Variable annuity sales for the second half of 2021 were the highest since 2015, according to the Secure Retirement Institute’s U.S. individual annuity sales survey, which also recorded the largest sales for total annuities ($68.2 billion, a 40% increase) for any quarter other than the fourth quarter of 2008 during the Great Recession, SRI said.
Sales of variable annuities jumped 55% from last year’s second quarter, rising to $32.7 billion. Total variable annuity sales year to date rose 33% to $62.7 billion, SRI said.
Variable annuities are sometimes compared to mutual funds because they offer similar investment features. The rate of return changes with the stock, bond and money market funds that you choose as investment options.
The top 10 issuers and their respective second-quarter sales are as follows:
10. RiverSource Life Insurance Company, $3,017,196
RiverSource is a U.S.-based Investment management and life insurance firm, which is a subsidiary of Ameriprise Financial Inc. The company, based in Minneaplois, is made up of RiverSource Investments, RiverSource Annuities, and RiverSource Insurance.
9. Allianz Life of North America, $3,245,404
Allianz is a leading provider of fixed-index annuities. Allianz Life is part of Allianz SE, a global leader in the financial services industry with over 85 million customers in more than 70 countries.
8. Prudential Annuities, $3,357,622
The company is a subsidiary of Prudential Financial Inc., which is based in Newark, NJ. The company provides insurance, investment management, and other financial products and services to both retail and institutional customers throughout the U.S. and in over 40 other countries.
7. AIG Companies, $4,072,082
AIG traces its roots back to 1919. It is an American multinational finance and insurance corporation, based in New York, with operations in more than 80 countries and jurisdictions.
6. TIAA (The Teachers Insurance and Annuity Association of America), $4,079.500
The company was established in 1918 by the Carnegie Foundation for the Advancement of Teaching to provide guaranteed retirement income and life insurance to educators. It is the leading provider of financial services in the academic, research, medical, cultural and governmental fields.
5. Brighthouse Financial, Inc., $4,093,838
Based in Charlotte, N.C., Brighthouse is one of the largest providers of annuities and life insurance in the U.S., with more than two million customers and 2.5 million insurance policies and annuity contracts and life insurance policies in-force.
4. Nationwide Mutual Insurance Company, $4,208,100
Nationwide and its affiliated companies are a group of large U.S. insurance and financial services companies based in Columbus, Ohio. The company also operates regional headquarters in Scottsdale, Ariz.; Des Moines, Iowa; San Antonio, Texas; Gainesville, Fla.; Raleigh, N.C.; Sacramento, Calif.; and Westerville, Ohio.
3. Lincoln Financial, $5,892,370
Established in 1905 in Fort Wayne, Ind., the company is headquartered in Radnor, Pa. It was named after President Abraham Lincoln and operates multiple insurance and investment businesses through subsidiary companies.
2. Equitable, $6,958,474
The company is a subsidiary of AXA Equitable, which has been a provider of individual retirement, group retirement and life insurance products with more than 2.8 million clients across the U.S. since 1859. It has its headquarters in New York.
1. Jackson National Life Insurance Company, $9,439,000
Jackson first opened for business in 1961 as a small family-owned company. The company, which has its headquarters in Denver, provides annuities for retail investors and fixed income products for institutional investors. Its subsidiaries and affiliates provide specialized asset management and retail brokerage services.
