List of Top 10 companies for individual Annuity Sales
LIMRA has released its rankings of variable annuity writers for the third quarter. According to the industry group, the top five variable annuity companies have accounted for more than half of total VA sales this year, which reached $105.9 billion by the end of Septeber. The top five fixed annuity writers accounted for a third of the total in that category, which was $71.8 billion. Jackson National remains tops in VA sales; Allianz in fixed annuity sales.
1. Jackson National Life
Jackson National Life Insurance Company (often referred to as simply Jackson) is a U.S. company that offers annuities for retail investors and fixed income products for institutional investors. Jackson subsidiaries and affiliates provide specialized asset management and retail brokerage services. Jackson is a subsidiary of the British insurer, Prudential plc, which acquired the company for $608 million in 1986. That company is unrelated to the American insurance conglomerate, Prudential Financial. Founded in 1961, Jackson is headquartered in Lansing, Michigan. The company and its affiliates also have offices in Denver, Colorado;Nashville, Tennessee; Santa Monica, California; Chicago, Illinois; Tampa, Florida; Appleton, Wisconsin; Purchase, New York; and Bismarck, North Dakota.
Total: $19.53 billion
Variable: $18.42 billio
Fixed: $1.11 billion
2. AIG Companies
American International Group, Inc. – also known as AIG – is an American multinational insurance corporation with more than 88 million customers in 130 countries. AIG companies employ over 64,000 people in 90 countries. The company operates through three core businesses: AIG Property Casualty, AIG Life and Retirement and United Guaranty Corporation(UGC). AIG Property Casualty provides insurance products for commercial, institutional and individual customers. AIG Life and Retirement provides life insurance and retirement services in the United States. and UGC focus on mortgage guaranty insurance and mortgage insurance. AIG also focuses on global capital markets operations, direct investment and retained interests. AIG’s corporate headquarters are in New York City, its British headquarters are in London, continental Europe operations are based in La Défense, Paris, and its Asian headquarters are in Hong Kong. AIG was ranked 40th largest company in the 2014
Total: $14.21 billion
Variable: $9.63 billion
Fixed: $4.58 billion
3. Lincoln Financial Group
Lincoln National Corporation is a Fortune 250 American holding company, which operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies.
LNC was organized under the laws of the state of Indiana in 1968, and maintains its principal executive offices in Radnor, Pennsylvania. The company traces its roots to its earliest predecessor founded in 1905.
Total: $11.76 billion
Variable: $9.78 billion
Fixed: $1.98 billion
4. Allianz Life of North America
Allianz Life Insurance Company of North America (Allianz Life) provides annuities and life insurance products in the United States in all states except for New York. In New York, annuities and life insurance products are offered by Allianz Life Insurance Company of New York (Allianz Life of NY). Allianz Life offers various products, including fixed and variable annuities and life insurance. These products are offered through a network of more than 100,000 agents nationwide. The company is a principal subsidiary of Allianz SE, a global financial services group that is the 31st largest corporation in the world
Total: $11.39 billion
Variable: $1.66 billion
Fixed: $9.73 billion
Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA–CREF) is a Fortune 100 financial services organization that is the leading retirement provider for people who work in the academic, research, medical and cultural fields. TIAA–CREF serves 3.9 million active and retired employees participating at more than 15,000 institutions and has $2,667 billion in combined assets under management
Much of TIAA–CREF operates on a not-for-profit basis, with surplus returned to participants. TIAA–CREF is headquartered in New York City in the United States and has major offices in Denver, Colorado; Charlotte, North Carolina; and Dallas, Texas; as well as seventy local offices throughout the U.S.
Total: $9.38 billion
Variable: $9.38 billion
The company was founded in 1845 as the Nautilus Insurance Company in New York City, with assets of $17,000. It was renamed the New York Life Insurance Company in 1849. In the late 1990s, New York Life was one of several large mutual life insurers to back a New York State bill that would permit the formation of a mutual holding company (MHC), a corporate structure that could preserve mutuality for policyholders, while providing a company access to capital markets without the full demutualization of the organization. CEO Sy Sternberg himself argued strongly in favor of the bill, which was ultimately defeated. The NYLIC board of directors subsequently reaffirmed its commitment to remaining a mutual, and the company strongly and publicly embraced this decision through a series of advertisements.
Total: $8.08 billion
Variable: $2.79 billion
Fixed: $5.29 billion
Prudential Financial, Inc., also known by its primary subsidiary The Prudential Insurance Company of America, is a Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, investment management, and other financial products and services to both retail and institutional customers throughout the United States and in over 30 other countries. Principal products and services provided include life insurance, annuities, mutual funds, pension– and retirement-related investments, administration and asset management, securities brokerage services, and commercial and residential real estate in many states of the U.S. It provides these products and services to individual and institutional customers through distribution networks in the financial services industry. Prudential has operations in the United States, Asia, Europe and Latin America and has organized its principal operations into the Financial Services Businesses and the Closed Block Business.
Total: $8.01 billion
Variable: $7.51 billion
Fixed: $500 million
The Transamerica Corporation is an American private holding company for various life insurance companies and investment firms doing business primarily in the United States. It was acquired by the Dutch company Aegon in 1999. Transamerica began as a holding company controlled by A. P. Giannini, then head of Bank of America and founder of its predecessor, the Bank of Italy in San Francisco. Giannini acquired Occidental Life Insurance Company through Transamerica Corporation in 1930. In July 1999, with Frank C. Herringer as CEO, Transamerica Corporation was acquired by Aegon, an insurance company based in the Netherlands. Transamerica Finance Corporation, responsible for commercial lending, was subsequently sold to GE Commercial Finance in 2003.
During the period 2003-2006 Transamerica Capital invested in several musical productions
Total: 7.41 billion
Variable: $7.33 billion
Fixed: $80 million
AXA is a French, multinational, investment banking firm headquartered in the 8th arrondissement of Paris that engages in global investment banking, securities, investment management, insurance, and other financial services. The AXA group operates primarily in Western Europe, North America, the Asia Pacific region, and the Middle East. AXA is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries.
Total: $7.25 billion
Variable: $7.22 billion
Fixed: $30 million
MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company, or MetLife for short, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries. The firm was founded on March 24, 1868. The company’s principal offices are located at 1095 Avenue of the Americas in Midtown Manhattan, New York City, though it retains some executive offices and its boardroom in the MetLife Building, located at 200 Park Avenue, New York City, which it sold in 2005.