Low interest rates continue to weigh on the annuity industry, but sales of deferred income annuities increased 150 percent compared to last year and set a fifth-consecutive record high in Q1 2013, according to the “Beacon Research Fixed Annuity Premium Study.” Overall, income annuity sales grew 1.4 percent year-over-year.

“Deferred income annuities were a bright spot in a difficult quarter,” said Jeremy Alexander, CEO of Beacon Research. “Ongoing product development and increasing sales underscore the importance of generating guaranteed retirement income for consumers and their advisors.”

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