The most recent month's ending accumulated unit value (AUV), which is the actual dollar value per share to the investor.
Benefits
The AUV reflects the actual returns passed on to the investor. This figure thus offers a way of tracking the value of a variable annuity/life investment. Because AUVs can fluctuate regularly, subaccounts also rely upon total return to gauge overall performance.
Origin
This data comes directly from the insurance company.
For the Pros
Morningstar uses AUVs, rather than NAVs, because the AUV reflects the actual returns passed on to the investor. AUVs take into account not only the fund management fees, but also M & E risk charges, administration fees, and other costs deducted daily from subaccount assets.