Total U.S. individual variable annuity (VA) sales climbed to $41 billion during the second quarter, up 16% from the total for the second quarter of 2010, according to LIMRA.

LIMRA, Windsor, Conn., says the 58 insurers that participated in its second-quarter annuity sales survey reported that the amount of assets in fixed options within variable annuities grew 5%.

The amount of assets in variable options within variable annuities grew 20%.

Sales of fixed annuities fell 1%, to $21.5 billion.

Sales of indexed annuities fell 1%, to $8.1 billion.

“Recent market volatility will certainly affect third quarter VA sales but consumer demand for guaranteed income protection will continue to drive sales of VAs with guaranteed living benefit (GLB) riders,” says Joseph Montminy, a LIMRA analyst.

- Allison Bell

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