Net flows of cash into variable annuities fell to $6.4 billion during the first quarter, down from $7 billion during the first quarter of 2006.
NAVA, Reston, Va., is reporting those figures in its latest quarterly report on the VA market.
Although net sales fell, strong investment returns helped increase VA net assets to $1.4 trillion at the end of the first quarter, up 8.6% from the total recorded a year earlier.