Total annuity sales fell almost 7% from the fourth quarter 2009 to the first quarter of this year, from $50.9 billion to $47.4 billion, according to a new report by the Insured Retirement Institute.

If that doesn’t sound like much of a decline, bear in mind that year-over-year annuity sales are down a full 27%, from $64.4 in the first quarter 2009.

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