Non-variable annuity sales jump 46 percent in third quarter
Non-variable annuity sales chalked up a 46 percent year-over-year increase in the third quarter, according to preliminary data from Wink’s Sales & Market Report. The sales report includes data for the non-variable annuity categories of indexed annuity, traditional fixed annuity, and multiyear guaranteed (MYGA) product lines. Cumulatively, non-variable annuity sales were up 4.7 percent from the second quarter. Compared with the year-ago quarter, third quarter 2018 sales of indexed annuities increased by more than 38 percent. Traditional fixed annuity sales rose by 28.7 percent year-over-year, while MYGA sales were up 63.4 percent from the same period a year ago. The preliminary data is based on 94 percent participation in the quarterly survey, which represents 97 percent of total sales. Sheryl Moore, the report’s author, attributed the sales gains to recent increases in annuity rates, coupled with incentives being offered by annuity companies.