Annuity glossary

Market Value Adjustment (MVA)

An adjustment, up or down, applied when you withdraw more than the penalty-free amount or surrender certain fixed annuities early. If interest rates have risen since you bought the contract, the adjustment reduces what you receive; if rates have fallen, it can increase it. It shifts interest-rate risk to you during the surrender period. The contract explains the calculation, timing, exceptions, and owner choices that apply.

Any guarantee is backed by the claims-paying ability of the issuing insurer.