MetLife's (MET) retreat from the variable annuity business (joining Hartford, Genworth, and Sun...

|By:, SA News Editor

MetLife's (MET) retreat from the variable annuity business (joining Hartford, Genworth, and Sun Life) is leaving plenty of market share that Prudential (PRU) and AIG are happy to pick up. Overall industry sales of the products fell 4.9% Y/Y in Q2 as insurers - worried about the risk from these equity-linked products - cut benefits.