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August 19, 2010 at 08:00 PM
Total annuity sales increased 11% from the first quarter of 2010, the first quarterly increase since the fourth quarter of 2008, LIMRA reported. Year-to-date sales topped $108 billion.
Variable annuity sales are up in the second quarter, increasing 11% to $35.5 billion compared to the prior year. Sales also increased 10% over the first quarter of 2010. Total sales for the first six months of 2010 are nearly $70 billion.
Indexed annuities increased, as well, driven by market volatility and low interest rates, according to LIMRA. After a dip in sales in the first quarter, “second quarter indexed annuity sales matched the record levels hit in the second quarter of 2009″ at $8.2 billion.
While fixed annuity sales are down 26% compared to the prior year, sales improved 13% over last quarter, totaling $40.5 billion year-to-date.
