The increase marks the highest quarter-to-quarter boost in at least the past 17 quarters, the IRI said. Variable annuities assets now total more than $1.19 trillion. Variable annuity sales for the second quarter were $31.8 billion, up from $30.4 billion in the previous quarter.
Most of those sales occurred through retirement plans. There were $23.4 billion in qualified sales and $8 billion in non-qualified in the second quarter, according to the data.
“As the economy begins to show signs of stability, consumers continue to be thoughtful about their investments as they come back to the market,” said Cathy Weatherford, president and CEO of IRI. “The growth in the annuity industry underscores this emerging trend, demonstrating the security and peace of mind insured retirement strategies provide to consumers.”