Heightened mortality, DOL rule take toll on life/annuity sales
July 22, 2016 by Kristen Beckman
The U.S. Department of Labor rule affected sales of life and annuity products during the first quarter, according to new research released by rating services company A.M. Best.
Sales of variable annuitiesdropped 18 percent during the quarter and saw $5.6 billion net transfer out of separate accounts.
Individual annuities continue to make up the majority of premiums for the industry, representing 33 percent of total direct premiums during the first quarter, up 10 percent from the same period last year. Overall industry premiums declined to $144.7 billion from $167.5 billion in the preceding quarter. Those results were generally in line with typical seasonal trends seen in first quarters of previous years, A.M. Best said. Click HERE to read more... LifeHealthPro articles may require free registration to view