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February 23, 2010 at 07:00 PM
Annuity sales statistics from 2009 started rolling in recently from a variety of researchers, with LIMRA reporting that total individual annuity sales declined 11% in 2009 to $234.9 billion.
Windsor, Ct.-based LIMRA also reported that while Variable Annuity (VA) sales fell 18% in 2009 (actually an improvement after being down 26% through the first six months of the year), Fixed Indexed Annuity (FIA) sales actually increased by 9% over 2008, to a record $29.4 billion. Fixed Annuity (FA) sales were down 1% for the year, reaching $107.9 billion.
A study by Beacon Research, Evanston, Ill., and the Insured Retirement Institute, Washington, D.C., released on Feb. 17 found similar figures, reporting that total FA sales fell 1.5%, to $105.1 billion in 2009, compared to 2008. That same study found that total FIA sales reached $30.2 billion in 2009, for a year-to-year increase of $3.5 billion.
Des Moines, Iowa-based AnnuitySpecs reported on Feb. 18 that FIA sales set a record in 2009. “The big story this quarter is that sales of indexed annuities exceeded $30 billion in 2009, setting an all-time record. That blows away our previous 2007 annual sales record by more than 10%,” said Sheryl J. Moore, President and CEO of AnnuitySpecs.com.
