Bank sales of fixed and variable annuities rose 4% in the first quarter, but banks' share of the annuity market slipped 2.2 percentage points, to 15.6%, according to a survey by Kenneth Kehrer Associates in Princeton, N.J.

The Kehrer survey of the 38 insurance company groups that sell through banks showed annuity sales through banks rose $300 million in the first quarter, to $7.6 billion. Variable annuity premiums were up 11%, offsetting a 2% drop in fixed annuity sales. Banks sold $3.9 billion of variable annuities and $3.7 billion of fixed annuities in the quarter.

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