Total annuity sales through banks during the first three months of this year topped $10 billion, a jump of 22% over the prior quarter -- the largest quarter-to-quarter gain since the second quarter of 1999, according to Kehrer-LIMRA.
The quarter started off poorly, with January total annuity sales slipping to $2.5 billion from $2.8 billion in December, an 8% decline. But then things turned around dramatically. For both February and March, fixed and variable annuities sold in the bank channel both showed double-digit growth.
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