Annuity sales in the United States declined by 7% in the first quarter of the year.

The LIMRA Secure Retirement Institute reports that all major product lines except indexed annuities and structured settlements saw lower sales during the first three months of 2015.

The industry research group says that sales of fixed rate deferred annuities and variable annuities dropped compared to the same quarter in 2014, down by 24% and 5% respectively. With 8 out of 10 insurers reporting declines, the industry research group says that this represents the lowest level for variable annuity sales since 2010. While declining interest rates in the first quarter drove total fixed annuity sales down 8%, sales of single payment income annuities and deferred income annuities also sank by 20% and 10% respectively.

Indexed annuities were up by 3%, which is the eighth consecutive quarter of increased sales. LIMRA notes that indexed annuity guaranteed living benefits (GLB) election rates also edged higher, with 68% of contracts electing a GLB when available.

“Persistent low interest rates and market volatility in the first quarter had an impact on all product lines,” says Todd Giesing, senior business analyst at LIMRA Secure Retirement Research. “However, there may be a seasonal component to it as well. Our research shows the first quarter is traditionally a slow quarter for annuity sales. Total annuity sales have been lower in the first quarter than the prior quarter eight out of the last nine years.”