With gas prices rising and the economy grinding down, it’s no surprise that indexed annuity sales were down as well during the first quarter.
According to the latest Advantage Index Sales & Market Report, the sale of indexed annuities during the quarter — including those registered as securities –hit $5.7 billon. That number was off 10 percent from fourth quarter sales. However, sales are up over half a percent over the same time frame a year ago.
“This was a tumultuous quarter. All indicators were on track for sales to be up — caps, participation rates and spreads have been favorable over the past quarter; and CD rates have been down as well,” according to Sheryl Moore, CEO of AnnuitySpecs.com, who conducted the study.