First profit forecast for Stewart's Retirement Income Group; Plus new products
Retirement Income Group, which is New Zealand's sole variable annuities provider, had massive sales in the last quarter of 2019 which well-exceeded expecations.
Stewart says this was due to falling interest rates and customers wanting to buy their variable annuity before the group reduced its guaranteed rates to reflect what was happening in the market.
Planned sales were $15 million for November and December, however the actual sales ended up totally $41 million.
Even though guaranteed rates have come down there is encouraging demand for annuities with $10 million worth of quotes issued since RIG issued its new rates in November.
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