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July 15, 2008 at 08:55 AM
Financial institutions sold $4.9 billion of annuities in April, up 48% from the April 2007 total, according to Kehrer-LIMRA.
Sales of fixed annuities in banks rose to $3 billion, from $1.3 billion, while bank sales of variable annuities dropped to $1.9 billion, from $2 billion.
The recent shakiness of the stock market is driving many bank customers to the relative safety of fixed products, according to Greg Cicotte, national sales manager at Jackson National Life Distributors L.L.C., the survey sponsor.
Jackson National is a unit of Prudential P.L.C., London.
