Cerulli Interactive Report Dashboards U.S. ANNUITY MARKETS Guaranteed Retirement Income in a Fiduciary World SUBSCRIPTION DETAILS $19,000
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1 U.S. ANNUITY MARKETS 2017 Guaranteed Retirement Income in a Fiduciary World Overview & Methodology In its eleventh iteration, this annual report examines the retail annuity industry, emphasizing distribution, product development, product positioning, and asset management. Perspective is offered from multiple points of view, including investors, advisors, insurance companies, variable annuity (VA) sales professionals, and asset managers. Data for this report comes from proprietary surveys and interviews with industry professionals, including insurers, asset managers, and advisors. Benefits: y Understand the potential impact of the Department of Labor (DOL) Conflict of Interest Rule on the annuity industry y Explore advisor demographics and annuity use: licensing, holdings, and sales of variable annuities y Examine annuity designs that represent the greatest distribution opportunities Questions Answered: y How are insurers adapting product strategies, mainly due to the DOL? y What are the main drivers of fixed-indexed annuities recent sales successes? y Are fee-based and/or fee-only advisors embracing annuities? y Which annuity designs does Cerulli believe have the greatest future potential? y Which channels are, and will likely continue to be, the largest annuity advocates? SUBSCRIPTION DETAILS $19,000 PURCHASE INCLUDES ANNUAL COST 104 PAGES 147 EXHIBITS y Digital copy and hardcopy in color y Online access to 17 related reports y Unlimited online firm-wide access y Exhibits in Excel y Key findings y Analyst support y Interactive Report Dashboards NEW y Executive Summary Video NEW RESEARCH INCLUDED WITH SUBSCRIPTION y Ten years of The Cerulli Report U.S. Annuities and Insurance y Variable Annuity Distribution Opportunities: Broadening Appeal and Attracting New Advisors y Cerulli Special Report: Evaluating Your Variable Annuity Product Line y Variable Annuity Asset Management: Growing Assets in a New Environment y Wealth Transfer: Sizing Trends and Opportunities y State of the Variable Insurance Industry: Strategic Implications for Asset Managers and Insurers y Insurance Product Distribution Opportunities y Retirement Income: Positioning for Success For more information, contact us: ``info@cerulli.com Cerulli Interactive Report Dashboards NEW Experience Cerulli s digital platform and interact with analyses from this report With this report subscription, we re pleased to include these interactive dashboards: 1. Variable Annuity Scorecards: Compare advisor headcount, AUM, metrics, and sales by channel. 2. Advisor Annuity Use and Perception: Explore annuity sales, selection process, and perceived benefits by segmentation. 3. Household Sentiment and Ownership of Annuities: Review annuity products, income sources, and opinions from a household perspective. CERULLI ASSOCIATES info@cerulli.com
2 What are Interactive Report Dashboards? As part of your Cerulli report subscription, we are pleased to provide you with Interactive Report Dashboards that allow you to interact with report data in unique ways: ACCESS Access consolidated data from multiple report exhibits in a single comparative view. FILTER DATA Apply filters to Cerulli report analyses including assets under management, net new flows, product type, channel, year, marketplace, and currency. EXPORT Easily build and export custom charts. Export options include; Excel, PDF, or image file. My Account: Joe Q. Sample How to Access Interactive Report Dashboards This service is complimentary and is accessible through our website. Use your unqiue Cerulli website login credentials, and you will find a View Interactive Report Dashboards link to this platform under My Reports. Interact View Dashboard You can also jump to related Interactive Report Dashboards in the report PDF by clicking on the Interact button shown on the left for reference. USER LOGIN To obtain online access, please visit or contact our account management team at: ``info@cerulli.com ` ` CERULLI ASSOCIATES info@cerulli.com
