Annuity sales grew 4 percent in the second quarter, LIMRA reported on Monday, totaling $57 billion. Despite those gains, sales fell 8 percent from the same period a year ago. Sales for the first half of 2012 were nearly $112 billion.
"The current economic conditions remain challenging for most insurers, driving overall annuity sales down," Joseph Montminy, assistant vice president for LIMRA annuity research, said in a statement. "The one bright spot this quarter were indexed annuity sales, which are on pace to have a record year."
Indexed annuity sales topped $8 billion, up 6 percent since the second quarter of 2011. For the first half of the year, they're up 10 percent over the same period in 2011. LIMRA also noted that this is the fourth consecutive quarter that indexed annuities have outperformed traditional fixed annuities, taking nearly half of the fixed annuity market.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.