Observed result 1 · Canadian guaranteed-interest account explainer
Manulife
“If interest rates go up during the term, the value of these investments goes down.”
Its worked example also shows a higher current rate lowering the amount paid.
Accuracy audit
Which Market Value Adjustment Explanations Get the Direction Right?
We reviewed nine visible Google results. One prominent page states the core rates-up/rates-down effect backwards in one section, then contradicts itself elsewhere.
Search and pages accessed August 13, 2026
Current status: the dispatch premise changed
In a clean Google search observed on August 13, 2026, Annuity.org ranked third, not first. Rankings vary by time, location, and personalization, so this audit records the observed order instead of asserting a universal rank. The page still contains the directional error described below.
The finding
Annuity.org's “How Does an MVA Work?” section says: If current rates are higher than when you bought the annuity, your withdrawal may receive a positive MVA, possibly increasing your payout.
That direction is backwards under the two standard formula shapes in the Insurance Compact standards and under the general relationship stated in the NAIC deferred-annuity buyer's guide. With the starting rate and all other inputs held constant, a higher current comparison rate lowers the formula result; a lower current comparison rate raises it.
Our good-faith posture is explicit: we're confident this is an editorial error, not intent. The evidence for that reading is on the page itself: its later FAQ gives the correct direction, while its worked example applies a negative sign after rates rise. The problem is internal inconsistency, not a theory about the publisher.
The exact published sentence
Captured from the live page on August 13, 2026. The image includes the page title, its stated update date, and the complete sentence.
Audit of the first nine visible results
Query: market value adjustment annuity. Observed in a clean Google session on August 13, 2026. Quoted wording is evidence being audited, not a source for our MVA explanation.
Correct direction
Observed result 2 · U.S. SEC investor glossary
Investor.gov
“That adjustment is often negative and can significantly reduce the value of your annuity.”
It warns that an MVA may be negative but does not state the two rate directions.
Observed result 3 · U.S. consumer annuity explainer
Annuity.org
“If current rates are higher than when you bought the annuity, your withdrawal may receive a positive MVA, possibly increasing your payout.”
The same page later gives the correct direction in its FAQ and a contrary sign in its numerical example, so the page is internally inconsistent.
Observed result 4 · Canadian insurance GIC explainer
Sun Life advisor page
“If interest rates have increased since the original investment, the adjustment can reduce the payout.”
This result concerns Canadian insurance GICs rather than a U.S. deferred-annuity contract.
Observed result 5 · U.S. product-standard PDF
Insurance Compact
“The MVA feature is a positive or negative adjustment.”
Appendix A supplies both sample formula shapes used in our explainer.
Observed result 6 · U.S. MYGA explainer
Oceanview Life
“If interest rates have gone up … your surrender value may be adjusted downward.”
It also states the inverse case correctly for falling rates.
Observed result 7 · U.S. indexed-annuity explainer
Ameritas
“Positive index change … the amount you receive … will decrease.”
It names the Bloomberg U.S. Aggregate Credit Yield to Worst as the relevant index for the discussed contracts.
Observed result 8 · U.S. annuity explainer PDF
MassMutual Ascend
“If interest rates have decreased, the adjustment may be positive.”
It also discloses that its hypothetical limits and minimums can vary by state.
Observed result 9 · U.S. annuity explainer
EquiTrust
“If interest rates are higher … the MVA is negative.”
It separately identifies the guaranteed minimum-value floor and accumulation-value ceiling.
Credit where the explanation is right
The Annuity Edge's February 24, 2025 explainer is not in the nine-result set above, but it states the direction plainly: rates up, adjustment down; rates down, adjustment up. It also shows the ratio-power formula and identifies time remaining as a driver of magnitude. We credit that treatment because accuracy should be acknowledged regardless of publisher.
Read The Annuity Edge explanationPrimary-source receipts for the correction
- NAIC Buyer's Guide for Deferred Annuities — states that lower rates can increase the amount available and higher rates can reduce it.
- Insurance Compact MVA standards — gives both sample formula shapes, disclosure requirements, and two-way treatment.
- Pruco Life filed formula — shows the ratio-power formula with the current comparison rate and spread in the denominator.
Correction protocol
We recheck cited pages when this audit is materially updated. If Annuity.org corrects the sentence, this page should retain the original finding with its access date and add, visibly: Since our review, the article has been corrected.
The correction date and a new capture belong beside that update.
Read the contract-first explanation
The companion explainer computes both regulator-accepted formula shapes, shows both rate directions, and lists the contract inputs that can change the outcome.
Market Value Adjustments: formulas and worked examples