Faced with subpar fixed-income annuity sales, banks are lowering commissions to boost volume, and at least one big insurance company isn't standing in the way.

Fixed-income annuity sales through banks peaked in the first quarter at $10.7 billion, before dropping to $8.4 billion in the second quarter, according to Kehrer-Limra. The research company projects that third-quarter figures will show that such sales tumbled to $6.9 billion.

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