Banks are reporting a drop in fixed annuity sales – and an increase in variable annuity sales – for November 2010.
Sales of fixed annuities at banks fell 36%, to about $1.1 billion, while sales of variable annuities rose 42%, to $1.5 billion, according to Kehrer-LIMRA, a bank research unit of LIMRA, Windsor, 
Conn. Overall bank annuity sales fell 6%, to $2.6 billion.
Banks sold $1.40 in variable annuities for every $1 of fixed annuities sold. In November 2009, the ratio was 64 cents in variable annuity sales for each $1 in fixed annuity sales.
Banks have been selling more variable annuities than fixed annuities since September 2010, Kehrer-LIMRA says.
- Trevor Thomas
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