MYGA Sales Kick Butt, To Start Off 2016!
Wink, Inc. Releases 1st Quarter, 2016 Fixed Deferred Annuity Sales Results
Pleasant Hill, Iowa. June 1st, 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 75th edition of Wink’s Sales & Market Report for 1st 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.
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The staff of Moore Market Intelligence has combined experience of nearly four decades working with indexed insurance products. The firm provides services in speaking, research, training, product development, and marketing of indexed annuities and indexed life insurance. Their knowledge in product filing research and policy forms analysis, coupled with their unmatched resources in insurance distribution, give them the expertise to provide competitive intelligence that allows carriers to stay ahead of their competition.
Sheryl J. Moore is president and CEO of this specialized third-party market research firm and the guiding force behind the industry’s most comprehensive indexed life and indexed annuity due diligence tools, AnnuitySpecs and LifeSpecs distributed by Wink, Inc. Ms. Moore previously worked as market research analyst for top carriers in the indexed life and annuity industries. Her views on the direction on the indexed market are frequently heard in seminars and quoted by industry trade journals.
Ms. Moore is the author of the quarterly Wink’s Sales & Market Report. Serving as the insurance industry’s #1 resource of indexed insurance product sales since 1997, this report provides sales by product, company, crediting method, index, distribution, surrender charge period, and more. Wink’s Sales & Market Report expanded to cover all fixed deferred annuity products in 2015.
Wink, Inc. is the company that distributes resources such as this sales report, along with the competitive intelligence tools AnnuitySpecs and LifeSpecs at www.LookToWink.com.
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