Allianz: FIAs to Remain a Growth Engine
February 21, 2017 by Cyril Tuohy
Allianz will continue to focus on fixed indexed annuity sales in the U.S. in the face of declining variable annuity sales, a top executive said Friday.
With U.S. variable annuity sales flat, “that means our focus to grow the business is clearly the fixed indexed annuity business,” said Dieter Wemmer, chief financial officer of the global insurance giant in a conference call with analysts.
New business premium in the U.S. for FIAs rose 15 percent in 2016 compared to 2015, the company said. Year-over-year new business premium for a hybrid variable annuity product jumped 117 percent.
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FIAs are expected to finish the year with about $60 billion in sales, an increase of 11 percent from 2015, according to Wink’s Sales & Market Report.