3 Chapter 4 Fixed and Fixed-Indexed Annuities Exhibit 4.07 Insurers: Factors Driving Growth of Fixed-Indexed Annuity Sales, 2017 Sources: Cerulli Associates, in partnership with IRI Analyst Note: Unsolicited consumer demand and consumer-focused marketing materials were offered as options, but were not selected in 2016 or Other responses included advisor compensation and fear of interest rates rising and/or a market correction. Diminishing availability/attractiveness of VA guarantees 81% Greater understanding/acceptance among advisors and B/Ds 67% Generous living and death benefit guarantees 62% Low interest rates on traditional fixed annuities 48% More consumer-friendly pricing (e.g., surrender schedules, participation rates, commissions) 24% Increasing supply and distribution support 19% Improved advisor training and education 14% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 72 The Cerulli Report U.S. Annuity Markets 2017
4 Table of Contents Table of Contents: Expanded Key Questions Answered Which channels are most primed for variable annuity sales expansion in the years ahead? Which annuity types stand to benefit most from the DOL Conflict of Interest Rule? How concerned are insurers with their current capacities to offer guaranteed living benefits? Where are the best opportunities for asset managers to gain entry into the annuity marketplace over the near term? How can insurers increase the number of advisors who sell variable annuities? What benefits do U.S. households report seeing purchasing a variable annuity? Chapter 1: Guaranteed Retirement Income in a Post-Fiduciary World Market Overview...21 Exhibit Total Annuity Sales by Product Type, E Exhibit Top-25 Retail Variable Annuity Issuers by Sales, Q 2017 YTD...23 Exhibit Variable Annuity Total Sales by Share Class, Q 2017 YTD Exhibit Investment-Only Variable Annuity Sales: Total Flows, Q 2017 YTD Fixed-Indexed Annuities...27 Exhibit Top-20 Individual Fixed Annuity Issuers by Sales, Deferred Income Annuities...29 Exhibit Fixed Annuity Sales by Product Type, Single-Premium Immediate Annuities An Outlook: VA Subadvisory Opportunities Exhibit Retail Variable Annuity Index Fund Subaccount Assets and Net Flows, Q 2017 YTD...31 Exhibit Growth of Variable Product Volatility-Managed Portfolios, 2Q Q Exhibit Insurer Perspective: Greatest Obstacle in Variable Annuity Business, Risk Management: Variable Annuities...34 Regulation Exhibit Insurers Perceived Sales Impact of DOL Conflict of Interest Rule by Channel, Outlook...38 Exhibit Share of Sales of Annuity Product Type, E The Cerulli Report U.S. Annuity Markets
5 Table of Contents Chapter 2: Product Opportunities and Sales Exhibit Total Annuity Sales by Product Type, E Exhibit Share of Sales of Annuity Product Type, E Exhibit Surveyed Insurers Annuity Offerings, Exhibit Insurer Perspective: Greatest Obstacle in Variable Annuity Business, Exhibit Anticipated Availability of Living Benefits in the Next Three Years, Exhibit Insurers Capacity for Guaranteed Lifetime Income Benefits, Exhibit Potential Impact of Interest Rates on Guaranteed Lifetime Income Benefits, Exhibit Investment-Only Variable Annuity Sales: Total Flow, Q 2017 YTD Exhibit Insurer Perspective: Most Important Features in an Investment-Only VA, Exhibit Average Number of Investment Options with and without Primary Living Benefit Options, Exhibit Most Attractive VA Subaccount Options for Future Sales Potential, Chapter 3: Variable Annuity Sales and Assets Exhibit Retail Variable Annuity Total New Sales, Q 2017 YTD...55 Exhibit Variable Annuity Net Sales as Percentage of Gross Sales, Q 2017 YTD...56 Exhibit Projected Retail Variable Annuity Industry Gross and Net Sales, E...57 Exhibit