U.S. life insurers refilled their tanks of multi-year assured annuity capital within the fourth quarter of 2023.
Life insurers let gross sales of the merchandise rocket as much as $53 billion within the quarter, up 48% from the overall recorded within the fourth quarter of 2022, after rising simply 13% within the third quarter of 2023, in line with a brand new issuer survey compiled by Wink.
MYGA gross sales development was particularly sturdy in 2022, due to rising rates of interest. Complaints in regards to the quantity of capital wanted to help the merchandise started to bubble up in 2023.
Wink survey members mentioned their complete fourth-quarter particular person deferred annuity gross sales elevated 33%, 12 months over 12 months, to $105 billion.
LIMRA, which conducts a separate survey that features a wider vary of merchandise, says the issuers in its pattern elevated complete U.S. particular person annuity gross sales by 29%, to $115 billion.
