Sales of annuities in banks and savings institutions fell 9% in October from year-earlier levels, a new study finds.[@@]
Banks’ total annuity sales fell to $3.8 billion in October, according to a monthly survey by Kenneth Kehrer Associates, Princeton, N.J. The survey is sponsored by Jackson National Life Insurance Company, Lansing, Mich.
Variable annuity sales continue to disappoint banks, according to Brad Powell, president of Jackson National’s institutional marketing group.
Bank VA sales slipped to $1.3 billion, down from $1.4 billion a year earlier.