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September 17, 2013 at 07:43 AM
Overcoming a first-quarter slump, indexed annuity and indexed life sales bolted upward in the second quarter. According to the most recent Wink’s Sales & Market Report from Wink, Inc., total sales of indexed annuities hit $9.2 billion in Q2. That tally represents a 17 percent jump in production when compared to the previous quarter and a 5.5 percent increase from the same quarter a year earlier.
Sheryl J. Moore, president and CEO of Wink Inc. and Moore Market Intelligence, points out that the Q2 2013 total is nearly 5 percent above the previous quarterly record set in the third quarter of 2010. Year-to-date, indexed annuity sales were up 1.5 percent over the first six months of 2012.
For the quarterly study, 42 indexed annuity carriers representing 99.8 percent of indexed annuity production participated.
Also on the rebound are guaranteed lifetime withdrawal benefits (GLWBs), which were elected in 67.3 percent of all indexed annuity contracts sold that offered that rider. The second quarter, Moore notes, marked a record for GLWB elections.
Allianz Life held onto the top spot for indexed annuity carriers with a 13.62 percent market share. Security Benefit Life and American Equity maintained their positions as the second and third top companies in the market, while Great American and EquiTrust rounded out the top five, respectively. Security Benefit Life’s Total Value Annuity was the No. 1 selling indexed annuity for the fourth consecutive quarter.
