LIMRA Secure Retirement Institute has released its individual annuity company ranking list for 2014, The ranking list reveals some trends, including strong competition among carriers in the fixed annuity sector.
According to the data from LIMRA Secure Retirement Institute, Jackson National was the overall winner for combined selling of variable and fixed annuities in 2014, with a production of more than $24.5 billion. AIG took second place with sales of more than $18.9 billion, and Lincoln Financial Group took the third place with more than $15.5 billion.
These three companies remain leaders in the rankings, but 13 other carriers in the top 20 saw changes regarding their position in 2014. Three companies which were present in the 2013 list are not on it anymore, and were replaced by three other companies.
Among the annuity carriers that changed drastically in rank in 2014 was Allianz Life. The company gained five ranks from 2013 to 2014, which led it to the fourth place with combined sales of more than $14.9 billion. Conversely, MetLife, fell to tenth place by losing five positons in the rankings in 2014. The carrier had already announced that it would be scaling back while it derisks, so the change in position was unsurprising to many in the industry.
Regarding the variable annuity market in 2014, Jackson National took first place here as well with about $23.1 billion in variable sales, Lincoln Financial Group was in second place with nearly $13.1 billion, and AIG found itself in third place (after finishing fourth in this category in 2013) with more than $12.7 billion in variable annuity sales.
The top three players in the fixed annuity market all shifted position from 2013 to 2014. Allianz became the leader of the list with about $12.8 billion in fixed annuity sales, New York Life was in second place with more than $7.5 billion in sales, and AIG took third place with more than $6.2 billion in sales.
With fixed annuity policies, the insurance company agrees to pay a fixed rate of income to the investor for life after a certain date. Variable annuities are slightly more complex, with the investor assuming more risk for the potential of higher returns.
Evans Law Firm, Inc. handles annuity fraud and insurance fraud lawsuits, along with other financial fraud and consumer fraud cases. If you have purchased, or are considering purchasing, an annuity policy and want to know if it is a suitable investment for you, please contact Evans Law Firm, Inc. at 415-441-8669 or via email at firstname.lastname@example.org.