Bank Annuity Sales Down 18%

Despite a slight rebound in variable annuity volume, total sales of annuities through banks and savings institutions fell 18% between June 2004 and June 2005, to $3.6 billion, according Kenneth Kehrer Associates.[@@]

Bank sales of fixed annuities fell 31%, to $2 billion, as sales of variable annuities rose 7%, to $1.6 billion, according to Kenneth Kehrer, Princeton, N.J.

Banks sold $1.25 in fixed annuities for every dollar of VA sales in June 2005, down from a ratio of 1.93-to-1 fixed annuity-to-variable annuity sales ratio in June 2004.