Life Insurance Quotes

Variable annuity sales increase in third quarter

11/21/11

LIMRA's third quarter 2011 U.S. Individual Annuity Sales survey revealed annuity sales rose 16 percent to $40.2 billion.

The survey showed variable annuity sales have increased six consecutive quarters, and every quarter in 2011 has shown double-digit increases compared to the same periods in 2010.

“While third quarter VA sales were 2 percent lower than second quarter results, VAs performed significantly better than the market, which was down 15 percent,” said Joseph Montminy, assistant vice president for LIMRA’s annuity research. “The equity markets in the third quarter were the most volatile we have experienced since the financial crisis began in late 2008, yet consumers’ demand for guaranteed lifetime income helped sustain VA sales.”

Annuities are financial products that are designed to increase in worth over time and, eventually, be periodically be paid out to the investor.

The survey represented 94 percent of the market and showed total annuity sales adding up to $60.4 billion in the third quarter, which was an 8 percent increase from the prior year.

Americans may look at annuities as a safe way to plan for the future, considering the shaky state of the economy in the last several years.

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