2008 FIA Sales Seen Rising 6.2%

Allianz Life was the #2-ranked FIA seller with over $4.2 billion in 2008 sales, but its results were down 22% from 2007. Midland National Life produced over $1.6 billion, but these results were down by about 2.9% from 2007.

Table 2 shows 4^th quarter 2008 sales results. Here, too, Aviva was the top seller, this time showing a 113.7% increase over 4Q 2007.

Two other of the top 5 carriers in 4Q 2008 also reported sales increases over 4Q 2007. These were: American Equity, up almost 1.3%, and ING, up 36.3%.

Table 3 gives a snapshot of the 10 top-selling FIA products in 4Q 2008. Nine of the top 10 policies were issued by 2008′s 3 FIA sales leaders. Aviva issued 4, Allianz Life issued 4, and American Equity issued 1. (ING, the 5^th top seller, issued the other top 10 product.)

“The strong 2008 performance of the fixed index annuity industry proves there was a flight to quality going on as the equity markets became so volatile,” says Sheryl Moore, president of Advantage Group Associates, Inc. “In 2008, consumers clearly wanted the safety and guarantees of fixed index annuities, plus the upside potential the products offer. It was just a great quarter for this industry.”