Total annuity sales in 2011 ticked up 8 percent to reach $240.3 billion, according to LIMRA's fourth quarter 2011 U.S. Individual Annuities Sales survey, which represents data from 94 percent of the market.
"While we saw significant growth in the first half of 2011, third and fourth quarter annuity sales fell quarter-over-quarter, tempering the double-digit growth seen at the mid-year mark," said Joseph Montminy, LIMRA assistant vice president, annuity research. "In this economic environment, VA companies are carefully managing the risks associated with their guaranteed living benefit riders, which has had an impact on overall sales trends."
In the fourth quarter, total annuity sales dropped slightly to $57.4 billion.
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