Annuity sales reached $240.3 billion in 2011, an 8% increase compared to 2010, according to a new report. LIMRA, Windsor, Conn., disclosed this finding in its fourth quarter 2011 U.S. Individual Annuities Sales survey, which represents data from 94% of the market.
In the fourth quarter, total annuity sales dropped slightly to $57.4 billion, says LIMRA. After six consecutive quarters of positive growth when compared to the prior year, fourth quarter VA sales were flat, and compared to the prior quarter, VA sales were down four percent, totaling $38.4 billion.
But overall VA sales sustained 13% growth in 2011, growing to $159.3 billion, which exceeds total VA sales from 2008.
Total fixed annuity sales were $19.0 billion, falling two percent in the fourth quarter. In 2011, fixed annuities slipped one percent, to reach $81.0 billion.