U.S. annuity sales continued their record run in the first quarter of 2024, reaching $113.5 billion, 21% above the results from the first quarter of 2023, according to preliminary figures released by the industry organization LIMRA.
It’s the highest first quarter result since LIMRA started tracking sales in the 1980s and a little less than the quarterly sales record set in the fourth quarter of 2023.
Among other Q1 results:
- Fixed-rate deferred annuities totaled $48 billion, up 16% year over year. They accounted for more than 42% of the total annuity market in the first quarter.
- Fixed indexed annuities had a record first quarter, totaling $29.3 billion, up 27%.
- Income annuity product sales set a quarterly record due to rising interest rates. Single premium immediate annuity sales hit $4 billion, up 19% year over year. Deferred income annuity sales were $1.1 billion, up 35%.
- Registered index-linked annuity sales increased 40%, to $14.5 billion.
- Traditional variable annuity sales were up 13% year over year to $14.5 billion.
