Insured Retirement Institute
Net variable annuity sales strongest since 2007Posted by RJ and Makay on Mar 14, 2012 |
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Net variable annuity (VA) sales in 2011 were the strongest since 2007, the Insured Retirement Institute (IRI) reported Monday. The insurance segment’s total year’s net sales came in at $27.7 billion, a 28% increase from 2010. Fourth quarter 2011 net VA sales rose almost 35%, to $7.2 billion, up from $5.4 billion for the prior year’s period. Q4 2011 was the second strongest quarter since mid-2008, the IRA said.
Annuity products that provide guaranteed income benefits in innovative ways should be classified as hybrids, say a group of state regulators. The recommendation is sure to catch the attention of producers, distributors and carriers. One of the industry’s top sellers—the guaranteed life withdrawal benefit (GLWB), which is often sold with a variable annuity (VA), would come under additional regulatory scrutiny.
Third-quarter net variable annuity sales were $8.8 billion, the highest level since Q3 2007 sales of $8.9 billion, the Insured Retirement Institute (IRI) announced Tuesday. Variable annuity sales were $39 billion, down 2% from last quarter and up 14% from the year ago period. Year-to-date, total variable annuity sales are over $118 billion, 18% above the 2010 level.
