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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 the second quarter of last year to $ 32.7 billion. Total year-to-date variable annuity sales increased 33% to $ 62.7 billion, SRI said.
Variable annuities are sometimes compared to mutual funds because they offer similar investment characteristics. The rate of return changes with the equity, bond and money market funds you choose as your investment options.
The top 10 issuers and their respective second quarter sales are:
10. RiverSource Life Insurance Company, $ 3,017,196
RiverSource is a United States-based investment management and life insurance company, which is a subsidiary of Ameriprise Financial Inc. The company, based in Minneaplois, is comprised 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 more than 85 million customers in more than 70 countries.
8. Prudential annuities, $ 3,357,622
The company is a subsidiary of Prudential Financial Inc., based in Newark, New Jersey. The company provides insurance, investment management and other financial products and services to retail and institutional clients in the United States and more than 40 other countries.
7. AIG companies, $ 4,072,082
AIG dates back to 1919. It is an American multinational finance and insurance company, 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 Education 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 government fields.
5. Brighthouse Financial, Inc., $ 4,093,838
Based in Charlotte, North Carolina, Brighthouse is one of the largest providers of annuities and life insurance in the United States, with more than two million customers and 2.5 million insurance policies and annuity and life insurance contracts in force.
4. National Mutual Insurance Company, $ 4,208,100
Nationwide and its affiliates are a group of leading US insurance and financial services companies based in Columbus, Ohio. The company also operates a regional headquarters in Scottsdale, Arizona; Des Moines, Iowa; San Antonio, Texas; Gainesville, Florida; Raleigh, North Carolina; Sacramento, California; and Westerville, Ohio.
3. Lincoln Financial, $ 5,892,370
Founded in 1905 in Fort Wayne, Indiana, the company is headquartered in Radnor, Pennsylvania. It was named in honor of President Abraham Lincoln and operates several insurance and investment businesses through subsidiaries.
2. Fair Trade, $ 6,958,474
The company is a subsidiary of AXA Equitable, which has provided individual retirement, group retirement and life insurance products since 1859 to more than 2.8 million customers in the United States. It is headquartered in New York.
1. Jackson National Life Insurance Company, $ 9,439,000
Jackson opened in 1961 as a small family business. The Denver-headquartered company offers annuities to retail investors and fixed income products to institutional investors. Its subsidiaries and affiliates provide specialized asset management and retail brokerage services.
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