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December 31, 2006 at 02:00 PM
Individual annuity sales reached $58.7 billion in the 3rd quarter of 2006, making for a 9% increase over the same period in 2005, according to figures from LIMRA International, Windsor, Conn.
For the first 3 quarters of 2006, annuity sales totaled $177.9 billion, also up 9% over the same period in 2005, says LIMRA.
Variable annuities led the 3rd quarter results, reaching $37.9 billion, up 9% over the same year-earlier quarter, says LIMRA. For the first 3 quarters, VA sales hit $119.6 billion, up 18% compared to the same year-earlier period.
Fixed annuity sales totaled $20.8 billion in the 3rd quarter, reversing their declining trend, according to the researchers. Specifically, fixed sales were up 9% over the same year-earlier period total (of $19 billion). But, at $58.3 billion for the first 3 quarters, fixed sales were down 5% compared with the same period in 2005, says LIMRA.
Equity indexed annuities were $6.4 billion, down 7% from the 3rd quarter 2005. This is the 5th straight quarter of decline from the comparable prior year period, says LIMRA. However, EIA sales did go up slightly over the 2nd quarter 2006 total of $6.2 billion, making this the first increase in quarterly results in the last year.
