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February 21, 2008 at 09:46 AM
Sales of fixed indexed annuities totaled $6.4 billion in fourth quarter 2007, about even with third quarter sales but up 7.6% from the same period a year earlier, AnnuitySpecs.com reports.
Total sales of indexed annuities for 2007 were $25.1 billion, down 0.5% from the previous year, according to the analysis by AnnuitySpecs, a division of Advantage Group Associates Inc., Des Moines, Iowa.
Allianz Life Insurance Company of North America, Golden Valley, Minn., a unit of Allianz S.E., Munich, was the number 1 carrier in the indexed annuity market, attaining a market share of 23%.
Bank sales of indexed annuities declined to 3.2% of total sales, while career distribution sales increased to 6.4% of the market, reports AnnuitySpecs.
