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Growing Demand For Retirement Income Solutions Fuels Annuity Insurance Market Expansion: A Key Factor Shaping the Future of the Annuity Insurance Market in 2025
Annuity Insurance
The increasing number of individuals in search of solutions for retirement income is anticipated to boost the expansion of the annuity insurance market in the forthcoming years. The term 'retirement income solutions' refers to a range of financial products, plans, and strategies devised to secure a constant and sustainable income flow for people during their retirement period. Such solutions, reliant on financial strategies and products, aim at providing an uninterrupted and trustworthy income flow throughout the post-retirement years, bolstering economic stability and calmness in mind. Annuity insurance provides a guaranteed, constant flow of income for retirees by converting a large one-time payment into regular payments over a certain timeline. This ensures financial security and minimizes the potential for financial challenges. For example, a participant survey by J.P. Morgan, an American investment banking entity, of its Asset Management 2024 Defined Contribution (DC) plan with 1,503 contributors, disclosed that guaranteed income alternatives were found attractive. Furthermore, seven in ten (72%) participants believed their employment retirement plan was crucial in shaping their household's financial wellness perspectives, and a sizable 85% considered retirement benefits significant in deciding whether to remain with their present employer or seek a different employment opportunity. Consequently, the increasing number of individuals searching for solutions for retirement income is fueling the expansion of the annuity insurance market.
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How will the growth rate of the annuity insurance market shape industry trends by 2034?
The size of the annuity insurance market has seen significant growth in the past few years. It's projected to expand from its size of $990.4 billion in 2024, to reach $1050.84 billion in 2025, which represents a compound annual growth rate (CAGR) of 6.1%. The growth experienced in the recent past can be credited to factors like increased digitalization, reduction in operational and administrative expenses, great reductions on insurance premiums, a significant increase in internet penetration, and a shift from traditional to annuity insurance services.
Expectations are high for robust growth in the annuity insurance market size over the coming years, with projections indicating an increase to $1313.46 billion in 2029, reflecting a compound annual growth rate (CAGR) of 5.7%. The anticipated expansion during this forecast period is largely due to factors such as the surge in mobile and internet usage, the growing trend of buying insurance, the shift towards online insurance purchases, the rise in both convenience and accessibility of insurance procurement, and an enhancement in public consciousness about the advantages of health coverage. Key trends to observe during this forecast period are the growing integration of Internet of Things technology, increasing demand for personalized insurance options, proliferation of mobile applications and AI technologies, the shift of insurance companies from product-centric to customer-focused tactics, and the embracement of InsurTech strategies.
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What trends are poised to drive the future success of the annuity insurance market?
Leading organizations in the annuity insurance market are putting their energies towards the development of innovative products, to meet the varying requirements of clients, whether they are individual or group general annuity savers. The annuity savings scheme provides array of premium payment alternatives, such as single premium, limited premium payment conditions, and continuous premium payments. Max Life Insurance Company Limited, an insurance firm based in India, for instance, introduced the 'Smart Wealth Annuity Guaranteed Pension Plan' or SWAG Pension Plan, in January 2024. This unique plan, which is not linked and does not involve participation, is applicable to both group and individual general annuity savers. It enables customers to modify their policies as per their needs, offering multiple annuity and 'Return of Premium' alternatives. The purpose of this plan is to assist individuals in planning their retirement by providing adjustable features and options. The plan's significant aspects encompass choices from a range of annuity and 'Return of Premium' possibilities, in accordance with the policy's terms and conditions.
Which primary segments of the annuity insurance market are driving growth and industry transformations?
The annuity insurance market covered in this report is segmented -
1) By Type: Fixed Annuity Insurance, Variable Annuity Insurance, Indexed Annuity Insurance, Other Types
2) By Application: Financial, Manufacturing, Industrial, Travel And Hospitality, Other Applications
3) By Distribution Channel: Insurance Agencies And Brokers, Banks, Other Distribution Channels
Subsegments:
1) By Fixed Annuity Insurance: Immediate Fixed Annuity, Deferred Fixed Annuity
2) By Variable Annuity Insurance: Equity-Linked Variable Annuity, Bond-Linked Variable Annuity, Balanced Variable Annuity
3) By Indexed Annuity Insurance: Fixed Indexed Annuity, Equity Indexed Annuity
4) By Other Types: Longevity Annuity, Multi-Year Guarantee Annuity (MYGA), Structured Settlement Annuity
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Which geographical regions are pioneering growth in the annuity insurance market?
North America was the largest region in the annuity insurance market in 2024. The regions covered in the annuity insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the annuity insurance market landscape?
Major companies operating in the annuity insurance market are China Ping An Insurance (Group) Co. Ltd., Allianz SE, China Life Insurance Company, Axa S.A., The Dai-ichi Life Insurance Company Limited, MetLife Services and Solutions LLC, China Pacific Insurance Co. Ltd., Nationwide Mutual Insurance Company, American International Group Inc., Allstate Insurance Company, Zurich Insurance Group Ltd., Sumitomo Life Insurance Company, Aviva PLC, Aegon Life Insurance Company, SBI Life Insurance Co. Ltd., Pacific Life Insurance Company, Bright House Financial Inc., Transamerica Corporation, Voya Financial Inc., Globe Life Inc., Symetra Life Insurance Company, Reliance Nippon Life Insurance Company Limited, Protective Insurance Corporation, Assurity Life Insurance, Colonial Penn Life Insurance Company, Gerber Life Insurance Company, HDFC Standard Life Insurance Company Limited, Assicurazioni Generali SpA
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What Is Covered In The Annuity Insurance Global Market Report?
•Market Size Forecast: Examine the annuity insurance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the annuity insurance market for a structured understanding.
•Key Players Overview: Analyze major players in the annuity insurance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the annuity insurance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the annuity insurance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the annuity insurance market.
•Industry Challenges: Identify potential risks and obstacles affecting the annuity insurance market.
•Competitive Landscape: Review strategic developments in the annuity insurance market, including expansions, agreements, and new product launches.
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