Travelers Life Reports 35% Gain In Fixed Annuity Sales

Net written premiums and deposits for variable annuities increased 12%, to $1.2 billion, despite the recent lackluster performance of the stock market. Meanwhile, the unit’s smaller fixed annuity operation pumped its sales up 35%, to $1.2 billion.

The Travelers Life unit is reporting $282 million in net income for the latest quarter on $1.5 billion in revenue, up from $163 million in net income on $1.4 billion in revenue for the third quarter of 2003.

Over at the Primerica Financial Services unit, a part of Citigroup’s global consumer division, variable annuity sales rose 22%, to $258 million, but net income rose less than 2%, to $136 million.