Fixed-rate deferred annuity sales increased 66 percent in the third quarter of 2013, according to LIMRA Secure Retirement Institute.
Total annuity sales for the quarter increased to $59.4 billion, a 9 percent increase, which is the largest year-over-year growth since the second quarter of 2011, LIMRA found. For the first nine months of the year, total annuity sales were $167.6 billion.
Total fixed annuity sales jumped 31 percent over the third quarter last year to reach $23.5 billion, another achievement that hasn't been seen since the third quarter of 2009, LIMRA said. Year-to-date, fixed annuity sales rose 6 percent to $58 billion.
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Fixed-rate deferred annuity sales were $9.5 billion, an increase of 5 percent.
Market share for fixed-rate deferred annuities rose 10 percentage points to reach 40 percent of total fixed annuity sales.
Quarterly indexed annuities sales reached $10 billion, an increase of $1 billion from the previous quarter. The bulk of this increase came from accumulation products. Year-to-date, annuities sales increased 6 percent to $26.8 billion.
Variable annuity sales declined 2 percent in the third quarter to $35.9 billion. They were also down 2 percent year-to-date to $109.6 billion.
Deferred income annuities reached $555 million in the third quarter, an increase of 106 percent compared to the prior year. For the first nine months of 2013, deferred income annuity sales grew 132 percent to $1.5 billion and are on pass to surpass $2 billion by the end of the year, LIMRA found.
Fixed immediate annuity sales were up 5 percent in the third quarter to reach $2.1 billion. Year-to-date, fixed immediate annuity sales totaled $5.7 billion, matching sales from one year ago.
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