The National Association for Variable Annuities announced Thursday that the U.S. products' combined net assets grew 0.2% in the second quarter, to $1.3 trillion, from the total at March 31, and 9.3% from the year earlier.
Variable annuity premium flow, or total sales, were $41.6 billion in the quarter, a 24% increase from the year earlier. Net flows of $8.2 billion were 55.6% better than the year before. The mix of premiums in the quarter was 61.9% in qualified plans and 38.1% in nonqualified plans.
For the first six months net flows were $15.2 billion, or 19.1% of total flows. This was a 51.4% rise in net flows as compared with last year's first half. Net flows are total premium flows minus surrenders, withdrawals, inter- and intra-company exchanges, and benefit payments.
The mix of net assets by asset class included $747.8 billion, or 59.2%, in equity accounts. This was a rise of 14.5% from midyear 2005. About $264 billion, or 20.9% of assets, was held in fixed accounts, down 5.6% from the year earlier.
