Bank sales of annuities dropped to $3.9 billion in July, from $4.1 billion in July 2003.[@@]
Kenneth Kehrer Associates, Princeton, N.J., has published those statistics in its latest review of the bank annuity market.
Changes in product terms and stock market volatility may have contributed to increased customer interest in more conservative products.
Bank variable annuity sales fell to $1.5 billion, from $1.7 billion in July 2003, while bank sales of fixed annuities rose to $2.5 billion, from $2.4 billion.
Although fixed annuity sales were up and variable annuity sales were down when compared with July 2003 results, Kenneth Kehrer, whose form conducts the monthly survey, notes that FA sales were down from $2.9 billion in June 2004 and that VA sales held steady between June 2004 and July 2004.