Sales of fixed annuities, a key staple product in the wealth and investment management industry, in the US fell during the third quarter to $21.9 billion, a drop of 21 per cent from the same period in 2008, according to the fixed annuity premium study of Beacon Research.

On a year-to-date basis, total market sales were an estimated $84.5 billion, 16 per cent above the first three quarters of 2008, however, the research firm said in a recently issued statement.

New York Life remained the sales leader in third quarter. Allianz advanced from third to second place.

Third quarter results for the 10 largest study participants were New York Life, Allianz Life; Pacific Life; USA Annuity and Life Insurance; Lincoln Financial Group; Western National Life; Jackson National Life, American Equity Investment Life Insurance Co;  Aviva USA and John Hancock.