Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Portfolio > Economy & Markets > Fixed Income

ABA Report: Fixed Annuity Bank Sales Total $4.1 Billion in Third Quarter

By Warren S. Hersch

X
Your article was successfully shared with the contacts you provided.

Fixed annuity sales by banks and other depository institutions increased by 3% from the same period one year ago, according to a new report.

The American Bankers Association, Washington, D.C., published this finding in a summary of results from a Fixed Annuity Premium Study conducted by Beacon Research, Evanston, Ill. The report tracks fixed and variable annuity features, rates and sales.                    

One-third of the bank channel carriers tracked by Beacon’s study reported increased sales compared to the same period last year, with 52% reporting improved quarter-to-quarter results.  Western National maintained its position as the leading bank channel company among study participants.

Genworth jumped four notches from the prior quarter to come in second while Symetra remained in third place.  Great American and Lincoln Financial Group traded places to come in fourth and fifth, respectively, ABA says.

The data indicate that industry-wide quarter-to-quarter sales fell 19%.  

“Fixed rate non-MVAs account for at least two-thirds of banks’ fixed annuity sales, and these products drove overall results as usual,” says Jeremy Alexander, president and CEO of Beacon Research. “Fixed annuity rates were lower than in the same quarter a year ago, but they had a slightly larger advantage over treasuries and CDs.”     

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.