U.S. Sales of VAs Continue Decline in 1Q

Sales of variable annuities in the United States continued their descent in the first quarter of 2009, dropping 26% from the same period a year ago to $30.4 billion, according to NAVA and Morningstar Inc... Last year was dismal for the industry, with sales dropping 15.1% to $154.8 billion for these stock-market-linked retirement income products. The Dow Jones Industrial Average in 2008 lost 33.8%, the third-worst performance in its history and the worst since suffering a drop of 52.7% in 1931...

Trading Markets: U.S. Sales of Variable Annuities Continue Decline in First Quarter of 2009