The new variable and indexed annuity leaders
Indexed annuities continue to be popular, and Jackson National continues to dominate VA sales.
Variable annuities are a staple of broker-dealers’ business, offering clients the opportunity to garner market exposure on a tax-deferred basis. In recent years, however, sales of indexed annuities — which credit interest to a client’s account — have climbed, particularly as advisers seek a fixed-income alternative with an optional guaranteed living benefit feature. Indexed annuities continue to boom in popularity as insurers release products intended specifically for the wirehouse and broker-dealer channels, in addition to their lineups for independent agents.
In the variable annuity space, Jackson National continues to dominate sales. Meanwhile, Allianz Life of North America keeps a tight grasp of market share in the indexed-annuities arena.
Variable annuity asset leaders ranked by net assets
| Issuer | Net assets ($M) | % change vs. 2013 | Market share | % change vs. 2013 |
|---|---|---|---|---|
| TIAA-CREF* | $442,257.7 | 5.0% | 23.2% | -1.7% |
| MetLife | $178,104.6 | 2.5% | 9.4% | -3.1% |
| Prudential Financial | $152,286.1 | 6.1% | 8.0% | 0.0% |
| Jackson National | $129,662.6 | 22.4% | 6.8% | 15.3% |
| Lincoln Financial Group | $116,398.6 | 10.7% | 6.1% | 3.4% |
| AXA Equitable | $105,248.1 | 3.7% | 5.5% | -3.5% |
| SunAmerica/VALIC | $99,234.1 | 12.2% | 5.2% | 4.0% |
| Ameriprise Financial | $74,660.3 | 4.3% | 3.9% | -2.5% |
| ING Group | $69,366.2 | 0.3% | 3.6% | -7.7% |
| AEGON/Transamerica | $64,231.2 | 16.1% | 3.4% | 9.7% |
| Nationwide | $58,621.8 | 9.7% | 3.1% | 3.3% |
| Pacific Life | $55,730.3 | 2.6% | 2.9% | -3.3% |
| Hartford | $54,257.1 | -11.7% | 2.8% | -17.6% |
| John Hancock | $48,714.6 | -5.8% | 2.6% | -10.3% |
| Allianz Life | $33,041.2 | 4.1% | 1.7% | -5.6% |
| Thrivent Financial | $25,988.9 | 15.9% | 1.4% | 16.7% |
| Fidelity Investments Life | $25,975.1 | 11.8% | 1.4% | 7.7% |
| New York Life | $25,811.8 | 12.3% | 1.4% | 7.7% |
| Ohio National | $19,736.3 | 23.9% | 1.0% | 11.1% |
| Northwestern Mutual | $16,819.9 | 10.2% | 0.9% | 12.5% |
| Massachusetts Mutual | $14,282.1 | 6.0% | 0.8% | 0.0% |
| Protective | $12,427.3 | 7.1% | 0.6% | 0.0% |
| Mutual of America | $12,366.0 | 13.9% | 0.6% | 0.0% |
| Guardian | $9,848.2 | 8.3% | 0.5% | 0.0% |
| Genworth Financial | $9,794.6 | -5.5% | 0.5% | -16.7% |
As of Sept. 30. *The bulk of TIAA-CREF’s VA assets are generated from group annuity sales of retirement plans, rather than retail sales.
Source: Morningstar, Inc.
Variable annuity sales leaders ranked by new sales
| Issuer | New sales ($M) | % change vs. 2013 | Market share | % change vs. 2013 |
|---|---|---|---|---|
| Jackson National | 5,683.4 | 9.5% | 16.4% | 10.1% |
| SunAmerica/Valic | 3,458.6 | 1.5% | 10.0% | 2.0% |
| Lincoln Financial Group | 3,349.8 | -5.7% | 9.6% | -5.9% |
| TIAA-CREF* | 3,022.9 | -6.6% | 8.7% | -6.5% |
| AEGON/Transamerica | 2,952.7 | 25.9% | 8.3% | 25.8% |
| Prudential Financial | 2,558.4 | 7.3% | 7.4% | 7.2% |
| Axa Equitable | 2,297.1 | -4.0% | 6.5% | -4.4% |
| Nationwide | 1,644.1 | 8.8% | 4.5% | 9.8% |
| MetLife | 1,574.0 | -41.6% | 4.4% | -42.1% |
| Pacific Life | 1,155.0 | 10.5% | 3.3% | 10.0% |
| Ameriprise Financial | 1,210.2 | -6.6% | 3.0% | -18.9% |
| New York Life | 913.2 | 19.1% | 2.6% | 18.2% |
| Thrivent Financial | 873.0 | 8.1% | 2.4% | 4.3% |
| Allianz Life | 568.3 | -24.4% | 1.6% | -27.3% |
| Ohio National | 564.0 | -0.1% | 1.6% | 0.0% |
| Fidelity Investments Life | 541.9 | 44.8% | 1.6% | 45.5% |
| Forethought | 438.5 | 111.6% | 1.3% | 116.7% |
| Northwestern Mutual | 423.1 | 9.9% | 1.2% | 9.1% |
| ING Group | 333.8 | -11.8% | 1.0% | -9.1% |
| Protective | 284.5 | -20.5% | 0.8% | -20.0% |
| Massachusetts Mutual | 236.5 | 15.8% | 0.7% | 16.7% |
| Jefferson National | 216.5 | 16.9% | 0.6% | 20.0% |
| Guardian | 189.2 | 4.6% | 0.5% | 0.0% |
| Minnesota Life | 155.9 | -35.6% | 0.4% | -42.9% |
| Mutual of America | 127.7 | -27.6% | 0.3% | -25.0% |
As of Sept. 30. *The bulk of TIAA-CREF’s VA assets are generated from group annuity sales of retirement plans, rather than retail sales.
Source: Morningstar, Inc.
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Indexed annuities ranked by market share
| Company | Market share | Sales % change vs. 2013 |
|---|---|---|
| Allianz Life of North America | 27.71% | 161.6% |
| Security Benefit Life Insurance Co. | 9.43% | -1.2% |
| American Equity Cos. | 8.56% | 0.4% |
| Great American Insurance Group | 6.43% | 13.9% |
| Athene USA | 5.23% | -11.7% |
| Midland National Life | 3.82% | 4.7% |
| EquiTrust | 3.49% | -18.6% |
| Symetra Financial | 3.40% | 34.1% |
| Voya Financial | 3.39% | 39.7% |
| Fidelity & Guaranty Life | 3.29% | 55.1% |
As of Sept. 30.
Source: Wink’s Sales & Market Report
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