Total annuity sales increased 11% from the first quarter of 2010, the first quarterly increase since the fourth quarter of 2008, LIMRA reports. 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.
LIMRA also announced the top 20 annuity writers for the second quarter. Topping the list is Prudential, which sold nearly $11 billion in overall annuity sales. Prudential also topped the list of variable annuity sellers. New York Life was the top fixed annuity seller for the second quarter, with $3.7 billion in sales.