Annuity sales declined 8.6% to $219.7 billion last year, dropping to the lowest level since 2005, according to LIMRA.

The combination of low interest rates and consumer caution have led to a challenging economic landscape for the industry. “Interest rates are having a large impact on overall annuity sales,” says Catherine Theroux, director of Public Relations at LIMRA. “For fixed annuities, people are less inclined to lock in rates at this level.”

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