Bank sales of annuities hit record lowNews added by ProWEB Media on March 31, 2010
Gary Linnell

ProWEB Media

Joined: December 27, 2005

Bank sales of fixed and variable annuities continued to decline in January, reaching record lows, according to data from Kehrer-LIMRA.

Monthly sales of bank annuities have been in a tailspin since they reached a 2009 high of $5 billion last March.

Since then, total sales have fallen to $2.4 billion as of January, compared to $4.2 billion one year earlier. Meanwhile, fixed annuities, which helped provide a boost in 2009, have fallen to $1.3 billion from $3.5 billion in January 2009.

Finally, banks sold approximately $1 billion in variable annuities in January, down 21 percent from December's high of $1.3 billion, but better than the $700 million in sales experienced in January 2009.
The views expressed here are those of the author and not necessarily those of ProducersWEB.
Reprinting or reposting this article without prior consent of is strictly prohibited.
If you have questions, please visit our terms and conditions
Post Press Release