Session 51: Recent Trend of Fixed Indexed Annuities and ... - SOA
[Pages:5]Session 51: Recent Trend of Fixed Indexed Annuities and Structured Annuities Product Development
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SESSION 51: RECENT TREND OF FIXED INDEXED ANNUITIES AND STRUCTURED ANNUITIES PRODUCT DEVELOPMENT
MAY 21, 2019
Bryan Lindsley, FSA, MAAA
? Oliver Wyman
Section 1 Product overview
Annuity sales 2008 ? 2018 FIA and RFIA sales have been the main driver of increasing annuity sales over the last several years
All figures in $B
Variable
Registered indexed1
Higher
Market risk for policyholder
Fixed indexed
MVA Book value
SPIA
Lower
DIA
2008 2009
2010 2011 2012 2013
2014 2015
2016
2017 2018
Source: LIMRA
1Also referred to as structured annuities
? Oliver Wyman
2
Section 1.1 Product overview (FIA Market)
Expanding FIA market The FIA market benefited from new entrants and wider acceptance with distributors
2011 FIA Market : $32.2B
Rank Company 1 Allianz Life 2 Aviva USA 3 American Equity 4 Great American 5 North American 6 Lincoln National 7 Midland National 8 Jackson National 9 ING 10 Security Benefit Life
Top 3 market share Top 10 market share
Source: Wink's Sales & Market Report and LIMRA
? Oliver Wyman
Sales ($B) 6.3 4.5 4.4 1.8 1.7 1.6 1.5 1.5 1.4 0.9
47% 79%
2018 FIA Market: $69.6B
Rank Company 1 Allianz Life 2 Athene USA 3 Nationwide 4 AIG 5 Great American 6 American Equity 7 Pacific Life 8 Lincoln Financial 9 Global Atlantic 10 Fidelity & Guaranty Life
Top 3 market share Top 10 market share
Sales ($B) 9.1 6.6 5.1 4.9 4.6 4.2 3.6 3.1 2.8 2.3
30% 66%
4
Competitive landscape (2005) The FIA market was previously heavily concentrated in "niche players" focusing on the independent channel
Market share and dominant distribution channels by ownership structure and credit rating
Primary distribution channels
Mutual Companies
Old Mutual (now Fidelity& Guaranty)
Allianz Life
8.7%
32.3%
Jackson National
Sun Life (now Delaware
Life)
7.5%
Independent organizations Independent and banks Banks and broker dealers
Size of bubbles represents 2005 market share
Foreign
Companies Subsidiaries
US Stock
American Equity
9.9%
Equi Trust
8.8%
All other companies
15.2%
ING (now VOYA)
AmerUs (Athene/Aviva block)
Jefferson Pilot (now Lincoln)
Midland National
Privately Held
Ownership Structure
Recent Acquirers
B
B+
B++
A-
A
A+
A++
Lower
Source: Advantage Compendium and Oliver Wyman Research
Credit Rating
Higher
? Oliver Wyman
5
Competitive landscape (2013) In 2013, the market was already significantly broadened
Ownership Structure
Market share and dominant distribution channels by ownership structure and credit rating
Mutual Companies
National Life
Sagicor Life
Allianz Life
Pacific Life
Nationwide
Western & Southern
OneAmerica Jackson National
Primary distribution channels
Independent organizations Independent and banks Banks and broker dealers Career
Foreign
Phoenix
CNO companies
Genworth American Equity
10.4%
Voya
15.5%
AIG
7.9%
Protective Lincoln
Size of bubbles represents 2013 market share
Companies Subsidiaries
US Stock
Forethought
National Western
Symetra
Great American North American
Privately Held
Security Benefit
Fidelity & Guaranty
11.7%
7.1%
All other companies
Midland National
Recent Acquirers
Equi Trust
Athene
Lincoln Benefit Life
B
B+
B++
A-
A
A+
A++
Source:
Lower
Wink's
Sales
&
Market
Report
and
Oliver
Wyman
ResearchCredit
Rating
Higher
? Oliver Wyman
6
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