Sales of U.S. individual non-variable contracts increased 45% between the second quarter of 2021 and the latest quarter, to $52 billion, according to new issuer survey data from LIMRA.
Sales of all U.S. individual annuities rose 14%, year-over-year, to $78 billion.
Todd Giesing, an assistant vice president with the LIMRA Annuity Research unit, said in a comment, included in the results announcement, that stock market volatility and higher rates make traditional fixed-rate deferred annuities especially attractive.
"Our research shows fixed-rate deferred annuity manufacturers are, on average, offering interest rates more than four times that of a bank CD," Giesing said.
Sales of multi-year guaranteed annuities and other traditional fixed-rate deferred annuities soared 76%, year-over-year.
