NU Online News Service, Feb. 13, 3:55 p.m. – Annuity sales in banks continued to slump in December, reports Kenneth Kehrer Associates, Princeton, N.J., although on the bright side, they were about the same as November’s levels.
Bank annuity sales of $3.8 billion in December were up from $3.3 billion a year earlier.
Bank sales of annuities grew during most of 2003, reaching an all-time high of $4.5 billion in July. But sales slid in recent months. According to Kenneth Kehrer, whose firm conducts the survey, banks sold $2.8 billion in fixed annuities in December, up just 4% from November’s $2.7 billion.
Banks’ fixed annuity sales have been running at about this level since September, comments Brad Powell, president of Jackson National Life Insurance Company’s institutional marketing group, which sponsors the monthly survey.