Annuity Market Insights, Trends Forecast 2022-28

According to Precision Business Insights (PBI), latest report, the global annuity market is expected to be worth USD 5,328.1 billion in 2022, growing at a 3.3% CAGR from 2022 to 2028. A vital life skill, financial literacy significantly impacts the well-being of the person, the family, and the larger economy. Countries have been more worried over the past 20 years about their citizens' financial literacy, especially among young people. More financially literate people can better comprehend economic ideas, establish financial plans, and understand the financial services and products available to them. Since teaching financial literacy to young people may be more effective in influencing their long-term behavior than later in life, many of these programs are geared toward young people.

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Variable Annuities Segment to Dominate the Annuity Market:
The variable annuities segment is expected to account for a larger revenue share in the global annuity market, with a value share worldwide. It is projected to grow at a 3.9% CAGR between 2022 and 2028. Due to consumer need for a more significant return in a low-interest environment, variable annuities, notably registered index-linked plans, will be in high demand.

North America Annuity Market
The North America market is expected to increase in the global annuity market over the forecast period. It is projected to grow at a CAGR of 3.2% in the coming years. Many pension plans in Canada are fully funded, with the option to buy annuities without making any extra financial contributions due to strong market returns over the past few years and the current rise in interest rates. This will keep the industry booming in 2022.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global annuity market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

The annuity market is segmented based on type, and geography.
Based on the type, the market is segmented into the following:
• Immediate annuities
• Deferred annuities
• Fixed annuities
• Variable annuities

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Key players' profiles in the annuity market report are Beneva, Assumption Life, Ping An, AIA, China Life, Nippon Life, Generali, AVIVA, Munich Re, ZURICH, CPIC, PICC, LIC, Metlife, and Canada Life.

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