Giesling said SPIAs are traditionally strongly linked to interest rates, but another dynamic has come into play. “Over the past year, a growing portion of the assets invested in SPIAs are qualified assets," he said. "This is likely due to the rise in the number of individuals who are reaching the age for taking required minimum distributions, and choosing to convert a portion of their qualified assets into guaranteed income."

Deferred-income annuity sales grew 26% in the second quarter to $727 million. In the first six months of the year, DIA sales totaled $1.4 billion, 25% higher than a year ago, Limra said.


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