Martin Powell, Head of Annuity Distribution was quoted extensively in a recent article in Financial Planning that focused on overall growth in the annuity market and the growing demand for guaranteed income products. The article, citing new data from LIMRA, noted that fixed indexed annuity sales soared by 40% year-over-year in the fourth quarter to $19.5 billion, which it attributed to equity volatility and rising interest rates.
Powell told the publication that CUNA Mutual Group has noted strong investor interest in structured products such as the MEMBERS® Zone Annuity and MEMBERS® Horizon Annuity that allow investors to precisely control their risk: “We had our best year ever …. We’re going to be very strategic in working with advisors who believe in guaranteed income and who believe in annuities.”
While Powell noted that interest in the structured products category was initially related to the Department of Labor’s planned fiduciary rule, he said growth has continued despite the DoL backing away from its implementation.