First-quarter sales of indexed annuities in the United States reached $7 billion, up nearly 23 percent from the year-ago period but down 2 percent from the fourth quarter, according to data compiled by Iowa-based AnnuitySpecs.com. Aviva USA, with nearly $2.4 billion in sales for the quarter, remained the No. 1 seller in the indexed annuity market, according to the Advantage Index Sales & Market Report. American Investors Income Select Bonus, sold by an Aviva subsidiary, was the top-selling indexed annuity in the market for the third consecutive quarter. Fifty indexed annuity carriers, representing 99 percent of indexed annuity production, participated in the quarterly survey. A flight to quality from the equities markets should drive record indexed annuity sales in 2009, despite tight credit conditions that are causing companies to drop out of the market or limit new issues of the capital-intensive products, according to Sheryl Moore, president and CEO of AnnuitySpecs.com.

An analyst upgraded Principal Financial Group Inc. shares Monday, noting the insurer’s recent $1 billion equity capital raise, the Associated Press reported. Randy Binner of Friedman Billings Ramsey & Co. upgraded the Des Moines-based insurance, retirement and financial services company to “market perform” from “underperform.” Binner raised his target price on Principal Financial’s shares to $20, a $12 increase. He lowered his 2009 earnings estimate by 39 cents to $2.36 per share, to reflect dilution from the transaction.

Spencer-based Cycle Country Accessories Corp., which manufactures a variety of products for all-terrain vehicles, garden tractors and golf cars, announced a net loss of 14 cents per share for the three months ended March 31, 2009, compared with a gain of 4 cents per share for the same period a year ago. Total revenues declined by 58.8 percent to $1,611,252 from $3,911,684. For the first half of the year, the company has a loss of 7 cents per share versus a gain of 15 cents per share earnings for last year at this time.

Lowe’s Cos. announced today that its fiscal first-quarter profits fell 22 percent but still beat Wall Street’s expectations, the Associated Press reported. For the period ended May 1, earnings dropped to $476 million, or 32 cents per share, compared with $607 million, or 41 cents per share, a year ago. Sales also dropped 2 percent to $11.83 billion from $12.01 billion, but topped Wall Street’s estimate of $11.63 billion. The company expects a sales decline of 2 percent to an increase of 1 percent for both the full year and the second quarter.

LBC Technology and Westbrook Technologies Inc. will host a document imaging and workflow seminar tomorrow from noon to 2 p.m. at SpringHill Suites Marriott, 1236 Jordan Creek Parkway, West Des Moines. Register for this free event by calling Peder Malchow at 974-4520.

The Greater Des Moines Partnership will host “Untangling the Web: Marketing to Women,” on Wednesday from 11:30 a.m. to 1 p.m. at Des Moines Golf and Country Club. Betsy Perez from SheHive Marketing will be the featured speaker. The cost is $20 per person for members and $30 for nonmembers. To register online, go to www.desmoinesmetro.com/events, or for more information, contact Meg Fitz at mfitz@desmoinesmetro.com, or (515) 286-4934.

Urban Ambassadors will host Bill Witherspoon, CEO of The Sky Factory in Fairfield, as its second speaker in the Transforming Business speaker series on May 27 at 6 p.m. at the Polk County Convention Complex. The series focuses on 21st-century business models that are more sustainable ecologically, economically and socially. Tickets can be purchased by visiting, www.iowaeventscenter.com and will be $20 online or $30 at the door.