Let me now comment on underlying businesses. Life Insurance sales for the quarter were $128 million, down from a year ago. This decline was expected as we've continued to be a leader in implementing pricing actions that respond to the low-interest rate environment. We are committed to taking additional action if conditions require us to do so.
In addition to making pricing adjustments, we've also continued our pivot to higher-return, less-interest-rate-sensitive products. Second quarter sales of these products, which include Variable Universal Life, Indexed Universal Life and Term, were up 20% from the prior year quarter.
Moving forward, our ability to keep pivoting to these products will be driven by the breadth, depth and capability of our distribution teams.
Turning to the annuity business. We are also responding to low interest rates and market volatility by implementing product changes on our variable annuity platform, by expanding our Protected Funds solutions and by adding new distribution partners and strengthening relations within existing networks. You have heard me say this before, but we are pleased with where we are positioned in the industry. We maintain a consistent market presence, and we remain more interested in offering products on our terms, and we are focused on taking market share.Positive net flows from the second quarter helped drive annuity account balances of $90 billion, up 2% from a year ago. We continue to see strong results from our Protected Funds series, as evidenced by 65% of June variable annuity purchasers opting for this solution. Our Protected Funds remain a good solution for consumers because they can lower the volatility of their returns and a good offering for Lincoln because they reduce our hedging costs.Read the rest of this transcript for free on seekingalpha.com
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