US Life & Annuity Industry Carries Mixed Momentum In 2021
March 29, 2021 by N/A
March 16, 2021 — The pace of the U.S. life and annuity industry’s emergence from COVID-19 disruption accelerated late in an otherwise challenging 2020, setting the stage for favorable year-over-year comparisons in key individual business lines in 2021.
Life, annuity, and accident and health direct premiums and considerations increased 1.1% in 2020, fueled by double-digit growth in group annuities and a smaller-than-expected decline in ordinary individual annuities, according to statutory data compiled as of March 8 by S&P Global Market Intelligence. Historical results exclude those entities for which 2020 data was unavailable as well as three entities that have traditionally produced the vast majority of their business from outside the U.S.