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.
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