Press release
Global Annuity Market to Reach $8.12 Billion by 2029, Growing at 5.9% CAGR
Annuity Market Size
The size of the annuity market has experienced significant expansion in recent times. Its growth trajectory indicates a rise from $6.08 billion in 2024 to $6.45 billion in 2025, which translates to a compound annual growth rate (CAGR) of 6.2%. Factors attributing to the growth during the historic period include greater life expectancy, an increase in disposable income, increasing worries about the solvency of social security, a rising count of retiree population, and an increase in the number of financial advisors.
In the coming years, the annuity market size is anticipated to experience significant growth, with predictions suggesting it will reach $8.12 billion in 2029, boasting a compound annual growth rate (CAGR) of 5.9%. Factors like the climbing number of elderly individuals, the growing use of digital mediums, the escalating interest in variable annuities, the rising healthcare expenses impacting retirement planning, and the continual innovation in annuity product offerings are all contributing to this expected growth. Key trends predicted for the forecast period consist of technological advancements, the incorporation of blockchain technology, digital annuity platforms, combined annuity products, and the use of robo-advisors.
What Factors Are Fueling Growth in the Annuity Market?
The expected surge in the annuity market can be attributed to the growing demand for insurance. The need for insurance has skyrocketed due to heightened awareness about financial protection, escalating uncertainties, and the indispensability of coverage against different risks such as health, life, property, and interruptions in business activities. Annuities serve a crucial role in insurance by assuring policyholders a steady stream of income, typically upon retirement, consequently ensuring long-term financial stability. As an illustration, Allianz SE, a financial services firm based in Germany, reported in May 2023 that the global insurance sector witnessed a significant growth of 7.5% in 2023, marking its fastest surge since the Global Financial Crisis (GFC). Around the globe, insurance companies accumulated €6.2 trillion ($6.7 trillion) in premiums across various sectors, with life insurance yielding €2,620 billion ($2,835 billion), property and casualty bringing in €2,153 billion ($2,329 billion), and health insurance providing €1,427 billion ($1,545 billion). Hence, the burgeoning demand for insurance is fueling the expansion of the annuity market.
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Which Leading Companies Are Shaping the Growth of the Annuity Market?
Major companies operating in the annuity market are New York Life Insurance Company, TIAA-CREF Life Insurance Company, Massachusetts Mutual Life Insurance Company, USAA Life Insurance Company, Corbridge Financial, Lincoln National Life Insurance Company, Pacific Life Insurance Company, Jackson National Life Insurance Company, Athene Annuity and Life Company, Brighthouse Financial Inc., Western & Southern Life Assurance Company, F&G Annuities & Life Inc., Allianz Life Insurance Company of North America, ICICI Prudential Life Insurance Company Limited, Ameritas Life Insurance Corporation of New York, American National Insurance Company, Global Atlantic Financial Group, Atlantic Coast Life Insurance Company, Securian Life Insurance Company, OneAmerica Financial Partners Inc., Aspida Life Insurance Company, CL Life and Annuity Insurance Company, Clear Spring Life and Annuity Company, Nationwide Mutual Insurance Company
What Are the Major Trends Shaping the Annuity Market?
Major corporations in the annuity market are strategizing towards the creation of progressive products like long-duration, tax-deferred retirement commodities, to attain a vying advantage in the market. A retirement product that is tax-deferred for a long duration is a fiscal tool intended to aid individuals in saving and investing for their post-employment years, and postponing taxes on the accrual of their investments till they commence withdrawals. These commodities are designed in a way that allows for the gathering of funds over an extended time enabling compound growth without instant tax consequences. For instance, Guardian Life Insurance Company of America, a US-based insurance enterprise, unveiled a fresh financial commodity dubbed Guardian MarketPerform, a Registered Index-Linked Annuity (RILA), in May 2024 to enhance retirement preparation for individuals. This particular product aims to provide equilibrium between growth prospects and protection from market uncertainties, addressing the escalating worries many Americans harbor about their retirement funds.
What Are the Key Segments of the Annuity Market?
The annuitymarket covered in this report is segmented -
1) By Type: Immediate Annuities, Deferred Annuities, Fixed Annuities, Variable Annuities
2) By Distribution Channel: Insurance Agencies And Brokers, Banks, Other Distribution Channels
3) By Application: Child, Adult, Elder
Subsegments:
1) By Immediate Annuities: Single Premium Immediate Annuities (SPIA), Periodic Payment Immediate Annuities, Life-Only Immediate Annuities, Joint and Survivor Immediate Annuities
2) By Deferred Annuities: Fixed Deferred Annuities, Variable Deferred Annuities, Fixed Indexed Deferred Annuities, Multi-Year Guarantee Annuities (MYGA)
3) By Fixed Annuities: Fixed-Rate Annuities, Fixed Indexed Annuities, Immediate Fixed Annuities, Deferred Fixed Annuities
4) By Variable Annuities: Variable Annuities With Equity Investment Options, Variable Annuities with Bond Investment Options, Indexed Variable Annuities, Guaranteed Minimum Withdrawal Benefit (GMWB) Variable Annuities.
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Which Region Dominates the Annuity Market?
North America was the largest region in the annuity market in 2024. The regions covered in the annuity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Annuity Global Market Report?
- Market Size Analysis: Analyze the Annuity Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Annuity Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Annuity Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Annuity Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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