Easing of the COVID-19 pandemic and rising interest rates helped push U.S. individual annuity sales toward the sky in the second quarter.
Sales climbed to $68 billion, up 39% from the total for the second quarter of 2020, according to the Secure Retirement Institute's latest issuer survey data.
Sales of individual fixed annuities increased 27%, to $35 billion, and sales of individual variable annuities leaped 55%, to $33 billion.
The COVID-19 pandemic, and pandemic-related financial turmoil, chilled annuity sales in the second quarter of 2020. Issuers and financial services professionals have been struggling to get sales back on track ever since.
Sales rose 2% in the fourth quarter of 2020 and 9% in the first quarter of this year.
Here's how sales of five types of annuities changed between the second quarter of 2020 and the latest quarter:
(Image: Adobe Stock)
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
