(wire)
Sales of variable and fixed annuities down in 2009
Sales of both variable and fixed annuities fell in 2009, according to recent data from LIMRA.
According to LIMRA's quarterly sales report on U.S. individual annuities, variable annuities saw sales of $127 billion during 2009, an 18 percent decline from the previous year. During the first half of 2009, sales variable annuities had fallen 26 percent, compared with the same period one year earlier.
One factor contributing to the decline in variable annuity sales were fewer 1035 exchanges, according to Joe Montminy, assistant vice president and research director at LIMRA.
Sales of fixed annuities last year reached $107.9 billion, a decline of 1 percent from 2008. However, during the fourth quarter, fixed-annuity sales fell 40 percent compared to the year-earlier period.
Indexed annuities saw the largest increase in sales within fixed annuities, with sales reaching $29.4 billion, an increase of 9 percent from the previous year.
Finally, overall sales of individual annuities fell to $234.9 billion, a decrease of 11 percent.
According to LIMRA's quarterly sales report on U.S. individual annuities, variable annuities saw sales of $127 billion during 2009, an 18 percent decline from the previous year. During the first half of 2009, sales variable annuities had fallen 26 percent, compared with the same period one year earlier.
One factor contributing to the decline in variable annuity sales were fewer 1035 exchanges, according to Joe Montminy, assistant vice president and research director at LIMRA.
Sales of fixed annuities last year reached $107.9 billion, a decline of 1 percent from 2008. However, during the fourth quarter, fixed-annuity sales fell 40 percent compared to the year-earlier period.
Indexed annuities saw the largest increase in sales within fixed annuities, with sales reaching $29.4 billion, an increase of 9 percent from the previous year.
Finally, overall sales of individual annuities fell to $234.9 billion, a decrease of 11 percent.
