NU Online News Service, April 19, 2004, 6:02 p.m. EDT – U.S. bank annuity sales fell to $3.6 billion in February, down 5% from the total for February 2003.[@@]
But combined bank sales for fixed and variable annuities increased from $3.3 billion in January, according to the Kehrer-Jackson National Monthly Bank Annuity Sales Survey.
“February was a very positive month for bank sales, considering there were 2 fewer business days than [in] January,” says Brad Powell, president of the institutional marketing group at Jackson National Life Insurance Company, Lansing, Mich., which sponsors the monthly survey.
Kenneth Kehrer, whose Princeton, N.J., research firm conducts the monthly survey, says a sprightlier stock market helped sales of variable annuities.
U.S. bank sales of fixed annuities fell 15% from February 2003, to $2.2 billion, while bank sales of variable annuities increased 14%, to $1.4 billion.
FA sales were up 8% from the total for January, even though crediting rates for new money invested in fixed annuities were down slightly.