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Burton Malkiel Talks About Efficient Markets
In this video sponsored by Vanguard, Burton Malkiel, Princeton professor and author of "A Random Walk Down Wall Street," talks with RIJ editor Kerry Pechter about what "efficient market" means to him. The 10th edition of "A Random Walk" has just been published.
Industry Views are special reports that are sponsored and independent from RIJ's editorial content.
November 23, 2011, Annuities, Research, News
“Carriers Settle In”
Variable annuity product development slowed in Q3 2011, according to the quarterly report from a vice president in Morningstar’s Insurance Solutions group.
Coming off a highly active second quarter, insurers appear to have made their adjustments and shifted focus away from development to distribution.
Carriers made 40 material new filings during the quarter, down from 162 in Q2 and 106 in the same quarter last year. The new filings focus heavily on new share classes and the Lifetime GMWB benefit, which currently garners about 64% of new sales flows.
Carriers continue to experiment with new benefit design. Benefit structures continue to be parsed to allow for risk control and segmentation of the target investor base. Also continuing is the trend toward releasing share classes for the fee-based market. Step ups also took a leap forward this quarter with higher fixed percentages.
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