Even though overall annuity sales dropped, sales of variable annuities increased 3%, to $32.6 billion in the fourth quarter from the previous quarter, according to Limra International Inc.'s U.S. individual annuities quarterly sales survey. The survey was released Thursday.
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"While we are seeing VAs slowly recover, the recovery is slower than expected," said Joe Montminy, Limra's research director.
In the fourth quarter, overall annuity sales fell 2%, to $53.3 billion from the previous quarter. Fixed annuity sales declined 10%, to $20.7 billion.
