Fixed annuity sales in the United States hit $27.1 billion in the third quarter, up by 54% from the third quarter of 2007, according to data from Beacon Research of Evanston, Ill.
Fixed annuity sales in the United States hit $27.1 billion in the third quarter, up by 54% from the third quarter of 2007, according to data from Beacon Research of Evanston, Ill.
Sales from the third quarter mark a six-year record since the company began tracking annuity sales.
Year-to-date, total market sales were an estimated $70.6 billion, 50% over the same period in 2007.
Book value annuities, which pay out a declared rate of interest for a specific period, sold the most during the third quarter, hitting $13.5 billion, while indexed annuities followed with $6.9 billion.
Sales of market value adjusted annuities were $4.2 billion and $2.4 billion in immediate annuities were sold during the period.
New York Life Insurance Co. led the pack with some $2.5 billion in total fixed annuity sales, followed by Aviva USA in Des Moines, Iowa, which sold $2.08 billion.
Aegon of The Hague, Netherlands/Transamerica Cos. of Cedar Rapids, Iowa, came in third with $1.76 billion in total fixed annuity sales.
The three most popular fixed annuities were the New York Life Fixed Annuity, a book value product; Aviva-American Investors Life Insurance Co.’s Income Select Bonus, an indexed annuity; and Aegon/Transamerica’s Transamerica Capital Builder 2007, a book value annuity.