Top-25 Retail Variable Annuity Issuers by Sales, Q 2017 YTD...58 Exhibit Retail Variable Annuity Industry Assets and Growth, Q 2017 YTD...59 Exhibit Projected Retail Variable Annuity Industry Assets and Growth, 2017E 2022E...60 Exhibit Top-25 Retail Variable Annuity Contracts by Sales, 2Q 2017 YTD...61 Exhibit Variable Annuity Total Sales by Share Class, Q 2017 YTD Exhibit Variable Annuity Total Sales by Share Class by Distribution Channel, 2Q 2017 YTD...63 Chapter 4: Fixed and Fixed-Indexed Annuities Exhibit Fixed Annuity Sales, Exhibit Fixed Annuity Sales by Product Type, Exhibit Fixed Annuity Sales by Distribution Channel, Exhibit Fixed-Indexed Annuity Sales, Exhibit Fixed-Indexed Annuity Sales as Percentage of Total Fixed Annuity Sales, Exhibit Fixed-Indexed Annuity Assets as Percentage of Total Fixed Annuity Assets, Exhibit Insurers: Factors Driving Growth of Fixed-Indexed Annuity Sales, Exhibit Top-20 Individual Fixed Annuity and Indexed Issuers by Sales, The Cerulli Report U.S. Annuity Markets 2017
6 Table of Contents Chapter 5: Distribution Strategies Exhibit Total Annuity Industry Sales by Distribution Channel, Exhibit Retail Variable Annuity Total Sales by Distribution Channel, Q 2017 YTD...77 Exhibit Retail Variable Annuity Total Sales by Distribution Channel Cerulli View, Exhibit Expectations of VA Sales Over the Next Three Years by Channel, Exhibit Insurers Perceived Sales Impact of DOL Conflict of Interest Rule by Channel, Exhibit Insurer Perspective: Anticipated Sales Impact of the DOL Conflict of Interest Rule by Annuity Product, Exhibit I-Share Class Variable Annuity Sales, Q 2017 YTD...82 Exhibit Methods for Increasing the Number of Advisors Who Sell Variable Annuities, Exhibit Insurers Distribution Headcounts Dedicated to Annuities, Chapter 6: Distribution Channels and Annuity Scorecards Exhibit Part 1. Description of Advisor Channels, Exhibit Part 2. Description of Advisor Channels, Exhibit Advisor-Managed Asset Marketshare, Exhibit Top-25 Broker/Dealer Networks by Advisor Headcount, Exhibit Wirehouse Variable Annuity Scorecard, Exhibit National and Regional Broker/Dealer Variable Annuity Scorecard, Exhibit Independent Broker/Dealer Variable Annuity Scorecard, Exhibit Hybrid RIA Variable Annuity Scorecard, Exhibit Independent RIA Variable Annuity Scorecard, Exhibit Insurance Broker/Dealer Variable Annuity Scorecard, Exhibit Retail Bank Broker/Dealer Variable Annuity Scorecard, The Cerulli Report U.S. Annuity Markets
7 Table of Contents Chapter 7: Advisor Annuity Use in Retirement Planning Exhibit Advisor Market Sizing Funnel, Exhibit Advisors Licensed to Sell Variable Annuity Products by Channel, Exhibit Advisors Currently Holding Annuities by Channel, Exhibit Active Annuity Sellers by Tier and Channel, Exhibit Variable Annuity Sales, Exhibit Variable Annuity Contracts by Tier and Channel, Exhibit Marginal Variable Annuity Sales by Tier and Channel, Exhibit Number of Variable Annuity Contracts Sold in Past 12 Months, Exhibit Factors Advisors Consider When Investing in an Annuity, Exhibit Factors Advisors Consider When Selecting a Variable Annuity Provider by Channel, Exhibit Reasons for Not Recommending Variable Annuities by Channel, Exhibit Advisors Views on the Benefits of Emerging Annuity Designs, Chapter 8: Households Retirement Planning and Annuity Use Exhibit Investor Economic Outlook, 2Q Exhibit Retirement Households Top Concerns and Most Important Financial Goal, 2Q Exhibit Households That Have a Formal Retirement Income Plan by Age Range, 2Q Exhibit Percent of Households by Age with Formal Retirement Income Plan Databank, 2Q Exhibit Retirement Households Income Sources by Age Range, 2Q Exhibit Retirement Households Income Sources Databank, 2Q Exhibit Ownership of Annuity Products, 2Q Exhibit Households Reasons for Choosing Variable Annuity Policy Over Alternatives by Investable Assets, 2Q Exhibit Households Reasons for Choosing Variable Annuity Policy Over Alternatives Databank, 2Q Exhibit Households Reasons for Choosing Fixed Annuity Policy Over Alternatives by Investable Assets, 2Q Exhibit Households Reasons for Choosing Fixed Annuity Policy Over Alternatives Databank, 2Q Exhibit Households Primary Reason for Variable Annuity Purchase, 2Q Exhibit Households Primary Reason for Fixed Annuity Purchase, 2Q The Cerulli Report U.S. Annuity Markets 2017
