An annuity whose contract value or income payments vary according to the performance of the stocks, bonds and other investments selected by the contract owner.

"Variable Annuity" In Context

"Variable annuity sales in the U.S. fell for a second-straight quarter as MetLife Inc. (MET) limited offerings of the product to reduce risk. Total sales dropped 7 percent to $36.8 billion in the first three months of 2012 from a year earlier ..."