2Q variable annuity sales dip slightly to $33 billion: sales through the first six months are outpacing last year

National Underwriter Life & Health, September, 2004 by Rick Carey

AFTER RECORD-BREAKING FIRST quarter new sales of $34.4 billion, variable annuity second quarter new sales fell 4% to $33 billion.

Year-to-date new sales of $67.4 billion are 54.7% of last year's new sales of $124.8 billion and represent an 8.7% increase overyear-to-date new sales for the same period a year ago. Year-to-date total net industry assets closed at $1.05 trillion, up 1.75% over first quarter assets of $1.03 trillion.

The recovery of the equities markets in 2003 faltered in early March as concerns over rising interest rates, oil prices and the war on terrorism brought single-digit declines in the major market equity indexes as the quarter came to a close. Concerns over first quarter corporate earnings sent the major market indexes into negative...