Business and Personal Finance Dictionary

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• ANNUITY UNIT
  
  Annuity units are the shares you own in variable annuity subaccounts (also called investment portfolios or annuity funds) during the period you're receiving income from the annuity. The number of your annuity units is fixed at the time that you buy the income annuity contract, or when you annuitize your deferred variable annuity. While the number of units does not change, the value of each unit fluctuates to reflect the performance of the underlying investments in the subaccount. That's why the income you receive from a variable annuity may differ from month to month.
  
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