Sales of variable annuities outperformed sales of fixed annuities in the first quarter, according to new, preliminary insurer survey data from the Secure Retirement Institute.
Insurers reported that their sales of individual variable annuities in the United States increased 16% between the first quarter of 2019 and the latest quarter, to $26.5 billion.
Sales of a relatively new type of variable annuity, the registered index-linked annuity, or index-linked variable annuities, climbed 44%, to $5.1 billion.
- A copy of the latest Secure Retirement Institute survey summary is available here, and a copy of the underlying summary data is available here.
- An earlier article about annuity sales figures is available here.
The year-over-year growth rate for index-linked variable annuities was down from 55% in the fourth quarter of 2019.
Sales of fixed annuities, including index-linked annuities that are filed with insurance regulators as non-variable products, fell 22% between the first quarter of 2019 and the latest quarter, to $29.5 billion.
Combined sales of both variable and fixed annuities fell 8%, year-over-year, to $56 billion.