Sales of both fixed and variable annuities through financial institutions increased 31 percent year-over-year in June to $3.7 billion, according to the Kehrer-LIMRA Monthly Bank Annuity Sales Survey.

Since the start of the year, total annuity sales in banks have surged 48 percent.

"June is traditionally not a banner month for annuity sales in the bank channel," said Janet Cappelletti, associate research director at Windsor-based Kehrer-LIMRA. "This is the first time we have observed growth for both fixed and variable annuity sales in the month of June since 2006."

Variable annuities (VA) sales reached $2.1 billion, the highest level since November 2007 and a 52 percent from the same time last year, according to a statement. VA sales through financial institutions have leapt 69 percent since the beginning of 2011.

"VA sales have been on a slow and steady upward trajectory for the last 18 months," said Cappelletti. "Although there have been short-term peaks and valleys, over the long term bank-sold VAs have performed well."

Fixed annuity sales shot up 28 percent year-over-year in June to $1.7 billion following two months of double-digit declines, according to the survey.