It was an active quarter for changes in variable annuity (VA) contracts. According to a report from Morningstar, carriers filed 168 annuity product modifications in the second quarter, a steep rise from the 59 changes undertaken in the first quarter and slightly above the 162 filed in the first quarter of 2011.
All in all, 24 carriers made some type of new release, signification alteration or product closure in the quarter. Making up the largest share of changes were closed contracts, followed by VA product launches and new VA benefits. Riversource, Protective and AXA filed the most changes in Q2.