Income annuity sales increased more than 22 percent in the first quarter of 2012 and for the first time, an income annuity was the top selling product, according Beacon Research’s “Fixed Annuity Premium Study.” Indexed annuity sales increased more than 8 percent.
“Both product types did well despite lower interest rates due to demand for guarantees in general and reliable retirement income in particular,” said Jeremy Alexander, CEO of Beacon Research. “The success of New York Life’s deferred income annuity also helped boost overall income annuity results, and indexed annuity cap rates looked comparatively good relative to CD and annuity fixed rates.”
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