Total U.S. individual annuity sales in first quarter 2010 fell 24% from the first quarter of 2009, according to LIMRA.
First-quarter sales were also down by 5% from the previous quarter, says LIMRA, Windsor, Conn.
Total sales for the first 3 months amounted to $51.4 billion.
This is the fourth consecutive quarter of annuity sales declines, LIMRA researchers say.
For variable annuity sales, the LIMRA researchers have broken out these results:
- At $32.4 billion, VA sales improved 5% in the first quarter compared with results from the comparable period in 2009, but they fell 2% when compared with results from the fourth quarter of 2009.
- Separate account products accounted for $25.5 billion of the first-quarter total, up 22% from a year ago, while the fixed account products attracted just $6.9 billion, down 32%.