Here's how the top indexed, variable annuity sellers did last year

Allianz Life Insurance Co. of North America shed the most money on the indexed side, and Prudential Annuities on the variable end, both losing more than $2 billion in sales year-over-year

Mar 22, 2018 @ 1:44 pm

By Greg Iacurci

Indexed annuities' decade-long joy ride came to an end last year. The products saw their first year-over-year sales decline since 2007, dipping 5.4% to $57.6 billion, according to the LIMRA Secure Retirement Institute.

Eleven of the top 15 insurance companies offering indexed annuities lost ground compared with 2016 sales. Allianz Life Insurance Co. of North America — the largest seller — lost the most in dollar terms, shedding $2.7 billion in sales year-over-year. American Equity Investment Life Holding Co. lost the most in percentage terms, at roughly 30%.

Top 15 indexed annuity sellers, 2016-17
Note: In billions of dollars. *Brighthouse Financial spun off from MetLife in August 2017.
Source: LIMRA Secure Retirement Institute

The top variable-annuity manufacturers fared a little better, with seven of the top 15 seeing sales declines on the year. Prudential Annuities lost the most in dollar terms, at $2.2 billion, while Transamerica Life Insurance Co. fared the worst in percentage terms, at roughly 28%.

(More: DOL fiduciary rule: 5th Circuit decision could be big win for indexed annuities)

Indexed annuities, as well as variable annuities, which had their lowest annual sales since the late '90s, hit a speed bump in the form of the Department of Labor fiduciary rule, which raised sales standards for the products in retirement accounts. It went into effect in June.

Top 15 variable annuity sellers, 2016-17
Note: In billions of dollars. *Brighthouse Financial spun off from MetLife in August 2017.
Source: LIMRA Secure Retirement Institute

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Why a #MeToo story about the financial advice industry was important to do

Reporter Greg Iacurci and editorial director Fred Gabriel discuss the survey behind our cover story on sexual harassment in the workplace.

Video Spotlight

We started as a boutique firm with huge ambitions. Schwab was a perfect fit.

Sponsored by Schwab Advisor Services

Recommended Video

Keys to a successful deal

Latest news & opinion

10 millennials making their mark in Washington — and beyond

These next-generation leaders are raising their voices and gaining influence over financial advice regulation and legislation.

Warburg Pincus among private equity managers interested in acquiring Kestra Financial

Sources say Kestra is being valued at between $600 million and $800 million, about eight to 10 times EBITDA.

10 highest paid professions in America today

These are the top-paying jobs in the U.S., according to Glassdoor.

Former Merrill Lynch star broker Thomas Buck sentenced to 40 months in prison

He pleaded guilty to securities fraud in 2017; charged clients excessive commissions.

Rules for claiming Social Security at 70

Some individuals' benefits will begin automatically; others have to take action.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print