How Has the Annuity Insurance Market Evolved Historically and What is its Current Size?
The annuity insurance market has seen considerable growth due to a variety of factors.
• The annuity insurance market has seen strong growth in recent years. It will increase from $990.4 billion in 2024 to $1050.84 billion in 2025 at a compound annual growth rate (CAGR) of 6.1%.
The growth is attributed to digitalization, reduced operational costs, heavy discounts on premiums, high internet penetration, and a shift from traditional insurance models to annuity insurance.
What is the Forecasted Market Size and CAGR for the Annuity Insurance Market?
The annuity insurance market is expected to maintain its strong growth trajectory in upcoming years.
• The annuity insurance market is projected to grow strongly, reaching $1313.46 billion by 2029 at a CAGR of 5.7%.
Growth is driven by the increasing use of mobile and internet services, the growing popularity of purchasing insurance online, and greater awareness of health insurance benefits. Key trends include IoT technology uptake, demand for customized insurance products, mobile apps and AI technologies, and the adoption of InsurTech.
What Key Factors and Trends Are Driving The Growth Annuity Insurance Market?
The increasing number of individuals seeking retirement income solutions is projected to accelerate the growth of the annuity insurance market. Retirement income solutions are financial products and strategies that provide a stable income stream during retirement. Annuity insurance offers retirees a guaranteed income by converting a lump sum into regular payments. According to a 2024 survey by J.P. Morgan, 72% of participants valued their workplace retirement plan, and 85% considered retirement benefits important when deciding whether to stay with an employer. As more individuals seek retirement income solutions, the annuity insurance market is expected to grow.
What Are The Market 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
Pre-Book The Annuity Insurance Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Trends Are Shaping The Annuity Insurance Market?
Companies in the annuity insurance market are advancing their products to cater to different customer needs. For instance, in January 2024, Max Life Insurance launched the 'Smart Wealth Annuity Guaranteed Pension Plan' (SWAG Pension Plan), offering flexible annuity and premium options to help customers prepare for retirement with tailored policy features.
Who Are the Key Players In The Annuity Insurance Market?
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 Are The Regional Insights Into 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.
