The top 10 annuity carriers accounted for 54 percent of all annuity sales during the first quarter of 2016, according to new rankings from the LIMRA Secure Retirement Institute.
Annuity sales across the industry totaled nearly $59 billion during the quarter. Total variable annuity sales were $26.6 billion, and total fixed annuity sales were $32.3 billion.
There was one newcomer to the top 10 during the first quarter of 2016: American Equity Investment Life. It ranked 14 on last year's 1Q list and 10 on this year's list.
While this year's other top nine companies were part of the top 10 during last year's first quarter, their positions changed quite a bit.
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In general, the companies that slipped in the rankings compared with last year's first quarter tended to have a stronger focus on variable annuities, while those that advanced in the rankings were more focused on fixed annuities. This mirrors an overall stronger market trend for fixed annuities while sales of variable annuities have declined.
Rankings were based on data provided by 64 companies, representing 96 percent of total sales.
Continue reading to find out which companies made the top 10 and how those companies took a different approach to fixed and variable products.
10. American Equity Investment Life
Q1 2015 Rank: 14
Q1 Sales: $2.1 billion
Variable sales rank: Not ranked
Q1 variable annuity sales: –
Fixed annuity sales rank: 4
Q1 fixed annuity sales: $2.1 billion
9. Prudential Annuities
Q1 Sales: $2.2 billion
Variable sales rank: 5
Q1 variable annuity sales: $2 billion
Fixed annuity sales rank: Not ranked
Q1 fixed annuity sales: –
8. Lincoln Financial Group
Q1 2015 rank: 3
Q1 Sales: $2.5 billion
Variable sales rank: 6
Q1 variable annuity sales: $1.8 billion
Fixed annuity sales rank: 13
Q1 fixed annuity sales: $667 million
7. MetLife
Q1 2015 rank: 10
Q1 Sales: $2.5 billion
Variable sales rank: 7
Q1 variable annuity sales: $1.6 billion
Fixed annuity sales rank: 12
Q1 fixed annuity sales: $900 million
6. AXA US
Q1 2015 rank: 9
