Annuity sales grew 7.7% in 2011 to $231.1 billion driven by robust sales of variable annuities, the Insured Retirement Institute announced Monday. Variable annuity sales were the strongest since 2007, hitting $155.5 billion, a 12% increase from 2010. 

“These sales results demonstrate that the marketplace for insured retirement products is truly robust with a significant number of investors looking to attain lifetime income as part of their retirement strategy,” IRI President and CEO Cathy Weatherford said in a statement. 

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