Variable annuity sales were slightly higher in the fourth quarter of 2009 than in the third quarter, but total sales were lower in 2009 than in 2008, according to the Insured Retirement Institute.
Fourth quarter sales ticked up to $31.9 billion from $31 billion in the previous quarter, says IRI, Washington. IRI based its report on data compiled for IRI by a unit of Morningstar Inc., Chicago.
Total VA premium sales for all of 2009 fell to $125.1 billion, from $154.8 billion in 2008, IRI says.
Other IRI VA market findings:
- Net VA sales edged up in fourth quarter to $2.9 billion, from $2.8 billion in the third quarter.