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August 30, 2013 at 08:19 AM
Second-quarter statistics from the Bank Insurance & Securities Research Associates (BISRA) underscore the continued sales growth of indexed annuities.
In Q2, indexed annuities sales through banks and credit unions maxed out at a record high of $1.06 billion, one-third higher than in the first quarter and two-thirds above the number recorded a year earlier in the same quarter. Further, according to BISRA, indexed annuities accounted for one-third of all bank-sold fixed annuities for the first time. Fixed annuity sales came in at $3.2 billion in the second quarter, up from $2.7 billion in the second quarter, but down from the $3.3 billion booked in Q2 ’12.
BISRA’s findings mirror those calculated by LIMRA, which charted a second-quarter indexed annuity sales total of a first-ever $9 billion. That’s a 5 percent jump from the second quarter of last year. Year-to-date, indexed annuity sales rose 1 percent to $16.8 billion, reports LIMRA. (Editor’s Note: Click the chart below to enlarge.)
BISRA notes that the bank channel share of indexed annuity sales was 12 percent in the second quarter, another record. In 2008, banks accounted for only 4 percent of indexed annuity sales.
