At Jackson, RILA Buyers Are Different

Combined sales of traditional fixed annuities and non-variable indexed annuities increased to $115 million, from $19 million.

Prieskorn’s Perspective

Prieskorn indicated, indirectly, that price competition in the market for fixed and non-variable annuity markets is fierce.

“Fixed annuity sales remain relatively modest as our pricing reflects our prudent investment approach,” she said.

She said RILA sales have benefited from the company adding or reviving relationships with 3,200 advisors since the RILA products were introduced in October 2021.

The Annuity Buyer Age Issue

Annuity issuers guard details about annuity buyer demographics closely.

LIMRA reported in May that typical U.S. annuity buyers are in their early 60s.

The Transamerica Institute, a research center with ties to Transamerica, one of Jackson’s competitors, included some age distribution information in a report it released in July.

The institute surveyed 3,607 consumers ages 18 and older who were saving for retirement outside of work. About 22% of the baby boomers in that group and 10% of the younger participants said they had individual annuities.

Laura Prieskorn, CEO of Jackson Financial