Annuity sales are taking a beating in the third quarter. Another report, this time rom the Bank Insurance & Securities Research Associates (BISRA), which tracks annuity premiums sold through banks, charted a 12-year low in annuity sales.
In total, annuity sales fell 7 percent in Q3 to $7.5 billion. Coming in at $4.5 billion, variable annuities were off 6 percent from the second quarter and 13 percent below the third quarter of 2011. Of the top 10 variable annuity (VA) carriers, only three reported gains in Q3, BISRA reported in its quarterly annuity sales survey.