August 29, 2011

Q2 Annuity Sales Continue Rise

2011 could be ‘record setting’ year for annuities, IRI says

IRI logoFollowing the Insured Retirement Institute’s announcement on Aug. 17 that variable annuity sales increased 23% in the first quarter of 2011, the organization announced that second quarter annuity sales are up again.

The organization said Wednesday that second-quarter sales increased 10% from the second quarter of 2010 to over $60 billion. Sales increased from the first quarter as well, rising 4%.

IRI President and CEO Cathy Weatherford was confident about the rest of 2011.

“The second quarter data definitively show that this year will indeed be a record setting one for the industry,” she said in a statement. “This expansive growth not only demonstrates the growing interest in insured retirement strategies, but also reflects the long-term confidence that investors are increasingly placing in these products.”

Variable annuities rose slightly from the first quarter, increasing by 2% to $40 billion. Compared to second-quarter 2010 sales, variable annuities are up 15%.

Fixed annuity sales rose almost 8% over first quarter sales to over $20 billion, while year-to-year sales were flat.

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