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Deferred-income annuities are making their mark on the insurance world, shaping up as more than an esoteric niche product.

Since New York Life first introduced its DIA about two years ago, these annuities have quickly gained in popularity, growing to a $395 million market in the first quarter of 2013, which was 147 percent higher than the first quarter of 2012, according to new LIMRA research.

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