Wink rероrt : Annuіtу ѕаlеѕ edge uр іn Q4 2025

U.S. Annuity Market Shows Diverging Trends Across Product Segments in the Third Quarter

        The U.S. annuity market delivered a complex set of signals during the third quarter, reflecting shifting investor preferences, evolving interest rate dynamics, and continued innovation among insurance carriers. While some annuity categories experienced moderate slowdowns, others posted strong growth, underscoring the sector’s adaptability in a changing financial environment.

Overall performance highlights a market that is no longer moving in a single direction. Instead, individual product types are responding differently to consumer demand for retirement income, capital protection, and market-linked growth opportunities.

Non-Variable Deferred Annuities Face Temporary Softening

        Total third-quarter sales of non-variable deferred annuities reached $75.6 billion, marking a modest decline compared with both the previous quarter and the same period last year. This category includes multi-year guaranteed annuities, traditional fixed annuities, and indexed annuities, all of which are sensitive to interest rate expectations and competitive pricing.

        Despite the overall dip, the segment remains one of the largest and most stable components of the broader insurance products landscape. Consumers continue to value predictability and downside protection, especially during periods of economic uncertainty.

Market Leaders and Product Concentration

        Within non-variable deferred annuities, Athene USA emerged as the leading carrier by total sales, followed closely by Corebridge Financial. Nationwide, Massachusetts Mutual Life Companies, and Allianz Life rounded out the top tier, reflecting strong brand recognition and diversified distribution strategies.

One standout product was Nationwide Secure Growth 5-Year, a multi-year guaranteed annuity that led sales across all distribution channels. Its success highlights sustained interest in fixed-rate solutions that offer clarity and stability over a defined term.

Variable Deferred Annuities Gain Momentum

        In contrast to non-variable products, variable deferred annuities recorded notable growth in the third quarter, with total sales climbing to $37.5 billion. This increase reflects renewed investor appetite for products offering market participation alongside optional protection features.

        Variable deferred annuities include both structured annuities and traditional variable designs, appealing to individuals seeking higher upside potential while remaining within an insurance-based framework.

Competitive Landscape in Variable Products

        Jackson National Life claimed the top position in variable deferred annuity sales, supported by a strong lineup of flexible premium offerings. Equitable Financial advanced into second place, followed by Lincoln National Life, Allianz Life, and Brighthouse Financial.

Jackson National’s Perspective II Flexible Premium Variable & Fixed Deferred Annuity continued its dominance as the best-selling product in this category, demonstrating the enduring appeal of customizable solutions that adapt to varying investment objectives.

Income Annuities Reflect Mixed Demand Patterns

        Total sales of income annuities reached $3.8 billion during the quarter, showing quarter-over-quarter growth but a decline compared with the prior year. Income annuities, which include both immediate and deferred income options, are closely tied to retirement planning trends and longevity considerations.

New York Life maintained a commanding position in this segment, accounting for more than 40% of total income annuity sales. Massachusetts Mutual Life Companies followed, with USAA, Nationwide, and Western-Southern Life Assurance Company completing the top five.

Strength of Multi-Year Guaranteed Annuities

        Sales of multi-year guaranteed annuities (MYGAs) totaled $42.6 billion in the third quarter. Although sales eased slightly from the previous quarter, they remained marginally higher than the same period last year, reflecting continued interest in products offering guaranteed rates over multiple years.

        Athene USA led MYGA sales, while Nationwide’s Secure Growth 5-Year once again stood out as the most widely purchased product in this category. These results highlight consumer preference for rate certainty amid fluctuating market conditions.

Traditional Fixed Annuities Maintain Steady Growth

        While smaller in scale, traditional fixed annuities posted solid gains during the quarter, with sales increasing both sequentially and year over year. These products, which typically offer one-year guaranteed rates, appeal to conservative investors prioritizing capital preservation.

Global Atlantic Financial Group ranked as the leading carrier, followed by Nationwide and Equitable Financial. Forethought Life’s ForeCare Fixed Annuity continued its long-standing position as the top-selling product, reinforcing the value of consistent product performance over time.

Indexed Annuities Show Resilience Despite Annual Decline

        Sales of indexed annuities reached $32.4 billion in the third quarter, edging higher from the previous quarter but trailing last year’s levels. Indexed annuities provide a balance between protection and growth, offering a zero-percent floor with capped upside linked to external benchmarks such as the S&P 500.

Athene USA once again led the category, with Allianz Life and Corebridge Financial close behind. Athene Ascent Pro 10 emerged as the top-selling indexed annuity, reflecting ongoing innovation in index-linked crediting strategies.

Structured Annuities Achieve Record Performance

        One of the most dynamic areas of the market was structured annuities, which posted record-setting sales of $19.9 billion. This category benefits from demand for defined risk parameters combined with enhanced return potential.

Equitable Financial dominated structured annuity sales, followed by Allianz Life and Jackson National Life. Equitable’s Structured Capital Strategies Plus 21 maintained its position as the leading product for the sixth consecutive quarter, underscoring sustained confidence in structured designs.

Variable Annuities Continue Long-Term Leadership Patterns

        Total variable annuity sales reached $17.5 billion in the third quarter, extending a pattern of steady growth. Unlike structured or indexed products, variable annuities expose policyholders fully to market performance through subaccounts tied to equities, bonds, and other assets.

Jackson National Life remained the undisputed leader in this segment, followed by Nationwide and Equitable Financial. The Perspective II Flexible Premium Variable & Fixed Deferred Annuity once again claimed the top spot, marking more than two decades of consistent leadership.

Immediate and Deferred Income Solutions

        Immediate income annuities, commonly known as single premium immediate annuities, saw quarterly growth despite a slight annual decline. New York Life maintained its leadership position, supported by a strong focus on lifetime income solutions.

Meanwhile, deferred income annuities experienced sharp quarter-over-quarter growth but declined year over year. These products appeal to individuals planning for future income needs later in retirement, particularly as longevity planning becomes more prominent.

A Market Defined by Choice and Specialization

        The third-quarter results illustrate a U.S. annuity market characterized by diversification rather than uniform momentum. Consumers are selecting products based on specific goals—whether guaranteed income, capital protection, or market-linked growth—rather than adopting one-size-fits-all solutions.

As insurers continue refining product structures and responding to evolving preferences, the annuity insurance landscape is likely to remain competitive, innovative, and highly segmented. This adaptability remains a defining strength of the industry as it supports long-term retirement security for millions of individuals.

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