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July 17, 2003 at 08:00 PM
NU Online News Service, July 17, 2003, 3:04 p.m. EDT – Bank sales of annuities increased to $4.5 billion in May, up 2.3% from the sales total for May 2002, according to a monthly bank annuity sales survey from Kenneth Kehrer Associates, Princeton, N.J.
The researchers who conducted the survey, which was sponsored by Jackson National Life Insurance Company, Lansing, Mich., say the mix of the annuity products that the banks are selling is starting to shift.
“Unlike last year, VAs have been the key to sales growth,” says Brad Powell, president of Jackson National’s institutional marketing group.
