Variable Annuity Sales in U.S. Post Largest Gain in Two Years
U.S. variable annuity sales totaled $35.5 billion in the second quarter of 2010. This represents an 11 percent increase from the same period in 2009, and the gain is the largest since 2007.
Prudential was the leader during the period with $5.3 billion in sales--a significant increase relative to $3.38 billion during the same period the previous year.
Variable annuity sales at AIG increased 45 percent to $1.58 billion.
The largest U.S. life insurer, MetLife, had $4.5 billion in variable annuity sales during the second quarter--placing the company in the second spot behind Prudential.
Variable annuity sales at the Hartford Financial Services Group declined 45 percent to $386 million. This decrease is part of a focused effort at Hartford to decrease emphasis on variable annuity business.
Source: Bloomberg
