Allstate will continue to sell annuities through other means, including its network of nearly 15,000 insurance agents, and banks.

New York State's highest court gave state-chartered banks the right to sell annuities.

For example, an insurance agent may be qualified to sell both life insurance and variable annuities.

Brokers and insurance agents have a big incentive to sell variable annuities.

Mr. Grabowski said about 50 companies sell annuities to pension plans.

Both companies primarily sell interest-earning life insurance policies and annuities.

But it has been snapping up companies that sell annuities, which appeal to aging baby boomers.

The trick now is to get the companies reorganized so that their subsidiaries can continue to sell life insurance and annuities.

The number of companies selling variable annuities directly to the public has increased sharply.

Companies that sell annuities say that the higher rates they pay justify the surrender charges.