Industry needs to put 'annuity' back in VA, says HSBC

Variable annuities enjoyed only marginal success in most of Asia before the global financial crisis, and will only return if products are changed to meet customers’ long-term retirement savings needs, says David Fried, head of HSBC Insurance for Asia-Pacific. HSBC was one of only two providers of variable annuities in Hong Kong (along with Manulife), but withdrew from the business in 2008. This reflected customers’ flight from tumbling equity markets and the inability of insurance com…