Fixed indexed annuity (FIA) sales have been caught in the volatility crossfire with assets invested in these structured retirement products dropping to $15.8 billion during the first quarter of 2020, a 12% decrease year-on-year.

According to preliminary results from the Secure Retirement Institute's (SRI) US individual annuity sales survey which contains annuity industry estimates from monthly reporting and represents 82% of the total market, the figure marks the third consecutive quarter of declines for FIAs. While widespread market volatility, as a result of the Covid-19 pandemic, is said to be the main cause of the tumble, the decline in uptake has not only affected FIAs but also fixed annuity sales across the board

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