Annuity Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The annuity market size has grown strongly in recent years. It will grow from $5.74 billion in 2023 to $6.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to increasing life expectancy, growth in disposable income, rise in concerns over social security solvency, an increasing number of retirees, and growth in the number of financial advisors
The annuity market size is expected to see strong growth in the next few years. It will grow to $7.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to the growing aging population, increasing adoption of digital platforms, rising popularity of variable annuities, rising healthcare costs influencing retirement planning, and increasing innovation in annuity product offerings. Major trends in the forecast period include technological advancements, the adoption of blockchain technology, digital annuity platforms, hybrid annuity products, and robo-advisors.
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Scope Of Annuity Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Annuity Market Overview
Market Drivers –
The rising demand for insurance is expected to propel the growth of the annuity market going forward. Insurance demand is high due to increased awareness of financial protection, rising uncertainties, and the need to safeguard against various risks such as health, life, property, and business disruptions. Annuities are used in insurance to provide policyholders with a guaranteed income stream, typically during retirement, ensuring financial security for the long term. For instance, in May 2023, according to Allianz SE, a Germany-based financial services company, in 2023, the global insurance industry experienced a remarkable growth of 7.5%, marking its fastest expansion since before the Global Financial Crisis (GFC). Insurers around the world generated €6.2 trillion ($6.7 trillion) in premiums across various segments, including life €2,620 billion ($2,835 billion), property and casualty €2,153 billion ($2,329 billion), and health €1,427 billion ($1,545 billion). Therefore, rising demand for insurance is driving the growth of the annuity market.
Market Trends –
Major companies operating in the annuity market are focusing on developing advanced products, such as long-term, tax-deferred retirement products, to gain a competitive edge in the market. A long-term tax-deferred retirement product is a financial instrument designed to help individuals save and invest for retirement while deferring taxes on the growth of their investments until they begin withdrawals. These products are structured to accumulate funds over an extended period, allowing for compounded growth without immediate tax implications. For instance, in May 2024, the Guardian Life Insurance Company of America, a US-based insurance company, launched a new financial product called Guardian MarketPerform, a Registered Index-Linked Annuity (RILA), to improve retirement planning for individuals. This product is crafted to offer a balance between growth potential and protection from market risks, addressing the increasing concerns many Americans have about their retirement savings.
The annuity market 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
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Regional Insights –
North America was the largest region in the annuity market in 2023. The regions covered in the annuity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Annuity Market Report Structure
3. Annuity Market Trends And Strategies
4. Annuity Market – Macro Economic Scenario
5. Annuity Market Size And Growth
…..
27. Annuity Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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