Q2 Bank Annuity Sales Start to Firm Up
October 16, 2017 by Allison Bell
Banks and other financial institutions are telling LIMRA that U.S. annuity sales totals started to look better in the second quarter.
Financial institutions reported that they generated $9.7 billion in individual annuity sales from April through June.
That total is 9.3% lower than the comparable total for the second quarter of 2016.
But the year-over-year decrease for the second quarter is much smaller than the decrease for the first quarter: Financial institution annuity sales for the first quarter of 2017 were 15% lower than sales for the first quarter of 2016.
LIMRA is nonprofit insurance market research consortium.
It bases its sales figures on the results of industry surveys.
Earlier, another organization, Michael White Associations, a firm that uses data from reports financial institutions file with banking regulators, looked at bank holding companies’ revenue from annuity sales commissions.
The bank holding companies’ annuity sales commission revenue increased to $761 million in the second quarter, up 4.7% from the total for the second quarter of 2016.