Q1 indexed annuity sales down

The report also found that the Guaranteed Lifetime Withdrawal Benefit (GLWB) election marginally declined in the first quarter as additional data pointed to trends in rider elections and income commencement. The percentage of annuity purchasers that elected GLWBs continued its fall to the typical age of an annuity purchaser (60-69) while the quarter highlighted and improved its trend in the percentage of indexed annuity GLWB purchasers beginning their lifetime income under the benefit between the ages of 70-79.

In regard to indexed life sales, which the report also tracks, first quarter sales of the 46 participating carriers that represent 95.5 percent of the industry production, came in at $351.2 million. Sales were down 19.5 percent from last quarter but were 37.2 percent higher year-over-year. AEGON Companies slid into the top spot in indexed life sales, capturing 12.0 percent of the market share. Pacific Life clung to their position at No. 2 and National Western, AXA Equitable and National Life Group rounded out the top five respectively. AXA Equitable's Athena Indexed UL was the top-selling indexed life insurance product for the eighth straight quarter.