Fixed Annuity Sales Jump, VA Sales Dive In 1Q
May 20, 2016 by LIMRA
WINDSOR, Conn., May 19, 2016—Total annuity sales were $58.9 billion, 9 percent higher than prior year results, according to LIMRA Secure Retirement Institute First Quarter 2016 U.S. Retail Annuity Sales Survey.
This is the third consecutive quarter of positive growth.
“The start of the year saw tremendous volatility with steep declines in the equity markets, falling nearly 10 percent within the first three weeks” noted Todd Giesing, assistant research director, LIMRA Secure Retirement Institute. “While it did rebound into positive territory by the end of the quarter, the substantial volatility hurt VA sales and helped fixed products as people sought out safety being offered in indexed and fixed-rate deferred products.”
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