How 6 Annuity Issuers Are Doing Now

The company completed the acquisition of a large annuity business from Voya Inc. in the second quarter.

The company says expansion in the financial institutions channel and launches of new products helped it increase deposits from new retail annuity sales to $2.2 billion in the third quarter, from $1.3 billion in the year-earlier quarter.

Brighthouse Financial Inc.

The Charlotte, North Carolina-based company is reporting a $269 million net loss for the third quarter on $1.4 billion in revenue, compared with a $943 million net loss on $2 billion in revenue for the third quarter of 2017.

The annuity unit is reporting $401 million in adjusted earnings for the quarter on $1.2 billion in adjusted revenue, up from $355 million in adjusted earnings on $1.1 billion in revenue for the year-earlier quarter.

Here's how sales of some products did:

• Shield Annuity Contracts: Increased to $867 million, from $653 million,.
• All Variable and Indexed Annuities: Increased to $1.2 billion, from $960 million.
• Fixed Annuities: Increased to $350 million, from $114 million.
• Single-Premium Immediate Annuities (SPIAs): Increased to $16 million, from $7 million.

FBL Financial Group Inc.

The West Des Moines, Iowa-based company is reporting $31 million in net income for the third quarter on $188 million in revenue, up from $26 million in net income on $182 million in revenue for the third quarter of 2017.

Annuity commission expense, net of deferrals, fell to $374,000, from $537,000.

Life commission expense, net of deferrals, fell to $4.2 million, from $4.5 million.

FBL says a reviews of its assumptions led to a $300,000 charge.

Here's what happened to first-year collected premiums from some of the products FBL sells:

• Fixed Annuities: Fell to $26 million, from $28 million.
• Indexed Annuities: Fell to $56 million, from $58 million.
• Universal Life: Fell to $7.1 million, from $7.3 million.
• Participating Whole Life: Increased to $3.2 million, from $2.4 million.
• Term Life: Held steady at  $2.5 million.

Lincoln National Corp.

The Radnor, Pennsylvania-based company is reporting $490 million in net income for the third quarter on $4.3 billion in revenue, compared with $418 million in net income on $3.5 billion in revenue for the third quarter of 2017.

The annuity operation is reporting $302 million in after-tax operating earnings on $1.1 billion in operating revenue, up from $277 million in earnings on $1.1 billion in operating revenue for the year-earlier quarter.

Annuity commissions incurred increased to $278 million, from $216 million.

Life earnings increased to $176 million on $1.8 billion in operating revenue, from $121 million on $1.6 billion in operating revenue.

Life insurance commissions incurred fell to $173 million, from $176 million.

Here's what happened to sales of some of the products Lincoln offers:

• Variable Annuities With Guaranteed Living Benefits: Increased to $1.4 billion, from $959 million.
• Variable Annuities Without Guaranteed Living Benefits: Increased to $774 million, from $573 million.
• Fixed Annuities: Increased to $890 million, from $384 million.
• MoneyGuard: Fell to $53 million, from $65 million.
• Variable Universal Life: Increased to $62 million, from $45 million.
• Retirement Plan Services: Increased to $2 billion, from $672 million.
• Group Life: Increased to $69 million, from $33 million.
• Group Disability: Increased to $73 million, from $35 million.
• Group Dental: Fell to $16 million, from $26 million.

The percentage of group business that was employee-paid fell to 40%, from 44.7%.

— Read Ameriprise Increases Variable Annuity Sales 3%, on ThinkAdvisor.

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