U.S. sales of individual deferred annuities started to firm up in the third quarter, according to new issuer survey data from Wink.
The survey participants reported a total of $54 billion in deferred annuity sales.
Sales were 1.1% lower than in the third quarter of 2019, but sales were up 18% when compared with the second quarter of this year.
Sales of multi-year-guaranteed annuity (MYGA) contracts have been especially strong: MYGA sales were 33% higher than in the second quarter, and 70% higher than in the third quarter of 2019.
A MYGA contract offers a guaranteed crediting rate for a specified number of years.
- A copy of Wink’s latest survey summary is available here.
- An article about the Wink numbers for the previous quarter is available here.
Year-over-year annuity sales comparisons usually get more attention than sequential comparisons, because of the effects of factors such as the April 15 individual income tax filing deadline on the annuity sales calendar.
This year, sequential comparisons are getting more attention, because of interest in the effects of the COVID-19 pandemic and pandemic-related social distancing efforts on annuity sales.