Annuity Insurance Market Report 2024

The annuity insurance market size has grown strongly in recent years. It will grow from $936.97 billion in 2023 to $990.4 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth observed during the historic period can be attributed to several factors such as the rise in digitalization, decreased operational and administrative costs, significant discounting on insurance premiums, high levels of internet penetration, and a shift from traditional to annuity insurance services.

The annuity insurance market size is expected to see strong growth in the next few years. It will grow to $1.24 trillion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The anticipated growth during the forecast period is driven by several factors such as increasing mobile usage, continued rise in internet usage, growing popularity of insurance purchases, more people buying insurance online, enhanced convenience and accessibility, and increasing awareness of the benefits of health coverage. Major trends to watch include the growing adoption of Internet of Things (IoT) technology, demand for customized insurance products, the emergence of mobile apps and AI technologies, a shift by insurance companies from product-based to consumer-centric strategies, and the rise of InsurTech.

The increasing number of individuals seeking retirement income solutions is projected to drive the growth of the annuity insurance market. Retirement income solutions encompass financial products, strategies, and plans designed to provide a stable and reliable income stream throughout retirement, ensuring economic stability and peace of mind. Annuity insurance facilitates this by converting a lump-sum payment into regular payments over a specified period, thereby ensuring financial stability and reducing the risk of running out of money. For example, the Asset Management 2024 Defined Contribution (DC) Plan Participant Survey conducted by J.P. Morgan, which included 1,503 participants, revealed that guaranteed income alternatives are highly appealing. The survey found that 72% of respondents considered their workplace retirement plan crucial to their household's financial well-being, and 85% viewed retirement benefits as a significant factor in deciding whether to remain with their current employer or seek new job opportunities. Consequently, the rising demand for retirement income solutions is fueling the growth of the annuity insurance market.

Key players in the annuity insurance market are increasingly concentrating on product innovation to meet diverse customer needs, whether for individual or group general annuity savings. Annuity saving plans offer flexible premium payment options, such as single premium, limited premium payment terms, and regular premium payments. For instance, in January 2024, Max Life Insurance Company Limited, an India-based insurer, introduced the 'Smart Wealth Annuity Guaranteed Pension Plan' (SWAG Pension Plan). This non-linked, non-participating individual or group general annuity savings plan allows customers to customize their policies by choosing various annuity and 'Return of Premium' options. The plan is designed to help individuals prepare for retirement by offering customizable features and variants, subject to policy terms and conditions.

In May 2021, MassMutual, a US-based insurance company, acquired Great American Life Insurance Company for approximately $3.5 billion. This acquisition enhances MassMutual's presence in the individual annuity market and solidifies its position as a leading provider of insurance and financial services. Great American Life Insurance Company, based in the US, is a prominent provider of annuity insurance products.

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.

North America was the largest region in the annuity insurance market in 2023. The regions covered in the annuity insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the annuity insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Annuity insurance is a financial product offered by insurance companies that delivers a series of payments at regular intervals. These payments can begin immediately or at a future date, depending on the terms specified in the annuity contract. The primary aim of an annuity is to ensure a consistent income stream, particularly for retirees.

The key types of annuity insurance include fixed annuity insurance, variable annuity insurance, indexed annuity insurance, and others. Fixed annuity insurance involves a contract that guarantees periodic payments to the annuitant, either for their lifetime or for a defined term. Annuities are utilized in various sectors such as financial services, manufacturing, industrial, travel, and hospitality, and are distributed through channels including insurance agencies, brokers, banks, and other means.

The annuity insurance market research report is one of a series of new reports that provides annuity insurance market statistics, including the annuity insurance industry global market size, regional shares, competitors with annuity insurance market share, detailed annuity insurance market segments, market trends, and opportunities, and any further data you may need to thrive in the annuity insurance industry. These annuity insurance market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The annuity insurance market includes revenues earned by entities by charging fees for mortality guarantees, surrender charges, rider fees and premiums. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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