U.S. life insurers ended 2023 with about $2.9 trillion in reserves supporting their benefits promises to individual annuity holders, according to the new 2024 Life Insurers Fact Book.
The fact book is like an almanac for the life insurance and annuity sector. The American Council of Life Insurers and a predecessor organization, the Institute of Life Insurance, have been publishing it every year since 1946.
The 2023 annuity reserve total amounted to 2% of U.S. net wealth.
It was 7.2% higher than the comparable total for 2022.
The reserves helped insurers pay $61 billion in income to individual annuity holders.
Seven insurers had more than $130 billion in individual annuity reserves.
For a look at those seven companies' individual annuity reserves, along with how the amounts changed between 2022 and 2023, see the gallery accompanying this article.
Slide images: Chris Nicholls/ALM
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