The editors at Retirement Income Journal put together “The Bucket,” an article summarizing Financial Engines’ third quarter financial results. The investment management company which gives retirement planning advice to employees saw a 45% increase in the assets they manage and a 31% increase in revenue this quarter over the third quarter of 2009. The article highlights the successes of the insurance companies that Financial Engines works with.
Jackson National Life sold more variable annuities in the first three quarters of this year than they have in any whole year in the past. Their Perspective II showed large sales increases and was the top selling variable annuity in the retail sector for the third year in a row. Although their sales of fixed indexed and fixed annuities declined slightly due to lower interest rates, Jackson maintains a strong presence in the sales of both products which helps preserve their capital.
Allianz Life Insurance Company of North America had an increase of 36% in their sales of fixed indexed annuities and a 275% increase in variable annuity sales over the third quarter of last year. The Inflation Protector variable annuity from Penn Mutual, blogged about in a previous post, is expected to be a hot new product in the marketplace. American Equity Investment Life Holding Company showed an increase in annuity sales, based on what they believe is an increased demand for safe investments to counteract a volatile market.
This brief summary of the companies working with Financial Engines gives a positive outlook to their working relationships with investors and employees. Much more can be found in the original article detailing even more changes that have occurred this third quarter of 2010.