May 18, 2011
Forty indexed annuity carriers participated in the 55th edition of AnnuitySpecs.com’s Indexed Sales & Market Report, representing over 99% of indexed annuity production. Total first quarter sales were $7.1 billion, up nearly 5% from the same period last year. As compared to the previous quarter, sales were down nearly 15%. “I am very pleased to see that indexed annuity sales continue to increase in this low-interest rate environment,” said Sheryl J. Moore, President and CEO of AnnuitySpecs.com. “The fact that sales are down as compared to last quarter is insignificant when you consider that the fourth quarter of every year always experiences a huge increase in sales.”
Worth noting this quarter was the fact that Allianz Life maintained their position as the #1 carrier in the market with a 21% market share. American Equity kept their position as second-ranked company in the market, while Aviva, North American Company and ING rounded-out the top five, respectively. Allianz Life’s MasterDex X was the #1 selling indexed annuity for the eighth consecutive quarter.
For indexed life sales, 39 insurance carriers in the market participated in the AnnuitySpecs.com’s Indexed Sales & Market Report, representing over 99% of production. First quarter sales were $203.0 million, an increase of nearly 42% over the same period in 2010. As compared to the previous quarter, sales were down over 8%. Moore remarked, “I am not surprised in the least that indexed life continues to experience double-digit sales growth.” She went on to comment, “I have never seen a better environment for companies to be developing indexed insurance products because of this convergence in buyer mentality and low interest rates.”
Items of interest in the indexed life market this quarter include Pacific Life maintaining their #1 position in the market with a 14% market share. Aviva maintained their position as second-ranked company in the market, while Minnesota Life, National Life Group, and AXA Equitable rounded-out the top five, respectively. Minnesota Life’s Eclipse Indexed Life took the position as the top-selling indexed life product for the first time.
For more information go to www.IndexedAnnuityNerd.com.
The staff at AnnuitySpecs.com and LifeSpecs.com have over a decade of experience working with indexed insurance products. They provide services in speaking, research, training, product development, and marketing of indexed life and indexed annuities. Their knowledge in product filing research and policy forms analysis gives them the expertise to provide competitive intelligence that allows carriers to stay ahead of their competition.
Sheryl J. Moore is president and CEO of this specialized third-party market research firm and the guiding force behind the industry’s most comprehensive indexed life and indexed annuity due diligence tools, AnnuitySpecs.com and LifeSpecs.com. Ms. Moore previously worked as market research analyst for top carriers in the indexed life and annuity industries. Her views on the direction on the indexed market are frequently heard in seminars and quoted by industry trade journals. She is the author of the quarterly AnnuitySpecs.com’s Indexed Sales & Market Report.