Morningstar Direct now has three levels of variable annuity and variable life data:
1. Investment level data, which we are calling "Underlying Fund" data. This area includes underlying funds, variable investment trusts, universal investment trusts.
2. Subaccount level, the level of the annuity where the investments reside.
3. Policy level, which is the level where the annuity contract information resides. This is the "top-down" view of an annuity, the level at which an annuity is purchased and the level that most people understand as true annuities.
Because Morningstar Direct has broken VA/Ls into three levels, users are able to run analysis on every level. This allows for better analysis of annuities and their line-ups, true investment performance analysis, and the ability to see all three levels put together.