MetLife Regains Top Annuities Sales Spot

As baby boomers facing an uncertain economy are seeking the guaranteed return of equity-linked variable annuities as a top retirement option, the biggest players in the life insurance industry continue to jockey for position.

MetLife Inc., the largest U.S. life insurer, took the top spot in sales of variable-annuity products for the first half of the year, reports LIMRA, an insurance organization that supports insurers in their sales and marketing efforts and counts 850+ company members.

Overall industry sales increased 19 percent to $80.7 billion in the six months ended June 30 compared with the same period a year earlier, with MetLife selling $12.6 billion in retirement products and Prudential Financial Inc., recording $11.3 billion during the same time period.

MetLife and Prudential are part of a small club of five firms dominating the industry. In fact, the top five providers of variable annuities in the U.S. represent 56 percent of the industry’s sales in the six months ended June 30, according to LIMRA. That compares with 42 percent in the same period three years earlier.

Prudential’s Jackson National Life unit took the No. 3 spot in variable annuity sales for the first half of 2011, notes LIMRA, followed by TIAA-CREF and Lincoln National Corp.