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Bank Annuity Sales Up In April

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Bank sales of annuities increased to $3.5 billion in April, up 9% from the April 2006 total.

Bank sales of fixed annuities plateaued at $1.5 billion, but bank sales of variable annuities increased 18%, to $2 billion, according to Kehrer-LIMRA, a division of LIMRA International, Windsor, Conn.

Kehrer-LIMRA bases the figures on a monthly sampling of data from banks with more than $4 billion in assets.

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Banks have sold more variable annuities than fixed annuities during 9 of the past 12 months, according to Kehrer-LIMRA.

Banks generated $1.33 in VA sales for every $1 of FA sales in April, up from a VA-to-FA ratio of $1.13 to $1 for April 2006, Kehrer-LIMRA reports.