US individual life and annuity sales buoyant

Record sales of variable annuities continued to drive the growth of individual annuity business in 2007, according to LIMRA

Sales of individual life insurance and individual annuities were buoyant in the US last year, according to new market research. US individual life insurance sales rose 8% in new annualised premium in 2007, while total individual annuity sales also grew by 8% last year to reach a record $257.4bn, according to life insurance and financial services association, LIMRA International.