Annuity sales have fallen to their lowest level since the collapse of the dot-com bubble in 2001, with overall revenue shrinking by 10% to $105.8 billion for the first half of the year.
If this continues for the full year, the contraction means variable annuity sales will plummet by 10% to 15% to less than $100 billion — a level not seen since 1998 — according to the LIMRA Secure Retirement Institute. Fixed annuity purchases also dropped 7% year-over-year in the second quarter to $29.2 billion, LIMRA says.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access