Indexed annuity sales increased 8.3% and income annuities were up 6.1% in the second quarter, according to Beacon Research. It was the second-best quarter ever for those product types, Beacon said in a press release. Total fixed annuity sales were also up, but with a more muted 1% gain in the quarter. And they declined 17.2% from the year-ago period.
"Both indexed annuities with GLWBs and lifetime payout immediate/deferred income annuities provide much-needed guaranteed retirement income," said Jeremy Alexander, CEO of Beacon Research, in a press release. "Indexed and income annuities should continue to do well," he continued. "But much will depend on the interest rate environment and the collective decisions by carriers to expand or pull back on sales."
In total fixed annuity sales, Allianz Life remained the leading company at $1.44 billion. New York life was second with $1.23 billion in sales. Rounding out the top five were Aviva USA ($1.13 billion); American Equity ($917.3 billion); and Great American ($876.6 billion)