Banks sold $3.2 billion in fixed and variable annuities in May, down 27% from the $4.4 billion total for May 2004.[@@]
Bank and savings institution VA sales fell to $1.3 billion, from $1.5 billion, but the decline was even steeper in the FA market, according to Kenneth Kehrer Associates, Princeton, N.J.
Bank FA sales sank to $1.9 billion, from $2.9 billion, Kehrer estimates in its latest bank annuity sales survey report.
Jackson National Life Insurance Company, Lansing, Mich., sponsors the monthly survey series.