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April 08, 2011 at 08:00 PM
Fixed annuity sales by banks and other depository institutions in fourth quarter dipped by 48% in 2010 from the same period in 2009, according to a new report.
The American Bankers Insurance Association, an affiliate of the American Bankers Association, Washington, published this finding in a summary of results from a new study of fixed annuities conducted on ABIA’s behalf by Beacon Research, Evanston, Ill.
Fixed annuity sales in the fourth quarter totaled $3.2 billion, the report found. Quarter-to-quarter sales declined 20%. And sales for calendar year 2010 fell 53% to an estimated $15.5 billion.
