Variable Annuity Sales Fall 27% as MetLife Takes Lead

Variable annuity sales in the U.S. plunged 27 percent in the first quarter and MetLife Inc. claimed the top spot as other life insurers, battered by losses on the retirement products, scaled back their offerings.

Sales were $30.7 billion in the three months ended March 31, compared with $41.9 billion the same period a year earlier, the trade group LIMRA said today in an e-mailed statement. New York-based MetLife, which ranked fourth in the first quarter last year, boosted its sales 17 percent to $3.74 billion, the only provider in the top nine to post an increase...

Bloomberg: Variable Annuity Sales Fall 27% as MetLife Takes Lead