VA sales sink in second quarter

Second-quarter variable annuity sales fell to $41.9 billion, down 11.2% from the comparable period last year, according to NAVA Inc.
SEP 23, 2008
Second-quarter variable annuity sales fell to $41.9 billion, down 11.2% from the comparable period last year, according to NAVA Inc. Back in 2007, total sales of variable annuities hit $47.2 billion, the Reston, Va.-based association noted in a statement today. The products have declined in overall sales this year, compared with 2007, as difficult equity markets have made clients more hesitant about buying into an equity-based insurance product. Variable annuity net assets declined slightly during the second quarter, hitting $1.04 billion, down from $1.45 billion in the year-ago quarter. Reflecting investors’ shaky stance toward equities, 55% of the $1.4 billion of assets were in equity accounts, down from 60.9% in the comparable period last year. Fixed-account participation rose, holding 19.7% of all assets, compared with 17.7% in the second quarter of 2007.

Latest News

SEC to lose Hester Peirce, deepening a commissioner crisis
SEC to lose Hester Peirce, deepening a commissioner crisis

The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.

Florida B-D, RIA owner pitches bold long-term plan to sell to advisors
Florida B-D, RIA owner pitches bold long-term plan to sell to advisors

IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.

Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships
Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships

Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management