Annuity sales for Q3 2012 were $54.3 billion, a 10-percent decline compared to the same quarter last year, according to LIMRA's “2012 U.S. Individual Annuities Sales,” survey, which represents data from 95 percent of the market. For the first nine months of this year, annuity sales totaled $166.1 billion, an 8-percent decline compared with the same period last year.
“Protracted low-interest rates have impacted all lines of the annuity business, causing manufacturers to reassess their exposure among various product lines,” said Joe Montminy, AVP and director of LIMRA annuity research. “The sustained uncertain economic environment has many companies implementing conservative risk management strategies in an effort to prudently manage their business.”
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