Annuity sales surge most since 2002

Sales of annuities jumped 17 percent in the fourth quarter, the biggest gain in 11 years, as higher bond yields buoyed insurers that offer the savings products.

By Zachary Tracer | Updated on February 25, 2014

Feb. 24 (Bloomberg) — Sales of annuities jumped 17 percent in the fourth quarter, the biggest gain in 11 years, as higher bond yields buoyed insurers that offer the savings products.

Insurers sold $61.9 billion of annuities, compared with $52.7 billion a year earlier, according to estimates today from industry group Limra. The increase was fueled by sales of fixed annuities, which jumped 45 percent to $25.6 billion.

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