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.

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