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U.S. life insurers refilled their tanks of multi-year assured annuity capital within the fourth quarter of 2023.
Life insurers let gross sales of the merchandise rocket as much as $53 billion within the quarter, up 48% from the full recorded within the fourth quarter of 2022, after rising simply 13% within the third quarter of 2023, in accordance with a brand new issuer survey compiled by Wink.
MYGA gross sales progress was particularly robust in 2022, because of rising rates of interest. Complaints concerning the quantity of capital wanted to assist the merchandise started to bubble up in 2023.
Wink survey contributors mentioned their complete fourth-quarter particular person deferred annuity gross sales elevated 33%, yr over yr, to $105 billion.
LIMRA, which conducts a separate survey that features a wider vary of merchandise, says the issuers in its pattern elevated complete U.S. particular person annuity gross sales by 29%, to $115 billion.
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