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Variable Annuity Sales Drop in Q3, Say Insurers

LIMRA, a trade group of insurers, has just released their quarterly report for the life insurance industry. In the third quarter results, variable annuity options took a significant hit amid the recent stock market confusion.

According to their press release:

  • Variable annuity sales are off by 17%
  • Variable life insurance and variable universal life sales have dropped 33% in the last quarter.
LIMRA product research analyst Ashley Durham blames the struggling equity market for this decline.
On the other hand, sales of fixed annuities are up by 46% in Q3. The Hartford Courant reasons that this may be due to insurers taking on the investment risk of those products.
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