Thursday, March 19, 2009
Variable Annuity Assets Fall 13% to $1.1 Trillion
Assets in U.S. variable annuities declined 13 percent in the three months ended Dec. 31 as stock markets plunged and savers scaled back purchases... Total assets were $1.13 trillion at the end of 2008 compared with $1.3 trillion on Sept. 30, said NAVA Inc., a trade group for companies that sell the retirement products, in a statement today distributed by PR Newswire.
Life insurers, which often guarantee minimum returns on the variable annuities they sell, suffered as the decline in assets forced them to set aside more capital to fund potential future payouts to customers. Prudential Financial Inc., the second- biggest U.S. life insurer, and Hartford Financial Services Group Inc. both reported losses of more than $1.5 billion in the second half of 2008 amid costs tied to annuities...
Bloomberg: Variable Annuity Assets Fall 13% to $1.1 Trillion
Life insurers, which often guarantee minimum returns on the variable annuities they sell, suffered as the decline in assets forced them to set aside more capital to fund potential future payouts to customers. Prudential Financial Inc., the second- biggest U.S. life insurer, and Hartford Financial Services Group Inc. both reported losses of more than $1.5 billion in the second half of 2008 amid costs tied to annuities...
Bloomberg: Variable Annuity Assets Fall 13% to $1.1 Trillion
Permalink posted by markw @ 4:34 AM 
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