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LIMRA: VA Sales Climb

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Variable annuity (VA) sales grew to about $36 billion in the second quarter, up 11% from the total recorded in the second quarter of 2009.

LIMRA, Windsor, Conn., has based that figure on a survey of U.S. individual annuity issuers.

Fixed annuity (FA) sales fell to about $22 billion, down 26% from FA sales in the second quarter of 2009.

Total second-quarter VA and FA sales fell 7%, to $57 billion.

Indexed annuity sales held steady at $8.2 billion.

Fixed immediate annuity sales increased 5%, to $2.1 billion, and structured settlement annuity sales increased 7%, to $1.5 billion.

Joe Montminy, an assistant vice president at LIMRA, says the results seem to show the VA market is recovering from the effects of the economic slump.

“There was broad market growth as most companies in the top 20 experienced VA sales growth this quarter–whereas last year we saw growth concentrated with the top 5 carriers,” Montminy says.