LIMRA Secure Retirement Institute’s third-quarter sales survey finds that sales of fixed indexed annuities “smashed” sales records for the second consecutive quarter.
Sales of FIAs were $18.0 billion, according to the survey, which represents 95% of the market. They came in 38% higher than a year ago and 2% higher than the second quarter.
FIA sales were $50.1 billion year to date, which is 22% higher than the first three quarters of 2017. And LIMRA SRI anticipates the trend to continue through year end, forecasting total 2018 FIA sales to be in the $70 billion range. In 2019 and 2020, however, it does anticipate slower growth.
Fixed-rate deferred annuity sales soared 51% in Q3 to $11.2 billion, with year-to-date sales at $31.3 billion, 17% higher than last year.