2013 annuity sales: Year in review

There’s no denying that it’s been an impressive year for annuity sales. Industry-wide, the product is at its highest sales peak in two years, with especially notable growth seen in fixed annuities and deferred income annuities. Cathy Weatherford, president and CEO of the Insured Retirement Institute, said this after reviewing Q3 figures: “Strong sales were supported by a surge in sales of fixed annuities. From the first quarter to the third quarter, we’ve seen fixed annuity sales rise 50 percent. During this time, interest rates have increased steadily. As a result of this more favorable environment, demand for lifetime income has gone from sustaining sales to driving measurable growth across the industry.”