The Insured Retirement Institute announced first-quarter variable annuity assets reached $1.6 trillion, the highest level ever recorded by Morningstar.
According to IRI, annuity sales for the first quarter posted a double digit increase over sales from the same time period last year. Industry wide sales were $58.1 billion, up 17 percent from $49.7 billion in the first quarter of 2010.
First quarter sales also garnered quarter-to-quarter growth, increasing at a rate of 5 percent over $55.2 billion from the fourth quarter of 2010.
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