Estimated sales of fixed annuities were $18.1 billion in the first quarter, a 35% increase from the level a year earlier, according to Beacon Research Publications Inc.'s quarterly Fixed Annuity Premium Study.
Book value annuity sales for the quarter were an estimated $9 billion, representing a 74% increase, compared with the year-earlier period. Book value fixed annuities pay a declared rate of interest for a specified period.
Sales of market-value-adjusted annuities were $2.3 billion, a 43% increase compared with the year-earlier period.
Immediate products also rose for the quarter, with an estimated $1.8 billion in sales, a 32% increase from the level in the first quarter of 2007.
Indexed annuities experienced a slight decrease for the quarter, generating an estimated $5.7 billion in sales, which fell 0.8% from the comparable period a year ago.
American International Group Inc. of New York led all insurers, with $2.7 million in fixed annuity sales for the quarter, followed by New York Life Investment Management LLC in Parsippany, N.J., with $1.4 billion, and Des Moines, Iowa-based Aviva Life Insurance Co., with $1.3 billion.
Beacon Research of Evanston, Ill., conducted the study, which was based on sales at 49 insurance companies representing an estimated 86% of the market.
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