RJ and Makay

The sales of fixed annuities by banks were down a massive 52% from the same period last year, according to a joint report by Beacon Research and the American Bankers Insurance Association.

The $4.1 billion, fixed annuity sales were down 3.1% from the first quarter this year, the report found, although 60% of insurers polled saw an increase in fixed annuities sold through banks.

Western National Life dominated the bank channel with $1.2 billion of fixed annuities sold. New York Life is second with $686 million and Lincoln Financial sold $334 million.