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Bank Annuity Sales Fall in March

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Bank sales of annuities fell to $3.6 billion in March, down 14% from the March 2006 total.

Sales of variable annuities accounted for $2.1 billion in sales in March, and fixed annuities accounted for $1.5 billion in sales, according to Kehrer-LIMRA, Windsor, Conn.

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The firm bases the figures on results from a national sample of banks that have a minimum of $4 billion in assets.

The ratio of VA-to-FA sales rose to $1.40 to $1 in March, up from $1.10 to $1 in March 2006.