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The Top 2021 Annuity Issuer Preview

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What You Need to Know

  • The early rankings do not include TIAA.
  • The preliminary list implies that the biggest players might have accounted for a higher percentage of total sales.
  • Northwestern Mutual is the early 2021 life premium leader.

Early, incomplete figures from the National Association of Insurance Commissioners suggest that Jackson Financial was probably the U.S. annuity considerations leader in 2021.

The Kansas City, Missouri-based group for state insurance regulators has posted a preliminary version of its latest Life/Fraternal Market Share report.

The NAIC bases the market share rankings on the financial statements that insurers must file with their regulators, rather than on voluntary issuer surveys. Regulators use  the data to assess market concentration.

The new rankings include data for about 68% of the life, annuity and health issuers that are expected to file financial statements for 2021.

The early report does not yet include data from TIAA, which ranked second in terms of overall individual and group annuity considerations in 2020.

Here’s a look at the list of the top five 2021 issuers, as it looks now:

  1. Jackson: $19.6 billion
  2. Lincoln National: $16.8 billion
  3. AIG: $15.3 billion
  4. Allianz: $13.9 billion
  5. Voya: $12.4 billion

There are signs that the annuity market might have been more highly concentrated in 2021 than in 2020.

In 2020, all of the top 25 issuers reported having more than $3.5 billion in annuity considerations.

In 2021, only 18 of the issuers now listed reported exceeding the $3.5 billion annuity considerations threshold.

Life Premiums

The NAIC also posted life premiums rankings.

Northwestern Mutual ranked first, with $14.3 billion in 2021 premium revenue, up from $11.3 billion in 2020.

New York Life ranked second, but its life premium revenue increased to $13.3 billion, from $11.7 billion.

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(Image: tadamichi/Adobe Stock)