Banks sold $2.7 billion in annuities in December 2010, down from $2.9 billion in December 2009, according to Kehrer-LIMRA.
Sales of fixed annuities fell to $1.1 billion, from $1.6 billion, but sales of variable annuities increased to $1.6 billion, from $1.3 billion.
Banks have been selling more variable annuities than fixed annuities since September 2010, says Kehrer-LIMRA, Windsor, Conn.