Sales of variable annuities (VA) appear to be out of
the doldrums, rising by 11% in the second quarter of 2010 compared
with the same period in 2009 to $35.5bn, reports financial services
organisation LIMRA.
Also indicating a firm recovery, VA
sales in the second quarter of 2010 were 10% higher than sales in
the first quarter, taking total sales in the first half of 2010 to
$67.9bn, an improved 8% compared with the first half of 2009.
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“After five consecutive quarters
where VA sales were lingering in the $31bn to $33bn range, we are
finally seeing signs of recovery as VA sales jumped more than $3bn
in the second quarter,” commented assistant vice-president for
LIMRA’s annuity research Joe Montminy.
“In addition, there was broad
market growth as most companies in the top twenty experienced VA
sales growth this quarter – whereas last year we saw growth
concentrated with the top five carriers.”
However, fixed annuity sales did
not fare well in the second quarter of 2010, falling by 7% compared
with the second quarter of 2009 to $57bn, reported LIMRA.
The fall in fixed annuity sales left total annuity sales in the
second quarter of 2010 down 7% compared with the second quarter of
2009 at $57.0bn. However, total annuity sales grew 11% over the
first quarter, marking the first quarterly increase in total
annuity sales since the fourth quarter of 2008. Total annuity sales
in the first half of 2010 were $108.4bn. <
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