Annuity sales fell 6% year-over-year in Q1, LIMRA says

05/22/2013 | National Underwriter Life & Health

Carriers representing 94% of the annuity market reported a 6% year-over-year decline in first-quarter sales of the products, according to LIMRA. Fixed-annuity sales fell by 11% to $16.2 billion from the same period last year, registering their eighth straight quarterly decrease. First-quarter sales of variable annuities and indexed annuities each fell by 4%, to $35.5 billion and $7.8 billion, respectively. More than 7 in 10 investors opted for guaranteed lifetime withdrawal benefit riders if offered on their indexed annuities, LIMRA said.

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