LIMRA Secure Retirement Institute has released its top 20 rankings of total, variable and fixed annuity writers in 2014.
Overall, annuities finished 2014 strong. According to the insurance researcher’s fourth-quarter 2014 U.S. Annuity Sales Survey, total U.S. annuity sales in 2014 rose 3% to $235.8 billion.
Todd Giesing, senior business analyst for LIMRA Secure Retirement Institute, attributes this rise in part to record annual sales in indexed and income annuities.
“Despite interest rates falling nearly a percentage point in 2014, indexed annuities and income annuity sales — fixed immediate and deferred income — topped record sales levels,” said Giesing, in a statement. “The performance of these products certainly propelled overall annuity sales to increase in 2014.”
Indexed annuity sales reached $48.2 billion in 2014, up $9 billion or 23% from a year earlier. LIMRA also notes that indexed annuities held more than a 50% market share of all fixed annuity sales in 2014 – for the first time. Immediate income annuity sales jumped 17% in 2014, totaling $9.7 billion.