8 Table of Contents Chapter 9: Asset Management Opportunities Exhibit Variable Annuity Assets by Structure and Distribution, Q Exhibit Top-25 Unaffiliated Retail Variable Annuity Asset Managers, 2Q Exhibit Top-25 Retail Variable Annuity Subaccount Funds by Net Flows, 2Q 2017 YTD Exhibit Total Subadvised Retail Variable Annuity Assets and Net Flows, Q 2017 YTD Exhibit Top-10 Retail Variable Annuity Single Subadvisors, 2Q Exhibit Top-10 Retail Variable Annuity Unaffiliated Single Subadvisors, 2Q Exhibit Top-10 Subadvised Retail Variable Annuity AUM by Insurer, 2Q Exhibit Top-10 Unaffiliated Subadvised Retail Variable Annuity AUM by Insurer, 2Q Exhibit Variable Insurance Trust Assets and Net Flows, Q 2017 YTD Exhibit Top-25 Unaffiliated Variable Insurance Trusts by Marketshare, 2Q Exhibit Fastest-Growing Variable Insurance Fund Managers by Three-Year CAGR, Exhibit Percentage of Variable Annuity Assets by Asset Class, Q Exhibit Unaffiliated Variable Annuity Subadvisory and VIT Assets as a Percentage of Total Variable Annuity Assets by Asset Class, 2Q Exhibit Retail Variable Annuity Embedded-Advice Fund Assets and Growth, Q 2017 YTD Exhibit Retail Variable Annuity Embedded-Advice Fund Net Flows, Q 2017 YTD Exhibit Retail Variable Annuity Index Fund Subaccount Assets and Net Flows, Q 2017 YTD Exhibit Index Funds as a Percentage of Total Retail Variable Annuity Assets by Asset Class, 2Q Exhibit Top-15 Index Fund Subaccounts within Retail Variable Annuity Products by Assets, 2Q Exhibit Retail Variable Annuity Alternative Fund Assets and Net Flows, Q 2017 YTD Exhibit Top-10 Alternative Variable Insurance Funds by Assets, 2Q Index of Companies The Cerulli Report U.S. Annuity Markets
9 Index of Companies Index of Companies AIG... 24, 33, 73 AXA... 20, 24, 25, 27, 35, 36, 58, 61, 130 AllianceBernstein... 36, 130 Allianz... 25, 28, 29, 32, 73 American Century American Equity... 28, 73 American Funds... 36, 126, 127, 134, 135 American General Ameriprise Athene BNY Mellon , 143 BlackRock... 28, 36 Brighthouse... 25, 26, 58, 143 Capital Group Commonwealth Financial Network Credit Suisse , 138 Delaware... 28, 33 Deutsche Bank... 28, 33 Dimensional Fund Advisors Edward Jones... 63, 85, 89, 91 Fidelity Investments... 29, 30, 36, 63, 126, 127, 134, 135 Forethought... 28, 73 Franklin Templeton... 36, 127 Global Atlantic Goldman Sachs... 17, 28, 33 Guardian... 31, 32 Hartford... 31, 36, 132 Invesco ishares J.P. Morgan... 28, 60, 89 Jackson National... 17, 19, 24, 26, 32, 49, 53, 58, 61, 62, 127, 128, , 142, 143 LPL Financial... 89, 92 Levin Capital Lincoln National... 17, 24, 25, 29, 61, 130, 136 Lord Abbett MFS The Cerulli Report XXXX 2017
10 Index of Companies MassMutual Merrill Lynch... 33, 89 MetLife... 25, 26, 38, 58, 143 Milliman... 17, 32, 33, 47, 130, 131 Morgan Stanley... 36, 89, 90 Morningstar... 12, 53, 145 National Planning Holdings Nationwide... 28, 29, 73 New York Life... 17, 29, 30, 61, 64, 68, 73 Northwestern Mutual... 29, 30 Ohio Nationa , 137 Oppenheimer PIMCO... 17, 130, 131 PNC Pioneer Principal... 30, Prudential... 25, 58, 62, 73, 127, 130, 132, 133, 140 Raymond James... 28, 36, 69, 91 Security Benefit Life State Street (SSgA)... 17, 33 Sun Trust SunAmerica Symetra T. Rowe Price... 17, 33, 130, 131 TI... 24, 78 The Guardian Transamerica... 17, 33, 89, 130 UBS... 33, 90 VALIC Vanguard... 33, 127 Voya Financial... 20, 35, 132 Wellington... 33, 130, 131 Wells Fargo... 29, 89, 96 Western & Southern Zurich Life... 20, 35 The Cerulli Report XXXX
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