Total annuity sales slumped 10 percent in first half of 2017, dropping to levels not seen since 2001, according to LIMRA Secure Retirement Institute’s second quarter retail annuity sales survey.
For all annuities, sales were $105.8 billion. For six consecutive quarters, sales of fixed annuities have outpaced variable annuities, a run unprecedented in the past 25 years.
Sales of variable annuities were down 8 percent in the first half of the year, to $49.1 billion. Fixed annuities, less complex and typically less expensive guaranteed income products than variable annuities, also suffered a significant decline of 11 percent in the first half of the year.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
