Fixed annuity sales jumped 74% to a record $35.6 billion in the first quarter, according to LIMRA.

One of the reasons investors are flocking to fixed annuities is because the five-year rate is currently around 3.3% to 3.5%, whereas a bank CD will yield only 2.13%, according to data from DirectAnnuities.com and Bankrate.com. And investors are still very wary of returning to equities, since the S&P 500 is down 23% over the past 10 years.

In step with this, variable annuity sales are now lower than fixed annuity sales, for the first time since 1995, according to LIMRA Senior Analyst Dan Beatrice.

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