Sales of variable annuities are poised to surge in coming years

Net new sales of variable annuities are likely to reach $22 billion by 2018, up 57% from 2012, according to the research firm Cerulli Associates. The growth will likely be driven by the development of new variable annuity products and by the entry of new providers, including nontraditional players, into the annuity market, the company said. "The sales clearly are in an upward tick,” says Cathy Weatherford, CEO of the Insured Retirement Institute. “There is just an awareness and knowledge around the need for income in retirement."

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