Demand for retirement income solutions, improving economic conditions, and demographic shifts will all continue to contribute to rocketing sales of individual annuities in the U.S.
That’s the outlook from Limra, which says that the record high of $313 billion reached in 2022 is set to be surpassed in 2023 with sales estimated at $350 billion, mostly fixed annuity sales driven by higher interest rates and market volatility increasing demand for investment protection products.
But the sharp rise in sales of the past two years does not appear to be an anomaly, with the forecast for 2024 calling for sales of between $311 billion and $331 billion, down from this year’s expectation, as rates peak and the 10-year Treasury rate hovers around 4%.
However, in 2025 the forecast is for sales to grow around 10% to between $342 billion and $362 billion as rates recover.
Limra’s forecast breaks down the potential for individual products:
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.