Annuities sold through banks hit a rough patch in last year, but 2011 looks brighter as interest rates begin to rise and the Dow Jones Industrial Average continues to improve.
On Wednesday the Kehrer-Jackson Monthly Bank Annuity Sales Survey was released revealing the first half of 2010 saw sales at a five-year low of $2.2 billion, increasing to $2.6 billion in February and $3.3 billion in March - the highest level of the year. But the second quarter was rocky, with sales tumbling 13% to $2.8 billion in April and than jumping 18% to a quarterly high of $3.1 billion in May. June’s sales fell 8%, to $2.9 billion, but were still higher than April. For the second half of the year, bank sales of annuities appeared ranged from $2.5 billion to $2.9 billion.
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