Total bank annuity sales increased 27 percent increase in February from the previous month to hit a high not seen since October 2009, according to a survey from Kehrer-LIMRA.

Both fixed and variable annuities increased by double-digits, something that has not occurred since last August, according to a statement. Total sales of fixed and variable annuities also surpassed the $3 billion mark for the first time since last spring. February’s $3.4 billion total was 33 percent higher than the same time a year ago.

"After roughly six months of stagnation, total annuities have gotten a much needed boost," said Janet Cappelletti, associate research director at Kehrer-LIMRA. "For the first time in over a year, we saw decisive bank channel growth in both fixed and variable annuities."

Variable annuities hit a nearly three-year high in February, with $1.68 billion in sales, according to the survey. Sales through financial institutions were 24 percent higher month-to-month and increased 41 percent year-over-year. However, the amount of variable annuities sold fell slightly below that of fixed annuities for the first time since September.

Fixed annuities in February were reported to be $1.71 billion, 29 percent higher than the previous month and 17 percent higher than one year ago. Fixed annuity sales have only reached this level of sales once in the past 16 months.

Mutual fund sales improved slightly in February by 3 percent to $4.5 billion from January. However, year-over-year, mutual fund sales dropped 3 percent.