Financial Services Industry
Industry: Email Alert RSS FeedSideways-market study: EIAs top stock indexes; Validity of back-testing results is challenged.(News)
Investment News, July, 2006
Byline: Gary S. Mogel NEW YORK - Some equity index annuity advocates are attempting to bolster EIAs' shaky reputation among potential clients and regulators by back testing to show their allegedly superior investment performance in a sideways market. A consultant specializing in such annuities last month calculated that they would have outperformed the stock market significantly during various time periods since 1929.
But critics say that the back-tested results of EIAs - which have existed only since 1995 - are misleading and should not be used in adviser marketing materials or in sales pitches to clients. More than $27 billion flowed into such annuities in 2005, up from about $22 billion in 2004 - mostly from retirees - according to Pete...
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