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Banks See Annuity Sales Decline In December

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Sales of annuities in banks fell to $3 billion in December, down 15% from $3.5 billion in December 2004.

December sales were divided about evenly between fixed and variable products, at around $1.5 billion each, according to results of a survey conducted by Kenneth Kehrer Associates, Princeton, N.J.

Fixed annuity sales were down 22% from $1.9 billion a year earlier, while VAs sales were down 7% from $1.6 billion in December 2004.

Bank annuity sales declined in 6 of the 8 months ending in December, noted Greg Salsbury, chief sales officer at Jackson National Life Insurance Company’s Institutional Marketing Group, Lansing, Mich. Jackson National sponsors the Kehrer survey.

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