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Huge Annuity Sales for Sun Life

moneyIn “Sun Life unit racks up $1B in variable annuity sales” from Tim McLaughlin of the Boston Business Journal, McLaughlin sums up Sun Life’s great quarter.  Sun Life Financial Inc.’s U.S. division is based in Wellesley, Mass.  Sales of their variable annuities in the third quarter were $1.08 billion, more than a 30 percent increase from the previous quarter.  While many insurers have cut back their variable annuity business, Sun Life was able to capture 3.5 percent of the market share.  The wirehouse distribution channel, advisers selling the products to their clients, is where the largest gains occurred.  Annuity sales from variable products doubled from the first three quarters of 2008 to the first three quarters of 2009.

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