The combined net assets of U.S. variable annuities grew 4.5% during the first quarter, to $1.3 trillion, according to the National Association for Variable Annuities, and were up 14.2% from the year earlier.
Variable annuity premium flow, or total sales, was $38.1 billion in the quarter, a 20.5% increase from the year before, the association said on Tuesday. First-quarter net flows of $7 billion showed an increase of 46.8% from year-earlier quarter. The mix of premium flows was 61.8% into qualified plans and 38.2% into nonqualified plans.
The mix of net assets by investment objective was $751.3 billion, or 59.6%, being held in equity accounts, up 24.1% from the year earlier. And $268.5 billion, or 21.3%, was held in fixed accounts.
The association is a nonprofit trade association in Reston, Va.
