Annuity Sales In Banks Rose In June On Continued VA Strength
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Spurred by variable products, total annuity sales in banks rose to $4.4 billion in June, from $4.3 billion in the same month last year, reports Kenneth Kehrer Associates, Princeton, N.J.
Fixed annuity sales in banks fell to $2.6 billion in June, from $3.3 billion a year earlier. This was offset by a rise in VA sales during the same period from $1 billion to more than $1.8 billion, according to the Kehrer firm, which compiles its data from a national sampling of banks, savings and loans, and credit unions.
"In June, banks sold $1.41 in fixed annuities for every dollar in variable annuities sold," notes Kenneth Kehrer, president of the firm.
Just a year earlier, banks were selling $3.30 in FAs for every dollar in VAs.
