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August 20, 2012 at 01:10 PM
Annuity sales grew 4% in the second quarter, LIMRA reported on Monday, totaling $57 billion. Despite those gains, sales fell 8% from the same period a year ago. Sales for the first half of 2012 were nearly $112 billion.
“The current economic conditions remain challenging for most insurers, driving overall annuity sales down,” Joseph Montminy, assistant vice president for LIMRA annuity research, said in a statement. “The one bright spot this quarter were indexed annuity sales, which are on pace to have a record year.”
Indexed annuity sales topped $8 billion, up 6% since the second quarter of 2011. For the first half of the year, they’re up 10% over the same period in 2011. LIMRA also noted that this is the fourth consecutive quarter that indexed annuities have outperformed traditional fixed annuities, taking nearly half of the fixed annuity market.
