The annuity industry was marked by volatility in 2010, a report released Friday by SNL Financial found. SNL studied 2010 data from U.S. life insurers to measure volatility in the industry.
Total direct annuity considerations, including first-year, single-premium and renewals, fell 1.2% over 2009, and fell over 13% from 2008.
Prudential's first-year and single-premium considerations increased more than 135% over 2009, the largest increase among providers. In spite of that, MetLife remains the top provider with $21.5 billion in considerations. Jackson National, Lincoln National and Allianz all enjoyed increased considerations in individual annuities.
2010 was not so good for other insurers. Low interest rates depressed fixed deferred annuity sales for New York Life Insurance Group, and after a better-than-normal year in 2009, there was no place to go but down.