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September 04, 2012 at 10:54 AM
A unit of American International Groups is poised to achieve the greatest growth among variable annuity providers outside the dominating top five carriers, according to a new survey.
Cerulli Associates, Boston, published this finding in a new survey, “Annuities and Insurance 2012: Evaluating Growth Capacity Flows and Product Trends.” The report includes chapters covering industry capacity, evolution of the variable annuity product and sub-advisory landscape, integrated distribution, annuity distribution and product strategies, as well as variable annuity, fixed/fixed indexed and life insurance products.
The survey finds that SunAmerica Financial Group, a unit of New York-based AIG, increased variable annuity sales to $2.3 billion for the second quarter of 2012, resulting in annual sales of $4.5 billion. This figure represents a 21% increase over the same time period in 2011.
Cerulli also identifies Jefferson National Life Insurance Co., Louisville, Ky., as the “the most successful and innovative, fee-based VA carrier.” The report notes that Jefferson National offers not only a low cost product, but has also demonstrated “best-in-class strategies of eliminating fees, appreciating how [registered investment advisors] operate their business, and delivering an impressive technology platform that can be integrated into existing systems.”
