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Guardian Life Introduces Innovative Retirement Annuity To Enhance Financial Security Industry Trends Gaining Momentum in the Global Annuity Market
Annuity
Annuity Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the annuity market has witnessed significant expansion. The market is projected to increase from $6.08 billion in 2024 to $6.45 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. Factors contributing to this development over the historic period include improved life expectancy, an uptick in disposable income, heightened worries about social security insolvency, a surge in the retiree population, and an increase in the number of financial advisors.
Annuity Market Size Forecast: What's the Projected Valuation by 2029?
Expectations are high for the annuity market to experience robust expansion in the forthcoming years. Its size is projected to swell to $8.12 billion by 2029, representing a compound annual growth rate (CAGR) of 5.9%. Factors attributed to the growth expected in the forecast period include a burgeoning elderly population, the rise in the use of digital platforms, variable annuities becoming more prevalent, escalating healthcare costs impacting retirement planning, and innovation surging in annuity product offerings. Emerging trends for the forecast period consist of advancements in technology, the implementation of blockchain technology, the rise of digital annuity platforms, hybrid annuity products, and the use of robo-advisors.
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What Are the Drivers Transforming the Annuity Market?
The increasing necessity for financial cover propels the growth of the annuity market as the demand for insurance soars. The heightened awareness of financial protection and the growing uncertainties amidst life, health, property, and business risks have prompted the surge in insurance demand. Annuities serve a crucial role in insurance as they offer policyholders a secure income stream, particularly during retirement periods, thereby, ensuring their long-term financial well-being. For example, in May 2023, Allianz SE, a German financial services company, reported that the global insurance sector saw a remarkable growth rate of 7.5% in 2023, indicating the world's fastest growth phase since the Global Financial Crisis. The insurance companies worldwide amassed €6.2 trillion ($6.7 trillion) in premiums covering various segments including life at €2,620 billion ($2,835 billion), property and casualty at €2,153 billion ($2,329 billion), and health at €1,427 billion ($1,545 billion). Accordingly, the growth of the annuity market is being fueled by the escalating demand for insurance.
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What Long-Term Trends Will Define the Future of the Annuity Market?
The main players in the annuity market are now concentrating on the creation of advanced offerings like long-term, tax-deferred retirement packages, to set them apart from their competitors. Such a product is essentially a financial tool tailored to aid individuals in saving and investing for retirement, effectively deferring taxes on the appreciation of their investments until they make withdrawals. These offerings are designed to grow funds over a considerable time frame, facilitating compounded growth free of immediate tax liabilities. For instance, the US-based Guardian Life Insurance Company of America introduced a novel financial offering in May 2024 known as Guardian MarketPerform - a Registered Index-Linked Annuity (RILA), aimed at enhancing individual retirement planning. This product is skillfully devised to offer a balance between growth potential and market risk protection, responding to the growing worry many Americans express about their retirement savings.
Which Segments in the Annuity Market Offer the Most Profit Potential?
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 Firms Dominate the Annuity Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in 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.
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