U.S. variable annuity sales fell 4.9 percent in the second quarter as insurers cut benefits to reduce the companies’ risk from the equity-linked retirement products.

Sales were $38.6 billion in the three months ended June 30, compared with $40.6 billion a year earlier, trade group Limra said in an e-mailed statement today.

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

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