Life Insurance Quotes

Annuity sales increase from 2010

11/14/11

Annuity sales for the third quarter increased when compared to numbers from 2010, according to an announcement recently made by the Insured Retirement Institute.

Third quarter industry-wide sales were $57 billion, which was a 5 percent increase from the same time last year. When compared to second quarter results, annuity sales went down 6 percent from $60.3 billion.

There was a 12.3 percent quarterly decrease in fixed-income annuities, from $20.4 billion in the second quarter to $17.9 billion in the third quarter.

"As annuity sales continue to outpace the impressive benchmarks established last year, this year is truly poised to be a historic one for the industry,” said Cathy Weatherford, president and CEO of the IRI. “With variable annuity sales growing this quarter by more than $2 billion, and fixed annuities maintaining a strong footing in the market, it is evident that risk adverse investors are turning to these guarantees now more than ever. With this in mind, it is likely that 2011 will be the turning point for the industry, with sales reaching pre-crisis levels.”

Annuities are used by individuals who wish to get a jump on investing in retirement plans through their insurance company. In return for a lump sum payment or a number of smaller payments, the insurance company makes periodic interest payments to the annuity holder starting immediately after purchase or at a later date.

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