Banks sold $2.7 billion in annuities in December 2010, down from $2.9 billion in December 2009, according to Kehrer-LIMRA.
Sales of fixed annuities fell to $1.1 billion, from $1.6 billion, but sales of variable annuities increased to $1.6 billion, from $1.3 billion.
Banks have been selling more variable annuities than fixed annuities since September 2010, says Kehrer-LIMRA, Windsor, Conn.
The December 2010 sales ratio was $1.48 in variable annuities sold for every $1 in fixed annuities sold.
- Trevor Thomas
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