Best Annuity Life Insurance Companies - The top five marketers by annual revenue in 2018 representing 32% of the market share are AIG Companies, Jackson National Life, New York Life, Lincoln Financial Group and Allianz Life of North America. The top 10 companies had a 53% market share in 2018.
For the first time since 2007, AIG Companies replaced mutual funds, according to a report released today by the LIMRA Secure Retirement Institute (LIMRA SRI). In addition to the new sales leader, there are two new companies in this top five year compared to 2017 sales.
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Kevin Hogan, CEO, AIG Life & Retirement, said in a statement, "I am proud of our entire team, who are doing a great job of leveraging our extensive product knowledge and extensive distribution network to meet these ongoing needs of our customers.
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"Our strategy is not about market share but about being competitive in each of our businesses. We have a strong presence in annuities. fixed, index and variable, and we are pleased that the market has responded well in our offerings. I am also extremely proud of our distribution partners, and look forward to continuing to work with them to advance our mission of helping people achieve financial security and retirement."
Fixed annuities not only had a record-breaking sales year, but they also had a new sales leader. According to LIMRA SRI research, this is the fourth consecutive year that annual sales have exceeded $100 billion.
The top three sellers of fixed annuities in 2018 were: AIG, New York Life and Allianz Life Companies of North America, representing a combined market share of 24%. The top 10 companies held 55% of the market.
This is the first time in six years that total annuity (VA) sales have grown. The top three sellers of variable annuities are: Jackson National Life, AXA US and TIAA, representing 38% of the market. The top 10 companies had a 78% market share in 2018.
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