Industry Wide Annuity Sales Climb From 2010 Levels

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) today announced preliminary third quarter results for the United States annuity industry. Annuity sales for the third quarter continue to increase, outpacing levels from the same time period last year. Third quarter industry wide sales were $57 billion, up 5 percent from third quarter 2010 sales of $54.8 billion. Compared to second quarter sales of $60.3 billion, third quarter sales were down 6 percent.

“As annuity sales continue to outpace the impressive benchmarks established last year, this year is truly poised to be a historic one for the industry,” said IRI President and CEO Cathy Weatherford. “With variable annuity sales growing this quarter by more than $2 billion, and fixed annuities maintaining a strong footing in the market, it is evident that risk adverse investors are turning to these guarantees now more than ever. With this in mind, it is likely that 2011 will be the turning point for the industry, with sales reaching pre-crisis levels.”

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