Individual and variable annuity sales tumbled in 2Q, LIMRA reports

Fixed sales as a whole, however, increased 11% from same period last year

Total individual-annuity sales tumbled during the second quarter as carriers’ new business slowed and fixed-annuity interest rates fell, although sales for all fixed annuities fared better, according to data from LIMRA... Individual-annuity sales in the second quarter fell to $60.5 billion, down 11% from the same time last year, according to data from the Windsor, Conn.-based LIMRA International Inc.

Variable annuity sales also took a dive, falling $31.9 billion at the end of the second quarter, a 24% drop compared with the second quarter of 2008...

Investment News: Individual and variable annuity sales tumbled in 2Q, LIMRA reports