Multi-Year Guaranteed Annuity Sales Up 60% In 1Q

Pleasant Hill, Iowa. June 1^st, 2016- Wink’s Sales & Market Report, the insurance industry’s #1 resource for indexed annuity and indexed life sales data since 1997, is in its second year of reporting on traditional fixed annuity and multi-year guaranteed annuity (MYGA) product lines.

Sixty-five fixed and multi-guaranteed annuity carriers participated in the 75^th edition of Wink’s Sales & Market Report for 1^st Quarter, 2016. Total first quarter traditional fixed annuity sales were $1.2 billion; down over 40% when compared to the previous quarter. Multi-Year Guaranteed Annuity (MYGA) sales for the first quarter were $10.9 billion; up over over 60% when compared to the previous quarter. “Several insurance companies had MYGA specials in the first quarter,” commented Sheryl J. Moore, President and CEO of both Moore Market Intelligence and Wink, Inc. She explained, “This translated to fantastic results for the quarter, 14 of the top 15 companies experiencing gains in their MYGA sales for the quarter.”

Noteworthy highlights for the first quarter include Jackson National Life leading traditional fixed sales with a 16.1% market share. The top traditional fixed annuity in overall sales was the Reliance Standard Life Apollo-MVA product. The average fixed annuity premium was $75,094; a reduction of over 11% as compared to the previous quarter. On the MYGA side, New York Life was the #1 carrier in MYGA sales, with a 22.8% market share. Forethought Life’s SecureFore 5 Fixed Annuity continued to lead in overall MYGA sales for the first quarter. The average MYGA premium was $98,726; a decline of nearly 7% as compared to the previous quarter.

Upon the first full year of reporting fixed and MYGA sales, Wink looks forward to reporting on even more product lines. It is anticipated that whole life, term, and universal life sales will begin next, while immediate annuities and variable product sales will follow thereafter.