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May 18, 2011 at 08:00 PM
Total U.S. individual annuity sales climbed to $60 billion during the first quarter, up 16% from the total for the first quarter of 2010, according to LIMRA.
LIMRA, Windsor, Conn., says the 59 insurers that participated in its first-quarter annuity sales survey said sales of variable annuities increased 24%, to $40 billion.
Sales of fixed annuities increased 5%, to $20 billion, and sales of indexed annuities increased 1%, to $7.1 billion, LIMRA says.
Another annuity market tracker, AnnuitySpecs.com, Pleasant Hill, Iowa, agrees that indexed annuity sales totaled $7.1 billion in the first quarter, but it says that amount represents an increase of 5% from the total for the comparable period in 2010.
Variable annuity sales “benefited from the positive equity market trend and consumers putting money back into the market,” says Joseph Montminy, a LIMRA annuity specialist.
