NU Online News Service, April 26, 2004, 5:34 p.m. EDT – Variable annuities returned to profitability in 2003.[@@]
Preliminary figures from Conning Research & Consulting, Hartford, show that a surge in VA earnings helped the individual annuity industry report $7 billion in profits for the year, up from a net loss of $691 million in 2002.
In 2002, the stock market slump hurt annuity industry profits by scaring off VA buyers.
“We expect strong profitability to continue in 2004,” says Stephan Christiansen, Conning’s research director.