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."

Fixed annuities grew 5 percent versus first quarter 2010, totaling $20.2 billion. This growth was a result of fixed-rate deferred products, which were up 10 percent compared to last year.

Book-value sales grew 10 percent year-over-year and 32 percent compared to the previous quarter. Interest rate spreads improved, as well, making fixed annuities more attractive compared to comparable investment products, such as CDs.

Market-value adjusted sales also increased, up eight percent in the first quarter of 2011.

Indexed annuities remained steady in the first quarter of 2011, increasing 1 percent from 2010. After reaching record levels in the $8 to $9 billion range for most of 2010, indexed annuities settled back to the $7 billion level this quarter.

Prudential Annuities was the top writer for both total and variable annuity sales in the first quarter of this year, while AIG Annuities topped the list for fixed sales. A list of the top 20 writers in fixed, variable, and total annuities is available from LIMRA.