NU Online News Service, June 24, 2003, 5:06 p.m. EDT – Banks are reporting $12.5 billion in annuity sales for the first quarter, up from $11.4 billion for the first quarter of 2002, reports Kenneth Kehrer Associates, Princeton, N.J.
Bank sales of fixed annuities fell to $8.6 billion, from $8.9 billion, but bank sales of variable annuities increased to $3.9 billion, from $2.5 billion.
Units of American International Group Inc., New York, led in total sales of annuities through banks and sales of fixed annuities through banks.
AIG/SunAmerica generated $2.6 billion in total bank annuity sales, up 31% from the first quarter of 2002, while AIG/American General increased sales of fixed annuities through banks 33%, to $2.4 billion, Kehrer says.
Transamerica Financial Institutions, Minneapolis, a division of Aegon N.V., The Hague, Netherlands, ranked second in total sales of annuities through banks, even though its VA sales fell 12%, to $1.5 billion.