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Summer Sales Increase for Bank Annuities


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According to Insurance News Net, sales of fixed and variable annuities increased in the bank channel during the month of June.  In the article, “Sales of Both Fixed and Variable Annuities Up at Banks,” it says that June was the first month for a sales increase since March.  The last time for a sales increase for both fixed and variable annuities during the month of June was in 2006.  It is pretty rare that both annuity products see a sales increase during the summertime.  Bank sales of fixed and variable annuities have increased 48% since the beginning of this year and are up 31% since June of 2010.

Variable annuities have been on a steady upward climb for the past year and a half.  Their sales reached $2.1 billion in June, a level which hasn’t been seen since November of 2007.  Variable annuity reviews through the bank channel have shown many happy  investors.  Sales of variable annuities are up 69% this year and have increased 52% from the sales level in June of last year.  Sales of fixed annuities were up 3% in June, which is more significant because of the large declines during April and May.  This year, fixed annuities sold through banks have increased 28%.  They are 12% higher than in June of 2010.  Even though the 5 year fixed annuity average yield is still low, investors are getting competitive fixed annuity products based on the rate for term and rate for comp.

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