Athene USA Gains in Indexed Annuity Tables in 4Q 2016

Athene USA rose six notches to the No. 2 position in indexed annuity sales for the fourth quarter 2016, according to industry tracker Wink's Sales & Market Report.

In April last year, Athene USA announced that its Athene Performance Elite fixed indexed annuity would be "enhanced" by the addition of two new volatility controlled indices with competitive crediting strategies.

The new indices were also made available in redesigned versions of the Athene Ascent Pro indexed annuities, the company said.

On the distribution side, Athene USA CEO Grant Kvalheim, said in a December interview with InsuranceNewsNet that the company would seek to expand retail annuity distribution through banks and broker-dealers.

Athene USA is based in West Des Moines, Iowa. Parent company Athene Holding raised $1.1 billion in an initial public offering last year.

The other notable development in the indexed annuity sales league tables was Fidelity & Guaranty Life landing in the top 10. The company is in merger discussions with the Chinese insurer Anbang.

In 2016, indexed annuity sales rose 9.7 percent to a record $58.2 billion compared with 2015, Wink reported.

The record annual haul, however, masked weakness in the fourth quarter 2016, during which indexed annuity sales slumped 15 percent to $13.3 billion compared with the year-ago period, Wink said.

Fourth-quarter indexed annuity sales dropped nearly 7 percent compared with the third quarter, Wink reported.

The average agent commission was 5.37 percent; down 0.01 percent compared to the third quarter.

Top Indexed Annuity Sellers 4Q 2016:

1. Allianz Life
2. Athene USA
3. American Equity Companies
4. Great American Insurance Group
5. AIG
6. Midland National Life
7. Nationwide
8. Fidelity & Guaranty Life
9. North American Co.
10. Voya Financial

Top Indexed Annuity Sellers 4Q 2015:

1. Allianz Life
2. American Equity Companies
3. Nationwide
4. AIG
5. Great American Insurance Group
6. Midland National Life
7. Symetra Financial
8. Athene USA
9. Voya Financial
10. North American Co.

Channel Leaders 4Q 2016:

Bank: Great American Insurance Group
Career: CNO Companies
Direct Response: Symetra Financial
Independent Agent: Athene USA
Independent Broker Dealer: Allianz Life
National Broker Dealer: Global Atlantic Financial Group

Channel Leaders 4Q 2015:

Bank: Symetra Financial
Career: AIG
Direct Response: Symetra Financial
Independent Agent: American Equity Life
Independent Broker/Dealer: Allianz Life
National Broker Dealer: Pacific Life

Top Products By Channel 4Q 2016:

Overall: Allianz Life Allianz 222 Annuity
Bank: Great American Assurance Select 7
Career: Variable Annuity Life Power Index Elite
Direct Response: Symetra Life Symetra Edge Plus 5
Independent Agent: Allianz Life Allianz 222 Annuity
Independent Broker Dealer: Allianz Life Allianz 222 Annuity
National Broker Dealer: Forethought ForeIncome 7-Year

Top Products by Channel 4Q 2015:

Overall: Allianz Life Allianz 222 Annuity
Bank: Great American Assurance Select 7
Career: Variable Annuity Life Power Index Elite
Direct Response: Symetra Life Symetra Edge Plus 7
Independent Agent: Allianz Life Allianz 222 Annuity
Independent Broker Dealer: Allianz Life Allianz 222 Annuity
National Broker Dealer: Allianz Life Allianz Core Income 7 Annuity

InsuranceNewsNet Senior Writer Cyril Tuohy has covered the financial services industry for more than 15 years. Cyril may be reached at [email protected].

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