Third-way annuity sales up 100%

The consultancy suggests increased awareness and a growing need for investment-backed incomes have driven sales growth. Total variable annuity premiums were £539m in 2007, but rose to £1,153m last year, Watson Wyatt's research suggests. The number of policies sold almost doubled over the same period, rising from 7,775 to 14,128. Variable annuities, sometimes called third-way annuities, are relatively new in the UK market place and are entirely sold through financial advisers. Watson Wyatt says it is surprised by how well sales have held up in a tough environment, but believes minimum...