02.19.20
Annuity Sales Hit 11-Year High in 2019: LIMRA
Annuity sales of $241.7 billion in 2019 represented the best sales in 11 years as the industry continued to rebound from regulation and other pressures. Sales increased 3 percent over 2018 results, according to the Secure Retirement Institute Fourth Quarter U.S. Annuity Sales Survey. While overall sales were the best since 2008, fourth-quarter annuity sales dipped to $57.6 billion, down 8 percent compared with fourth quarter 2018. “Fixed annuity sales have driven the overall growth for the annuity market over the past four years,” said Todd Giesing, director, annuity research, SRI (formerly LIMRA SRI). “Falling interest rates in the third quarter dampened fixed product sales in the second half of the year. As a result, most fixed products experienced declines in the fourth quarter, pulling down total annuity sales results for the quarter.” For the third consecutive quarter, variable annuity (VA) sales recorded growth. VA sales were $26.8 billion in the fourth quarter, up 8 percent, compared to prior year. VA sales were $101.9 billion for the year, an increase of 2 percent from 2018.
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