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January 02, 2003 at 07:00 PM
NU Online News Service, Jan. 2, 3:45 p.m. – Bank sales of variable annuities fell to $1.1 billion in October 2002, from $1.7 billion in September 2002, according to Kenneth Kehrer Associates, Princeton, N.J.
Bank sales of all annuities were only slightly lower in October 2002 than they were in October 2001, because banks sales of fixed annuities increased to $2.8 billion in October, from $2.6 billion in the previous month.
But the fixed annuity sales total was the second lowest since February, notes Kenneth Kehrer, whose firm conducts the survey for Jackson National Life Insurance Company, Lansing, Mich.
“The very low interest-rate environment may be constraining sales,” Kehrer says.
