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June 29, 2005 at 08:00 PM
U.S. banks increased sales of equity indexed annuities by 79% in the first quarter, well above the growth rate for EIAs in other channels, a new survey reveals.
Banks sold $300 million worth of EIAs in the quarter, compared to $168 million in the first quarter of 2004, according to the survey by Kenneth Kehrer Associates, Princeton, N.J., sponsored by the Midwood Financial Bank, Encino, Calif.
Alan Blank, president of Midwood, points to recent data from LIMRA International, Windsor, Conn., showing EIA sales for the United States as a whole totaled $6.4 billion in the quarter, up 56% from year-earlier levels.
