"The record sales are due to strong growth in variable annuity sales, which were up 24 percent for the quarter at $42.7 billion, the highest quarter ever," said Eric Sondergeld, corporate vice president and head of LIMRA's Retirement Research. Year-to-date, VA sales grew 22 percent, reaching a total $81.8 billion.
Fixed annuity sales continued to decline, down 13 percent for the quarter. At $37.5 billion, fixed annuities are down 11 percent for the first half compared with 2005. Equity indexed annuities marked a fourth straight quarter of decline, down 18 percent from second quarter 2005.
While still representing a small segment, sales of income annuities showed solid growth through the first half. Variable immediate annuities were up 37 percent to $202 million and fixed immediate annuities were up 12 percent to $2.9 billion.
Howard S. Drescher, (860) 285-7875, email@example.com
Catherine Theroux, (860) 285-7787, firstname.lastname@example.org
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