American VA providers de-risk to combat market volatility

Staying steady

Plane in a storm

At the end of last year, Dutch financial group ING announced a hefty charge on its fourth-quarter earnings as it pumped fresh capital into its €30 billion (£25 billion) closed block of variable annuity (VA) business in the US. Market volatility and inexact assumptions about policyholder behaviour meant that the capital position of the US business had weakened and ING said that the charge – estimated to be between €0.9 billion and €1.1 billion – was necessary to restore the 50% confidence in its

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