Q1 Indexed Annuity Sales Looked Great: IRI
Variable annuity sales fell, but the variable annuity asset total rose.
Analysts at the Insured Retirement Institute (IRI) are seeing what their colleagues at LIMRA and Wink Inc. are seeing: Indexed annuities are selling like chocolate chip hotcakes.
U.S. indexed annuity sales increased to $15.4 billion in the first quarter, up 12% from the total for the first quarter of 2017, according to Beacon Research insurer survey data distributed by IRI.
In the past weeks, in summaries of different insurer surveys, LIMRA has reported seeing an 11% year-over-year increase in indexed annuity sales. Wink has reported a 10% increase.
(Related: Indexed Annuity Sales Jump: LIMRA)
Variable annuity sales fell 1.7%, to $22.9 billion, but the booming stock market helped push total variable annuity assets up 0.6%, to over $1.9 trillion, according to Morningstar data distributed by IRI.
A copy of the full IRI report is available here.
— Read also, on ThinkAdvisor:
- U.S. Pension and Annuity Income Drops Again
- Something Unusual Happened to Q4 Annuity Sales: IRI
- Should Young Retirement Investors Really Go All-In on Risk?
— Connect with ThinkAdvisor Life/Health on Facebook and Twitter.