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August 29, 2003 at 08:00 PM
NU Online News Service, Aug. 29, 2003, 5:16 p.m. EDT – American International Group Inc., New York, reported $2 billion in annuity sales through U.S. banks for the second quarter, down 24% from its bank annuity sales for the second quarter of 2002.
But AIG still generated enough U.S. bank annuity sales to remain the top U.S. bank annuity vendor, according to data released by Kenneth Kehrer Associates, Princeton, N.J.
Transamerica, Minneapolis, a unit of AEGON N.V., The Hague, Netherlands, held on to second place, even though its U.S. bank annuity sales fell 11%, to $1.2 billion.
Traditionally, consumers who buy annuities through banks have been conservative investors who tend to prefer fixed annuities and other products that guarantee a minimum rate of return.
