Indexed annuity sales are on track to reach $60 billion for 2016, despite an 8 percent decrease in sales to $14.3 billion in the third quarter, according to data from Wink Inc.'s sales and marketing report.
Sales in the category were up 3 percent compared with last year, however.
The report includes third-quarter results from 50 fixed annuity providers and 56 multi-year guaranteed annuity companies.
Allianz Life topped Wink's list of indexed annuity carriers, with market share of 17.1 percent. Athene USA, American Equity Cos., American International Group and Great American Insurance Group rounded out the top five.
"Indexed annuity sales are on record pace for 2016," said Sheryl J. Moore, president and CEO of Wink and Moore Market Intelligence, in a release. "I project sales to hit $60 billion for the year."
Third-quarter non-variable deferred annuity sales totaled $22.8 billion, down 12 percent from the second quarter, but up a half percent from the same period last year.
Allianz Life also ranked at the top of Wink's list of carriers for non-deferred annuity sales with market share of 10.7 percent. Athene USA, American Equity, AIG and Security Benefit Life rounded out the top five.
Allianz Life's Allianz 222 Annuity indexed annuity was the best-selling product in both the indexed annuity and non-variable deferred annuity for overall sales during the quarter.
Sales of traditional fixed annuities were $1.2 billion, down nearly 24 percent when compared to the previous quarter, and down nearly 59 percent when compared with the same period last year.
