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.
Sales of fixed annuities, however, were down slightly for the year, falling 1.1% to $75.6 billion.
Overall, annuities had a relatively weak fourth quarter, totaling $54.5 billion, down 6.6% from the $58.1 billion logged in the third quarter, according to IRI. Fourth-quarter variable annuity sales totaled $37.2 billion, down 5% from $39.1 billion in the previous quarter. And fourth-quarter fixed annuity sales dipped 8.8% to $17.3 billion from $19 billion in the third quarter.
The statistics are based on data reported by Morningstar and Beacon Research.
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
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access