Total annuity sales fell 6% in the first quarter of 2013, troubled by lackluster variable and fixed annuity sales, insurance research consultant LIMRA reported May 22 in its latest listing of the top 20 companies for U.S. individual annuities sales.
LIMRA's first-quarter 2013 U.S. individual annuities sales survey, which represents data from 94% of the market, reported total sales of $51.7 billion for the quarter. The top 20 companies' share came to 79% of the overall market.
Variable annuity sales were down 4% in Q1 to $35.5 billion, the sixth consecutive quarter of declines on a year-over-year basis, according to LIMRA. This was 1% higher than in the fourth quarter of 2012. VA guaranteed living benefit election rates were steady at 84% in the first quarter.
"VA sales continue to struggle despite sustained equity market gains," said Joseph Montminy, assistant vice president and director of LIMRA annuity research, in a statement. "In addition, all significant fixed annuity product types declined in the first quarter of 2013. In many ways, the current market is more challenging to many annuity manufacturers than the recent financial crisis."
Total fixed annuity sales slipped to $16.2 billion in the first quarter, falling 11% compared with the prior year, for an eighth consecutive quarter of declines.
For LIMRA's list of the top 20 companies for U.S. individual annuities sales, ranked from last to first according to total sales, read the pages that follow.
Read Top 20 Companies for Annuity Sales in 2012 at AdvisorOne.
LIMRA's Top 20 listing of first-quarter 2013 U.S. individual annuities sales
20. Great American
Total sales: $609 million
Variable sales: Not listed
Fixed sales: Not listed
19. Massachusetts Mutual Life
Total sales: $626 million
Variable sales: Not listed
Fixed sales: $431 million
18. Fidelity Investments Life
Total sales: $629 million
Variable sales: $629 million
Fixed sales: Not listed
17. Protective Life
Total sales: $695 million
Variable sales: $580 million
Fixed sales: Not listed
16. Thrivent Financial for Lutherans
Total sales: $816 million
Variable sales: $753 million
Fixed sales: Not listed
15. American Equity Investment Life
Total sales: $930 million
Variable sales: Not listed
Fixed sales: $930 million
14. Security Benefit Life
Total sales: $1.170 billion
Variable sales: Not listed
Fixed sales: $1.106 billion
13. RiverSource Life Insurance
Total sales: $1.287 billion
Variable sales: $1.236 billion
Fixed sales: Not listed
12. Nationwide Financial
Total sales: $1.397 billion
Variable sales: $1.32 billion
Fixed sales: $266 million
11. Transamerica
10. Pacific Life
5. AIG Companies
