Variable annuity sales in the United States continue to decline in the wake of the financial crisis and capital market turmoil.
First quarter sales of variable annuities totaled $30.4 billion. This represents a 26% decrease from the same period a year ago.
Total variable annuity sales for 2008 totaled $154.8 billion, a drop of 15.1% from 2007.
The top 5 variable annuity companies in terms of revenue were lead by MetLife:
By individual companies, MetLife re-captured the No. 1 spot, with $3.7 billion in sales for the first quarter, according to Morningstar. In second place was TIAA-CREF, with sales of $3.5 billion; Axa/MONY ranked third with nearly $2.9 billion in sales, while Prudential Financial/American Skandia/Allstate took fourth place, with sales of $2.1 billion. Rounding out the top five was John Hancock Life Insurance Co., with $2 billion in first-quarter sales, according to Morningstar.
Source: Trading Markets
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