Because annuities are able to provide a steady stream of income for consumers throughout their retirement years, many providers are reporting increased sales for the products. Currently, the top three life insurance providers selling annuities are MetLife, Jackson and Prudential.
Data from Morningstar showed in 2011, advisers and life insurance providers on average met or increased their sales of annuity products. The data found the variable annuity market, for example, reached a record $8.8 billion in the third quarter for net sales, up from $6.4 billion in the same time period in 2010.
Other providers besides MetLife and Prudential have also reported high annuity sales. Raymond James Financial Services sold $2.27 billion in variable annuities for the fiscal year ending September 30, an increase from the $1.84 billion sold in 2010. Further, LPL Financial generated $591.8 million in variable annuity commissions in the same fiscal year, a 20 percent increase from 2010, Investment News reported.
In addition, if consumers are looking for a highly acclaimed annuity provider, AXA Equitable was recently named the DALBAR 2011 Annuity Service Award winner. The life insurance provider received the award in recognition of its Equiveset Variable Annuity service center that provides valuable information to consumers.