For the first time since 2013, insurers are reporting lower revenues from annuities.
According to the Kansas City-based National Association of Insurance Commissioners, the top 25 U.S. insurers reported $253 billion in direct annuity premium revenue in 2016.
Annuity revenues have declined by 4.1 percent since 2015, when the same cohort of insurers reported approximately $264 billion in annuity premiums.
According to the NAIC, these are top 10 annuity carriers, by market share:
Metropolitan Group, 7.9 percent market share, $12.6 billion in direct premiums
Northwestern Mutual Group, 6.3 percent market share, $10.1 billion in direct premiums
New York Life Group, 5.5 percent market share, $8.8 billion in direct premiums
Prudential of America Group, 5.4 percent market share, $8.6 billion in direct premiums
Lincoln National Group, 4.3 percent market share, $6.9 billion in direct premiums
Mass Mutual Life Insurance Group, 4.2 percent market share, $6.7 billion in direct premiums
Source: FA Magazine