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February 05, 2018 at 05:25 AM
Executives at Lincoln Financial say efforts to improve annuity products and annuity distribution helped lead to strong annuity sales gains in the fourth quarter.
Sales increased 57% for fixed annuities, and 54% for variable annuities. Sales of variable annuities with living benefits guarantees increased 62%.
Dennis Glass, the president of the Radnor, Pennsylvania-based company, said last week, during a conference call with securities analysts, that annuity sales for all of 2017 were up for the first time since 2013.
“We’ll be adding even more products and distribution in 2018,” Glass said.
(Related: Lincoln Financial Agrees to Acquire Liberty Mutual Life Unit)
The new annuity product and distribution efforts should lead to meaningful increases in annuity sales this year, Glass said.
Lincoln as a whole is prettying $816 million in net income for the fourth quarter on $3.7 billion in revenue, up from $190 million in net income on $3.3 billion in revenue for the fourth quarter of 2016.
