and TIAA, representing 38 market share. The top 10 companies held 78 percent market share in 2018.