Variable annuity sales rose during the first quarter as fixed annuity sales fell.
VA sales climbed 20% between the first quarter of 2005 and the first quarter of 2006, to $39 billion, according to preliminary results from LIMRA International’s latest quarterly annuity sales survey.
FA sales dropped 9%, to $18 billion, over the same period, but the gain in VA production pushed total annuity sales up 9%, to $57 billion, LIMRA says.
LIMRA, a nonprofit Windsor, Conn., market research consortium, says 59 companies participated in the first-quarter survey.
LIMRA breaks out separate sales figures for equity-indexed annuities, immediate annuities and other types of contracts.