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December 11, 2017 at 12:53 PM
The Insured Retirement Institute says it’s seeing the same slump in U.S. individual annuity sales that two other insurance industry organizations have detected.
Revenue from new U.S. sales of individual annuities fell to $44 billion in the third quarter, down 15% from the total for the third quarter of 2016, according to IRI.
The Washington-based group gets its non-variable annuity data from Beacon Research and its variable annuity data from Morningstar.
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Sales of non-variable annuities of all kinds fell 12.5%, to $23 billion.
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Sales of variable annuities fell 17.5%, to $25 billion.
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Sales of indexed annuities, which are included in the non-variable total, fell 9.5%, to less than $14 billion.
Sales of every type of annuity contract included in the new IRI report were down, year over year.
(Related: Q2 Annuity Sales Look Better: IRI)
A copy of the IRI report is available here.
LIMRA recently reported, based on insurer survey data, that it believes third-quarter individual annuity sales revenue fell about 13%, year over year.
