Sales of annuities in the second quarter hit their highest level in three years.
According to the Insured Retirement Institute, annuity sales in the period amounted to $59.9 billion, based on data reported by Beacon Research and Morningstar Inc. That's a 6.8 percent increase from the first quarter's $56.1 billion and an even higher 9.9 percent increase from the second quarter of 2013, when sales totaled $54.5 billion.
IRI also said that, based on Beacon Research data, fixed indexed annuity sales not only reached a record but drove sales of fixed annuities higher, hitting $24.3 billion in the second quarter. That's up 7.6 percent from the year's first-quarter sales of $22.6 billion and a whopping 41.6 percent increase from Q2 2013 of $17.1 billion.
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