All of the uncertainty surrounding the U.S. Department of Labor’s fiduciary rule hit sales of indexed annuities and annuities with multi-year rate guarantees hard in the first quarter, according to Wink’s Sales & Market report.
Indexed annuities accounted for about 56% of U.S. individual annuity sales outside of the variable annuity market during the quarter.
Sales of indexed annuities fell to $12.9 billion during the quarter, down 14% from the total for the first quarter of 2016, according to Wink.
Sales of multi-year guaranteed annuities fell about 17%, to $8.9 billion.
Sales of traditional fixed annuities fell 6.4%, to $1.1 billion.