Combined sales of fixed and variable annuities were lower in the first quarter than in both the previous quarter and in the first quarter of 2009, an industry group says.
First-quarter combined sales were $47.4 billion, according to the Insured Retirement Institute, Washington.
That figure is down 6.9% from $50.9 billion in the previous quarter, and down 27% from $64.4 billion in the comparable quarter in 2009, IRI says.
IRI is reporting combined fixed and variable annuity sales results for the first time. The fixed annuity results are based on data from Beacon Research Inc., Evanston, Ill., and the variable annuity results are based on data from Morningstar Inc., Chicago, the association says.
Broken down by product line, the IRI report shows the following: