The National Association of Insurance Commissioners have released their ranking of the top 25 annuities providers by market share of direct premiums written for 2016, and the numbers were down across the industry.
Direct premiums written by the top 25 providers totaled $253.3 billion, down from $264.1 billion in 2015. The top 10 annuities providers accounted for 54.42 percent of 2016 direct premiums written.
There was a shakeup among the top four annuities carriers with TIAA jumping from the sixth spot in 2015 to the third position in this year's ranking. TIAA switched places with Lincoln National, which dropped back to sixth. The top four carriers had a market share of 25.31 percent, down from a market share of 28.75 percent among the top four during 2015.
Jackson National Group led the ranking again in 2016 with $18.7 billion in direct premiums written, representing a market share of 7.40 percent. The company topped the 2015 list as well, though its market share dropped from 9.40 percent in last year's ranking.
Continue reading to find out which companies increased their market share, which fell in the rankings in 2016.
No. 10: AXA Insurance Group
2015 Ranking: 10
Direct Premiums Written, 2016: $10.7 billion
Direct Premiums Written, 2015: $10.1 billion
2016 Market Share: 4.24 percent
2015 Market Share: 3.83 percent
2016 Cumulative Market Share: 54.49 percent
No. 9: New York Life Group
2015 Ranking: 7
Direct Premiums Written, 2016: $12.2 billion
Direct Premiums Written, 2015: $11.3 billion
2016 Market Share: 4.83 percent
2015 Market Share: 4.28 percent
2016 Cumulative Market Share: 50.26 percent
No. 8: Allianz Insurance Group
2015 Ranking: 9
Direct Premiums Written, 2016: $12.2 billion
Direct Premiums Written, 2015: $10.8 billion
2015 Market Share: 4.84 percent
2015 Market Share: 4.08 percent
2016 Cumulative Market Share: 50.26 percent
No. 7: Sammons Enterprises Group
2015 Ranking: 11
Direct Premiums Written, 2016: $12.3 billion
Direct Premiums Written, 2015: $8.6 billion
2016 Market Share: 4.88 percent
2015 Market Share: 3.27 percent
2016 Cumulative Market Share: 40.59 percent
No. 6: Lincoln National Group
2015 Ranking: 3
Direct Premiums Written, 2016: $12.5 billion
Direct Premiums Written, 2015: $15.9 billion
2016 Market Share: 4.95 percent
2015 Market Share: 6.04 percent
2016 Cumulative Market Share: 35.71 percent
No. 5: Voya Financial Group (formerly ING America Insurance Holdings)
No. 4: Prudential of America Group
No. 3: TIAA Family Group
No. 2: American International Group
No. 1: Jackson National Group
