Wednesday, August 26, 2009
Variable Annuity Assets Advance Most in 17 Years
Assets in U.S. variable annuities rose the most in 17 years in the second quarter as stock markets surged and savers invested more than in the prior three months.
Total assets were $1.19 trillion as of June 30, compared with $1.07 trillion on March 31, the Insured Retirement Institute said today in an e-mailed statement. The gain helped life insurers including No. 1 MetLife Inc. and No. 2 Prudential Financial Inc., which added to reserves last year when markets declined.
Funds backing variable annuities are often concentrated in equities, and the 15 percent increase in the Standard & Poor’s 500 Index in the second quarter boosted account values. Industry sales in the April to June period were $31.8 billion, up 4.3 percent from the $30.4 billion recorded in the first three months of the year, IRI said...
Bloomberg: Variable Annuity Assets Advance Most in 17 Years
Total assets were $1.19 trillion as of June 30, compared with $1.07 trillion on March 31, the Insured Retirement Institute said today in an e-mailed statement. The gain helped life insurers including No. 1 MetLife Inc. and No. 2 Prudential Financial Inc., which added to reserves last year when markets declined.
Funds backing variable annuities are often concentrated in equities, and the 15 percent increase in the Standard & Poor’s 500 Index in the second quarter boosted account values. Industry sales in the April to June period were $31.8 billion, up 4.3 percent from the $30.4 billion recorded in the first three months of the year, IRI said...
Bloomberg: Variable Annuity Assets Advance Most in 17 Years
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