For the first time since 2013, insurers reported lower year-over-year annuity revenues in 2016.
According to the Kansas City-based National Association of Insurance Commissioners, the top 25 U.S. insurers reported $253 billion in direct annuity premium revenue in 2016. That's a decline of 4.1 percent versus 2015, when the same cohort of insurers reported approximately $264 billion in annuity premiums.
According to the NAIC, these are top 10 annuity carriers, by market share:
- Metropolitan Group, 7.9 percent market share, $12.6 billion in direct premiums
- Northwestern Mutual Group, 6.3 percent market share, $10.1 billion in direct premiums
- New York Life Group, 5.5 percent market share, $8.8 billion in direct premiums
- Prudential of America Group, 5.4 percent market share, $8.6 billion in direct premiums
- Lincoln National Group, 4.3 percent market share, $6.9 billion in direct premiums
- Mass Mutual Life Insurance Group, 4.2 percent market share, $6.7 billion in direct premiums
- Aegon U.S. Holding Group, 2.9 percent market share, $4.7 billion in direct premiums
- John Hancock Group, 2.9 percent market share, $4.6 billion in direct holdings
- State Farm Group, 2.5 percent market share, $4.4 billion in direct holdings
- Minnesota Mutual Group, 2.4 percent market share, $3.9 billion in direct holdings
The NAIC analysis was based on filings received by March 13, 2017.