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Bank Sales Of Index Annuities Slump

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Bank sales of indexed annuities declined to $393 million in the second quarter, from an all-time high of $520 million in the second quarter of 2005.

The 24% decrease was the third straight quarterly decrease reported for sales for index annuities in banks, according to Kehrer-LIMRA, a unit of LIMRA International, Windsor, Conn.

Overall indexed annuity sales also seem to be falling, the research operation reports.

Banks sold 6.4% of total U.S. index annuity premium in the quarter, according to Kehrer-LIMRA.

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