The first quarter of 2011 showed positive growth for variable, fixed and total annuity sales, according to the LIMRA 2011 Annuity Sales Survey.
Total annuity sales reached $60 billion in the first three months of 2011, a 16 percent growth compared to the first quarter of 2010. Variable annuity sales improved even more; there was a 24 percent jump for the product when compared to the same period last year.
"Strong VA sales, which recorded $39.8 billion in the first quarter, were the main driver of the overall annuity growth," Joseph Montminy, LIMRA assistant vice president, annuity research, said in a press release. "They benefited from the positive equity market trend and consumers putting money back into the market. In addition to the top three VA companies experiencing record sales for the second consecutive quarter, 16 of the top 20 VA companies improved sales from one year ago, which sets a good pace for 2011."
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