Variable annuity net sales rise but assets fall in first quarter, NAVA reports

Variable annuity net sales rose nearly $1 billion from the fourth quarter of 2008 to the first quarter of 2009, according to a report released today by NAVA Inc., a Reston, Va.-based VA trade group. Net sales for the first quarter of 2009 were $5.1 billion, compared with $4.2 billion for the fourth quarter, NAVA reported. At the same time, assets decreased. Combined net assets of U.S. variable annuities decreased 5.4% to slightly over $1 trillion, the organization found. During the same time period, the Standard & Poor’s 500 stock index fell more than 11%, the report added. "The data is slightly better than we expected," Cathy Weatherford, NAVA’s chief executive and president, said in the statement.