IRI: Annuity sales down 7 percentNews added by ProWEB Media on May 21, 2010
Gary Linnell

ProWEB Media

Joined: December 27, 2005

The Insured Retirement Institute indicates that total annuity sales fell almost 7 percent from the fourth quarter 2009 to the first quarter of this year, from $50.9 billion to $47.4 billion.

Meanwhile, in the year-over-year period examined, annuity sales are down 27 percent, from $64.4 in the first quarter 2009.

In terms of fixed annuities, sales dipped 14.7 percent from $19 billion to $16 billion. This means FA sales are down a whopping 51.9 percent from a year earlier, when sales stood at $34 billion.

And finally, variable annuity sales only dropped by 1.5 percent, from $31.9 billion to $31.4 billion in the first quarter. Year-over-year sales of VAs were actually up by 3 percent, from $30.4 billion.
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