Combined sales of fixed and variable annuities fell 27% from first quarter 2009, according to the Insured Retirement Institute, Washington.
First quarter sales were also down 6.9% from the previous quarter, IRI reports.
First quarter combined sales were $47.4 billion, compared to $50.9 in fourth quarter 2009 and $64.4 billion a year ago.
The combined results are based on fixed annuity sales data from Beacon Research, Evanston, and variable annuity sales data from Morningstar, Inc., Chicago.
IRI is reporting total annuity sales data on a combined basis for the first time.
Broken down by product line, the IRI report shows the following:
–First quarter 2010 FA sales: These amounted to $16 billion, a 14.7% decline from $19 billion in the previous quarter and a 51.9% decline from $34 billion in year-earlier period. These results include sale of book value, market value adjusted, indexed and income annuities.