4 Insurers Each Sold More Than $5B in Non-Variable Annuities in Q2: LIMRA

By Allison Bell

News August 23, 2022 at 03:20 PM

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A new LIMRA report shows which life insurers were willing to assume more investment risk as the stock market was churning.

Four life insurers — New York Life, MassMutual, AIG and Athene — each reported more than $5 billion in U.S. individual non-variable annuity sales for the second quarter, according to LIMRA sales survey data for the second quarter

In the second quarter of 2021, just two insurers, AIG and New York Life, sold more than $5 billion in non-variable annuities.

Non-variable annuity sales increased to $8.7 billion, from $5.6 billion, at New York Life; to $7.9 billion, from $2.9 billion, at MassMutual; and to $6.7 billion, from $5.6 billion at AIG.

But the number of issuers that sold more than $1 billion in non-variable annuities in the second quarter fell to 16, from 17 in the year-earlier quarter.

Overall individual non-variable annuity sales increased to $87 billion, from $66 billion.

What It Means

Extreme market volatility could eventually reduce your clients' ability to buy annuities with principal guarantees. But, in the second quarter, big issuers were still willing to protect clients against investment market risk.

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