Annuities sales through banks in April 2010 managed to maintain a modest recovery since hitting record lows at the beginning of the year. Variable sales dropped from March levels, but fixed annuity sales rose and kept total annuity sales even month-to-month. Meanwhile mutual fund’s share of the market has grown recently.

Financial institutions sold $3.3 billion in fixed and variable annuities in April, which matched March levels but were 26% short of the sales level reached the previous April when total annuity sales were $4.4 billion. “The dead of the financial crisis was the heyday for fixed annuities,” says Janet Capelletti, associate research director at Kehrer-LIMRA. “When the market’s in turmoil people looking for security.”

Register or login for access to this item and much more

All Bank Investment Consultant content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access