Variable annuity sales results for 2008 reflected the general decline in the equity markets, NAVA Inc. says.
Total VA sales in the United States dropped to $155 billion in 2008, down 15% from the 2007 total, according to NAVA, Reston, Va.
Net VA sales for 2008 were $23 billion, or 15% of total sales. Net sales were down 31% from the 2007 total, NAVA says, citing Morningstar Inc., Chicago, as the data source.
Roughly 45% of the VA assets, or $504 billion, was held in equity accounts at year end, down 43% from the end of 2007, when $889 billion, or 60% of the assets, was held in equity accounts, according to NAVA.
NAVA says 26% of the assets, or $292 billion, was held in fixed accounts at the end of the year–up 14% from the 2007 total.