Assets in variable annuities totaled $1,047,148 at the end of the second quarter of the year, up a scant 1.7% from $1,029,484 at the end of the first quarter but up 18% from $886,308 in the second quarter of 2003, the National Association for Variable Annuities announced.
Total sales in the quarter were $33.4 billion, a 1.5% increase from the year-ago period. Net flows were $12.5 billion, up 4.6% from a year ago.
For the entire six months of the year, total sales were $68.1 billion, of which $22.2 billion resulted in net new flows.
The mix of assets remained steady from a year ago, with 54.7% of assets at the end of the second quarter comprised of equities, followed by 25.7% in fixed accounts and 8.