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Article: VAs surged in banks in September. (Banks).(variable annuity sales by banks in 9/02)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- November 25, 2002
- Author:
CopyrightCOPYRIGHT 2002 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Despite a still-shaky stock market, banks' sales of variable annuities staged a comeback in September, while banks' fixed annuity sales continued their recent slump, according to the latest Kehrer-Jackson National Monthly Bank Annuity Sales Survey.
VAs, a distant second in banks to fixed annuity sales over the past two years, closed the gap significantly in September, the survey by Kenneth Kehrer Associates, Princeton, N.J., shows. The research firm reports a two-thirds increase in bank VA sales in September over August levels, from about $900 million to about $1.5 billion, while fixed-annuities sales in banks dropped 13%, from $3.2 billion to an estimated $2.8 ...