08.29.23
Annuity Sales Up 27% Through Six Months, LIMRA Reports
Led by sales of fixed-indexed and income annuities, overall annuity sales hit $181.1 billion in the first half of 2023, increasing 27% and setting a new record, LIMRA reported. Although second quarter sales did not match the record high set in the first quarter, annuity sales increased 10% from prior-year results to $87.1 billion. "Economic conditions—particularly equity market performance and interest rates—have shifted but continue to be favorable for the annuity market," said Todd Giesing, assistant vice president, LIMRA Annuity Research. Fixed-indexed annuity sales led the way, with sales up 34% through six months. Registered indexed-linked annuities also continued to sell strongly. Single-premium income annuity sales of $6.8 billion nearly doubled first-half 2022 sales. Traditional variable annuity sales rose for the second consecutive quarter, but remain down significantly from a decade ago.
Read the full article on Insurance News Net