MYGA Market In 1Q: A Look At The Top 10

First quarter sales of multiyear guaranteed annuities (MYGAs), which offer a fixed rate over a period of several years, tumbled 17 percent to $9 billion, industry tracker Wink’s Sales & Market Report announced this month.

MYGA sales rose 36 percent compared with the fourth quarter of 2016, Wink’s reported.

First quarter top-10 finishers are listed below.

The Top 10 MYGA Carriers For 1Q 2017:

1. New York Life
2. AIG
3. Global Atlantic Financial Group
4. Symetra Financial
5. Security Benefit Life
6. Pacific Life
7. Delaware Life
8. Great American Insurance Group
9. Massachusetts Mutual
10. Fidelity & Guaranty Life

Average Commission:

The average agent commission was 1.23 percent.

The Top 10 MYGA Carriers For 1Q 2016:

1. New York Life
2. AIG
3. Global Atlantic Financial Group
4. Midland National Life
5. Symetra Financial
6. Delaware Life
7. American Equity Companies
8. Fidelity & Guaranty Life
9. North American Co.
10. Thrivent Financial

Leaders By Channel 1Q 2017:

Bank: AIG
Career: New York Life
Direct Response: Symetra Financial
Independent Agent: Fidelity & Guaranty Life
Independent Broker/Dealer: Global Atlantic Financial Group
National Broker/Dealer: New York Life

Leaders By Channel 1Q 2016:

Bank: AIG
Career: New York Life
Direct Response: Genworth
Independent Agent: Fidelity & Guaranty Life
Independent Broker/Dealer: Midland National Life
National Broker/Dealers: New York Life

Top Selling Products By Channel 1Q 2017:

Overall: Forethought Life SecureFore 3 Fixed Annuity
Bank: Forethought Life SecureFore 3 Fixed Annuity
Career: Thrivent Financial Security One
Direct Response: Symetra Life Symetra Custom 7
Independent Agent: Fidelity & Guaranty Life FG Guarantee-Platinum 5
Independent Broker/Dealer: Forethought Life SecureFore 3 Fixed Annuity
National Broker/Dealer: Forethought Life SecureFore 3 Fixed Annuity

Top Selling Products By Channel 1Q 2016:

Overall: Forethought Life SecureFore 5 Fixed Annuity
Bank: Forethought Life SecureFore 5 Fixed Annuity
Career: Thrivent Financial Security One
Direct Response: N/A
Independent Agent: Fidelity & Guaranty Life FG Guarantee Platinum 5
Independent Broker/Dealer: Midland National MNL Guarantee Ultimate 5-Year
National Broker/Dealer: Forethougtht Life SecureFore 3 Fixed 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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Cyril Tuohy is a writer based in Pennsylvania. He has covered the financial services industry for more than 15 years. He can be reached at [email protected].