Variable annuity net sales rise but assets fall in first quarter, NAVA reports

Variable annuity net sales rose nearly $1 billion from the fourth quarter of 2008 to the first quarter of 2009, according to a report released today by NAVA Inc., a Reston, Va.-based VA trade group.
MAY 29, 2009
Variable annuity net sales rose nearly $1 billion from the fourth quarter of 2008 to the first quarter of 2009, according to a report released today by NAVA Inc., a Reston, Va.-based VA trade group. Net sales for the first quarter of 2009 were $5.1 billion, compared with $4.2 billion for the fourth quarter, NAVA reported. At the same time, assets decreased. Combined net assets of U.S. variable annuities decreased 5.4% to slightly over $1 trillion, the organization found. During the same time period, the Standard & Poor’s 500 stock index fell more than 11%, the report added. "The data is slightly better than we expected," Cathy Weatherford, NAVA’s chief executive and president, said in the statement.

Latest News

Fed's Bowman pushes for lighter-touch AI oversight at smaller firms
Fed's Bowman pushes for lighter-touch AI oversight at smaller firms

Supervision vice chair speaks following recent launch of AI adoption practices by regulators.

Why fixed income still belongs in your clients' portfolios
Why fixed income still belongs in your clients' portfolios

In an era of AI euphoria and market FOMO, getting back to basics with fixed income may be the most contrarian and most important move advisors can make.

Voya expands advisor managed accounts to add private market assets
Voya expands advisor managed accounts to add private market assets

Voya Financial adds private equity, credit and real estate options to its AMA program, building on support for looser federal investment rules in retirement accounts.

With executives leaving, Osaic’s Reid now in the spotlight
With executives leaving, Osaic’s Reid now in the spotlight

Shannon Reid, president of Osaic and the network’s number two executive, has plenty of challenges, industry executives said.

Investors sue crypto fund and platform, alleging $1.5 million never returned
Investors sue crypto fund and platform, alleging $1.5 million never returned

Auditors flagged the commingling. The COO allegedly knew. Investors kept getting the pitch

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.