Banks are reporting a sharp drop in April annuity sales.[@@]
Total bank annuity sales fell 9% from the April 2003 total, to $3.9 billion, according to Kenneth Kehrer Associates, Princeton, N.J.
Bank fixed annuity sales fell 8%, to $2.4 billion, and bank variable annuity sales fell 12%, to $1.5 billion.
Bank sales of fixed and variable annuities have been moving in the same direction at the same time since February, according to Kenneth Kehrer, whose firm conducts the bank annuity sales surveys.