Second-quarter fixed-annuity sales rose 10% to $27.8 billion, Beacon Research reports

Overall sales of fixed annuities hit $27.8 billion during the second quarter, up 10% from a year earlier but down 20% from the first quarter this year, according to data from Beacon Research Publications Inc.
AUG 31, 2009
Overall sales of fixed annuities hit $27.8 billion during the second quarter, up 10% from a year earlier but down 20% from the first quarter this year, according to data from Beacon Research Publications Inc. Book-value fixed annuities, which pay a declared rate of interest over a period of time, dominated total sales during the second quarter with an estimated $14 billion in sales, according to the Evanston, Ill., research firm. That was up from $12 billion in the second quarter of 2008. Index annuity sales hit $8.2 billion, up from $6.9 billion a year earlier. Market-value-adjusted fixed annuities, which adjust the value of surrenders or withdrawals according to interest rate fluctuations, fell to $3.5 billion, down slightly from $3.6 billion a year earlier. Finally, fixed-income annuities brought in $2.2 billion in sales, up 10% from a year earlier. New York Life Insurance Co. led its peers as the company with the most in total fixed-annuity sales, jumping from second place in the first quarter. The carrier sold $2.85 billion in fixed annuities. Aviva USA Corp. of Des Moines, Iowa, climbed to second place, from third, with $1.67 billion in fixed-annuity sales, while Minneapolis-based Allianz Life Insurance Company of North America rounded out the top three with $1.55 billion in total fixed-annuity sales. The first quarter’s sales leader MetLife Inc. of New York dropped to seventh place with just $950 million in fixed-annuity sales during the second quarter. New York Life also had the top-selling product, with its NYL Preferred Fixed Annuity, a book-value product. Allianz Life came in second with its index annuity, the MasterDex X, while New York Life was third with the NYL Fixed Annuity, another book-value product.

Latest News

The hidden currency risk in global investing: what advisors need to know
The hidden currency risk in global investing: what advisors need to know

For those seeking international exposure amid economic uncertainty, understanding the impact of the US dollar's strength over other currencies is more important than ever.

CFP Board warns of tax "tipping point" as TCJA expiration puts financial plans at risk
CFP Board warns of tax "tipping point" as TCJA expiration puts financial plans at risk

With nearly nine in 10 seeing danger to clients' retirement income and legacy plans, among others, CFP professionals are urging strategic planning pivots and tax perks for advice-seekers.

Fed Day focus fades as Trump keeps stock markets watching
Fed Day focus fades as Trump keeps stock markets watching

As policymakers convene for their latest two-day meeting, investors are shifting their attention from elevated interest rates to growth concerns and tariff worries.

IRS eases off on some audits with retrenchments giving way to AI
IRS eases off on some audits with retrenchments giving way to AI

While he hasn't laid out a clear plan, Treasury Secretary Scott Bessent has gone on record touting "the great AI revolution" in improving the agency's tax collections and customer service.

More than three-quarters of advisors to embrace fee models by 2026, Cerulli says
More than three-quarters of advisors to embrace fee models by 2026, Cerulli says

Momentum continues for fee-based compensation as BD advisors ditch commissions and alternative compensation schemes emerge to lure diverse clientele.

SPONSORED Beyond the all-in-one: Why specialization is key in wealth tech

In an industry of broad solutions, firms like intelliflo prove 'you just need tools that play well together'

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies