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August 20, 2018 at 05:24 PM
Sales of indexed annuities did well in the second quarter, but sales of multi-year guaranteed annuity (MYGA) contracts did even better, according to Wink Inc.’s full sales data for the quarter.
Wink’s numbers include results for individual deferred annuities sold in the United States.
Sales of indexed annuities increased 18% between the second quarter of 2017 and the latest quarter, to $17 billion, according to Wink.
Sales of MYGA contracts soared 27%, to $10 billion.
(Related: Recent Sightings of Elusive MYGA Monster Confirmed)
Total non-variable annuity sales increased 20%, to $28 billion.
An indexed annuity offers a minimum interest rate of zero, along with an extra amount of interest that depends on the performance of an investment index, such as a stock market index, or a bond market index.
An issuer of a MYGA contract promises to pay a fixed rate of interest for more than one year.
In the second quarter of 2017, the top-selling MYGA contract was Forethought Life’s SecureFore 3 Fixed Annuity. In the latest quarter, the top-selling MYGA contract was Forethought’s Secure 5 Fixed Annuity.
