Fixed annuity sales skyrocket in quarter

Fixed annuity sales in the United States hit $27.1 billion in the third quarter, up by 54% from the third quarter of 2007, according to data from Beacon Research of Evanston, Ill.
DEC 01, 2008
By  Bloomberg
Fixed annuity sales in the United States hit $27.1 billion in the third quarter, up by 54% from the third quarter of 2007, according to data from Beacon Research of Evanston, Ill. Sales from the third quarter mark a six-year record since the company began tracking annuity sales. Year-to-date, total market sales were an estimated $70.6 billion, 50% over the same period in 2007. Book value annuities, which pay out a declared rate of interest for a specific period, sold the most during the third quarter, hitting $13.5 billion, while indexed annuities followed with $6.9 billion. Sales of market value adjusted annuities were $4.2 billion and $2.4 billion in immediate annuities were sold during the period. New York Life Insurance Co. led the pack with some $2.5 billion in total fixed annuity sales, followed by Aviva USA in Des Moines, Iowa, which sold $2.08 billion. Aegon of The Hague, Netherlands/Transamerica Cos. of Cedar Rapids, Iowa, came in third with $1.76 billion in total fixed annuity sales. The three most popular fixed annuities were the New York Life Fixed Annuity, a book value product; Aviva-American Investors Life Insurance Co.’s Income Select Bonus, an indexed annuity; and Aegon/Transamerica’s Transamerica Capital Builder 2007, a book value annuity.

Latest News

Northern Trust names new West Region president for wealth
Northern Trust names new West Region president for wealth

The new regional leader brings nearly 25 years of experience as the firm seeks to tap a complex and evolving market.

Capital Group extends retirement plan services further with a focus on advisors
Capital Group extends retirement plan services further with a focus on advisors

The latest updates to its recordkeeping platform, including a solution originally developed for one large 20,000-advisor client, take aim at the small to medium-sized business space.

Why RIAs are the next growth frontier for annuities
Why RIAs are the next growth frontier for annuities

David Lau, founder and CEO of DPL Financial Partners, explains how the RIA boom and product innovation has fueled a slow-burn growth story in annuities.

Supreme Court slaps down challenge to IRS summons for Coinbase user data
Supreme Court slaps down challenge to IRS summons for Coinbase user data

Crypto investor argues the federal agency's probe, upheld by a federal appeals court, would "strip millions of Americans of meaningful privacy protections."

Houston-based RIA Americana Partners adds $1B+ with former Morgan Stanley director
Houston-based RIA Americana Partners adds $1B+ with former Morgan Stanley director

Meanwhile in Chicago, the wirehouse also lost another $454 million team as a group of defectors moved to Wells Fargo.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.