Stock market ups and downs pushed sales of U.S. individual annuities with built-in guarantees higher in the first quarter.
Sales of all types of fixed annuities increased to $35 billion in the quarter, up 14% from the total for the first quarter of 2021, according to preliminary results from a Secure Retirement Institute issuer survey.
Sales of variable annuities 5% over that same period, to $28 billion.
Overall sales of all types of U.S. individuals annuities increased 4%, to $64 billion.
Sales of non-variable indexed annuities — which protect the holder's account value but the holder benefit from investment market gains — performed especially well.
Here's how sales of six types of annuities changed between the first quarter of 2021 and the latest quarter:
(Image: Shutterstock)
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
