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Global Annuity Insurance Market Outlook 2025-2034: Trends, Innovations, And Future Outlook
Annuity Insurance
What Is the Annuity Insurance Market Size and Projected Growth Rate?
The annuity insurance market has experienced solid growth, projected to rise from $990.4 billion in 2024 to $1050.84 billion in 2025 at a CAGR of 6.1%, supported by digital transitions, cost reductions, premium discounts, higher internet access, and the shift from traditional to annuity-based services.
The annuity insurance market is anticipated to expand to $1313.46 billion in 2029 at a CAGR of 5.7%, driven by increased online and mobile insurance adoption, as well as a rising understanding of health coverage benefits, with trends such as InsurTech, IoT, AI, and personalized policies.
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What Are the Major Segments in the Annuity Insurance Market?
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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What Are The Driving Annuity Insurance Market Evolution?
A growing need for retirement income solutions is boosting the annuity insurance market. These financial tools provide a consistent income stream for retirees, offering economic security in later life. Annuity insurance converts a lump-sum payment into regular income, helping retirees manage their finances. According to a 2024 J.P. Morgan survey of 1,503 participants, 72% said their employer-sponsored retirement plans were vital for financial well-being, and 85% cited retirement benefits as a key factor in job decisions. Thus, the growing demand for retirement solutions is promoting annuity insurance market growth.
Which Firms Dominate The Annuity Insurance Market Segments?
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
What Annuity Insurance Market Trends Are Gaining Traction Across Different Segments?
Major companies in the annuity insurance market are enhancing offerings through customizable savings plans. For instance, in January 2024, Max Life Insurance Company Limited, based in India, introduced the 'Smart Wealth Annuity Guaranteed Pension Plan' (SWAG Pension Plan), a flexible non-linked annuity savings plan that allows policyholders to choose different annuity types and return-of-premium options tailored to retirement needs.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Annuity Insurance Market?
2. What is the CAGR expected in the Annuity Insurance Market?
3. What Are the Key Innovations Transforming the Annuity Insurance Industry?
4. Which Region Is Leading the Annuity Insurance Market?
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