Hartford effect on variable annuities limited

Sales of variable annuities only fell by 7% in Q2 2009 in spite of product re-designs and the withdrawal of the Hartford, one of the main product providers, says consultants Watson Wyatt. The reseach also found that although variable annuity sales in the UK in the second quarter of this year were £342.7m compared to £370.2m in Q1, they matched those of Q4 last year.  Watson Wyatt says the products are still relatively new in the UK with sales predominantly made through IFAs. Andy Sanders, senior consultant at Watson Wyatt, believes the sector has shown resilience despite the fall ...