What You Need to Know
- Many factors could affect sales, but one especially big driver is the aging of the U.S. population.
The aging of the U.S. population should help keep U.S. individual annuity sales increasing at least through 2024, according to LIMRA.
The Windsor, Connecticut-based financial services research organization is predicting that sales will increase to at least $267 billion this year, up 4.7% from the 2021 total.
Sales could increase 7.1%, to at least $286 billion 2023, according to LIMRA’s annuity sales trends forecast.
LIMRA says sales should then rise to at least $294 billion in 2024.
LIMRA reports the projected sales figures in terms of ranges of about $20 billion. In 2023, for example, the projected individual annuity sales range is $286 billion to $306 billion.