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August 30, 2010 at 08:00 PM
U.S. sales of fixed annuities topped $19.4 billion in the second quarter, according to a new report.
Beacon Research, Evanston, Ill., reports that fixed annuity sales dipped 30% in the second quarter from the year-ago period, although they increased 18% compared to the first quarter.
Estimated year-to-date sales ($35.9 billion) were also 43% below the first half of 2009.
Estimated second-quarter 2010 sales of indexed and income annuities were the highest in the study’s 8-year history, Beacon says.
By product type, estimated results were:
–Indexed: $8.2 billion;
–Book value: $7.2 billion
–Fixed income: $2.4 billion; and
–Market value-adjusted (MVA): $1.5 billion.
Results for all four product types improved over the previous quarter, says Beacon. Income annuities advanced 31%, MVAs were up 29%, indexed annuities increased 25%, and book value annuities grew 6%.
Compared to second quarter 2009, income and indexed annuities also were ahead by 10% and 0.4%, respectively.
