Fixed Annuities Set Sales Records

Fixed annuity sales in the United States are soaring and even variable annuities didn't take as big of a hit as the S&P 500, according to reports on first-quarter sales of annuities.

U.S sales of fixed annuities were an estimated $34.9 billion in the first quarter of 2009, says the Beacon Research Fixed Annuity Premium Study. Overall, first quarter sales were 78% higher than those in the first quarter of 2008, and were up 2% from the last quarter of last year, based on 53 insurance companies that hold 86% of the market.

Both the first quarter this year and the last quarter of 2008 set sales records. All types of fixed annuities, including book value, indexed, market value adjusted and immediate, increased in sales. MetLife continues to hold the largest market share with New York Life and Aviva USA coming in next...

Financial Advisor: Fixed Annuities Set Sales Records