Income annuity sales in the first quarter climbed almost 23% to $2.16 billion from $1.75 billion a year ago, according to the Fixed Annuity Premium Study released today by Beacon Research. And sales of indexed annuities also increased, hitting $8.16 billion, up nearly 9% from the year-ago quarter, the data showed.
“Both product types did well despite lower interest rates due to demand for guarantees in general and reliable retirement income in particular.” Jeremy Alexander, CEO of Beacon Research, said in a statement.
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