Financial Services Industry
Industry: Email Alert RSS FeedOutlook for variable annuities fairly dim: rising prices a likely deterrent.
Investment News, February, 2003 by Miller, Rick
On the surface, estimates that new variable-annuities sales rose 5% last year might be cause for high-fives all around. But executives, who know what's behind the numbers, say the apparent gains are deceptive. If anything, the figures appear to be inconclusive. And the prospects for 2003 aren't anything to cheer about.
Some popular guarantees that had helped fuel sales for certain companies in 2002 are getting costlier, being scaled back or being dropped altogether. Transamerica Life Insurance Co. in Cedar Rapids, Iowa, told representatives in mid-January it was pulling its guaranteed-minimum-income-benefit rider for new contracts. According to some, the generous rider made Transamerica's variable annuity a top seller. Insurers are...
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