This year, variable annuities recorded their best quarterly sales in three years, with $26.5 million. That was 6% higher than third quarter 2018, according to the Secure Retirement Institute (formerly LIMRA SRI).
Year-to-date VA sales were $75.1 billion, level with results from the same period in 2018.
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
Here are the top 10 sales and issuers in the third quarter year-to-date:
1. Jackson National Life Insurance Company, $11,009,684
Jackson first opened for business in 1961 as a small family-owned company. Based in Lansing, Mich., it has evolved over the years into a successful multi-billion dollar organization.
2. AXA US, based in New York, $8,538,726
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.
3. TIAA (The Teachers Insurance and Annuity Association of America), $7,459.000
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.
4. Lincoln Financial, $6,952,286
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.
5. Prudential Annuities, $6,670,029
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 United States and in over 40 other countries.
6. AIG Companies, $4,441,422
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.
7. Brighthouse Financial, Inc., $4,207,288
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 2.6 million insurance policies and annuity contracts and life insurance policies in-force.
8. Nationwide Mutual Insurance Company, $3,522,200
Nationwide and its affiliated companies is 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.
9. RiverSource Life Insurance Company, $2,979,954
A subsidiary of RiverSource Life, the company is collectively known as RiverSource. Based in New York, the company has been serving clients for more tha 120 years.
10. Allianz Life of North America, $2,870,058
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 142,000 employees in more than 70 countries.
