Sales of annuities through banks in September lost their momentum after hitting a peak for the year in March. According to the Kehrer-Jackson Monthly Bank Annuity Sales Survey, variable sales maintained August levels but fixed annuity sales sank, driving total annuity sales down.
Financial institutions sold $2.6 billion worth of fixed and variable annuities in September. This represents an 8% drop for the month and a 17% dive from the previous September, when fixed annuities compensated for stalled variable sales at banks. “Variable sales in September were flat, but fixed annuities really fell behind,” says Janet Cappelletti, Associate Research Director for Kehrer-LIMRA.
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