Third quarter 2011 income and indexed annuity sales topped the year-ago quarter according to new estimates.
Beacon Research, Evanston, Ill., published this finding in a summary of results from its third quarter Fixed Annuity Premium Study. The quarterly report tracks and analyzes product-level fixed annuity sales on an ongoing basis.
Income annuities advanced 5% to $2.2 billion from $2.1 billion in third quarter of 2010, Beacon reports. Indexed annuities inched up 0.4% to $9 billion.
However, both fixed rate market value-adjusted and non-market value-adjusted annuities sales suffered declining sales in the third quarter.
Fixed rate MVA sales dipped to $1.3 billion from $1.9 billion, while fixed rate non-MVA sales declined to $6.5 billion from $7.5 billion.
For the year, income annuity sales totaled $6.3 billion, up from $6.1 billion in 2010. Indexed annuity sales, however, dipped to $24.6 billion from $24.7 billion in 2010.
All fixed annuity sales—income, indexed, fixed rate MVA and fixed rate non-MVA—totaled $58.3 billion for the year to date as compared to $58.8 billion for the first three quarters of 2010, Beacon reports, a 1% decline. Total fixed annuity sales also declined in third quarter to $19 billion from the $20.4 billion recorded in the second quarter.
Each of the third quarter's top five companies changed position from the prior quarter, Beacon reports.
Allianz regained sales leadership with $1.6 billion in fixed annuity sales, moving Western National (with $1.4 billion in sales) to second place, Beacon says. Both American Equity ($1.267 billion) and Aviva ($1.259 billion) moved up a notch to third and fourth places, respectively. New York Life took fifth place at $922 million.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.