Total sales of annuity products reached $219 billion in 2012 — the lowest level since 2005 — according to LIMRA, which released its top 20 list of annuity sellers Thursday.
Variable annuity sales hit $147 billion, and fixed annuity sales weighed in at $73 billion, LIMRA reported.
"Unlike historical trends, VA sales (down 7 percent in 2012) did not follow equity market growth, which increased 13 percent" in 2012, Joseph Montminy, assistant vice president and director of LIMRA Annuity Research, told AdvisorOne. "VA sales performance in 2012 was clearly influenced by companies' strategic management of their books of business—removing some products from the market, limiting additional contributions into existing contracts and revising features/pricing on GLB riders."
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