Revenue from fixed annuity sales fell to $27 billion in the second quarter, IRI reported today.
That total is down 9.5% from the total IRI reported for the second quarter of 2016. But the year-over-decline has shrunk from 14% in the first quarter.
IRI, a Washington-based group for insurers and other players in the insurance-based retirement products market, broke the results down by product category:
Book value annuities: Sales fell 0.7%%, to $5.7 billion. (In the first quarter, sales fell 4.5%.)
Indexed annuities: Sales fell 7.1%, to $15 billion. (In the first quarter, sales fell 10.5%.)
- Variable annuities: Sales fell 10%, to $24 billion. (In the first quarter, sales fell 10.4%.)
Variable annuity net assets increased to $2 trillion on June 30. The variable annuity asset total was up 2.9% from the total recorded a year earlier.
IRI gets its variable annuity market data from Morningstar Inc. and its fixed annuity market data from Beacon Research.
A summary of the IRI results is available here.