Metlife posted record variable annuity sales of $8.6 billion during the most recent quarter. The VA sales record represents an 86 percent increase from the same period a year ago.
MetLife also announced that it will be lowering the returns offered on future variable annuity offerings in an effort to “re-price and improve the risk profile” of their product offerings.
Record low interest rates have made it difficult to sustain the richer product features contained in the current variable annuity offerings.
MetLife also announced its exit from the banking business.
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