Bank sales of annuities fell to $3.6 billion in September, down 18% from the total for September 2003.[@@]
Kenneth Kehrer Associates, Princeton, N.J., has published those figures in its latest Kehrer-Jackson National Monthly Bank Annuity Sales Survey report.
The September sales total was also down 10% from the August total.
Despite the slump, the good news is that the long decline in variable annuity sales in banks showed signs of ending, according to Brad Powell, president of the institutional marketing group at Jackson National Life Insurance Company, Lansing, Mich., the company that sponsors the survey.
September VA sales fell from $1.5 billion in September 2003 but were about even with the results for the preceding month, Powell says.