What You Need to Know
- RILA contract sales were more than twice as high as in the first quarter of 2020.
- Sales of traditional variable annuity climbed 37%.
- Someone forgot to tell issuers that annuities with benefits guarantees are supposed to be dead: Fixed-rate annuity sales increased, too.
Easing of the COVID-19 pandemic and rising interest rates helped push U.S. individual annuity sales toward the sky in the second quarter.
Sales climbed to $68 billion, up 39% from the total for the second quarter of 2020, according to the Secure Retirement Institute’s latest issuer survey data.
Sales of individual fixed annuities increased 27%, to $35 billion, and sales of individual variable annuities leaped 55%, to $33 billion.