US annuity boom fuels private credit surge that worries regulators

June 17, 2026 by Mark Rosanes

US retail annuity sales reached a record $461 billion in 2025. The business models supporting that growth have become materially more complex, according to Morningstar DBRS.

The report focuses on multiyear guaranteed annuities (MYGAs) and fixed indexed annuities (FIAs). Both products carry low risk profiles, Morningstar DBRS said. The investment and capital strategies built around them have grown more dependent on capital efficiency, investment execution, and the regulatory environment.

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Originally Posted at Insurance Business Mag on Jun 16, 2026 by Mark Rosanes.