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.