Interest rates, rising demand driving annuity sales growth

February 5, 2024 by Keith Golembiewski

LIMRA recently published its U.S. Individual Annuity Sales Forecast for 2024 through 2026. Over the past two years, significant annuity sales growth has been driven by interest rates, rising demand for protection and guaranteed income, and strong economic conditions. 

In 2022, annuity sales totaled a record high of $313 billion. At the end of 2023, LIMRA is projecting sales will exceed $350 billion, largely based on strong fixed annuity sales. The two years of record annuity sales were fueled by the enormous growth across products such as fixed-rate deferred, fixed indexed and income annuities, and registered index-linked annuities. 

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Originally Posted at InsuranceNewsNet on February 1, 2024 by Keith Golembiewski.