Sales of fixed indexed annuities totaled $6.4 billion in fourth quarter 2007, about even with third quarter sales but up 7.6% from the same period a year earlier, AnnuitySpecs.com reports.
Total sales of indexed annuities for 2007 were $25.1 billion, down 0.5% from the previous year, according to the analysis by AnnuitySpecs, a division of Advantage Group Associates Inc., Des Moines, Iowa.
Allianz Life Insurance Company of North America, Golden Valley, Minn., a unit of Allianz S.E., Munich, was the number 1 carrier in the indexed annuity market, attaining a market share of 23%.
Bank sales of indexed annuities declined to 3.2% of total sales, while career distribution sales increased to 6.4% of the market, reports AnnuitySpecs.
On the life insurance side, the 33 carriers in the indexed life market reported total fourth quarter sales of $162.6 million–a 25.8% increase over third quarter 2007 sales and up 60.7% over the same period in 2006.
The number one position in the indexed life market was taken over by American General Finance, Evansville, Ind., part of American International Group Inc., New York.
The average face amount for indexed life policies sold in the quarter was $1,345,920, AnnuitySpecs reports.