Annuity Insurance Market Report 2026

The annuity insurance market size has grown strongly in recent years. It will grow from $1.04 trillion in 2025 to $1.1 trillion in 2026 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to increasing retirement-age population, declining reliance on employer-sponsored pensions, rising awareness of income security in retirement, growth of insurance-based savings products, expansion of financial advisory services.

The annuity insurance market size is expected to see strong growth in the next few years. It will grow to $1.37 trillion in 2030 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to increasing demand for digitally distributed annuity products, rising integration of annuities with wealth management platforms, growing focus on flexible payout structures, expansion of longevity-focused insurance products, increasing regulatory emphasis on consumer protection. Major trends in the forecast period include increasing demand for guaranteed retirement income products, growing adoption of digital annuity platforms, rising interest in indexed and hybrid annuities, expansion of personalized retirement planning solutions, enhanced focus on longevity risk management.

The increasing number of individuals seeking retirement income solutions is projected to drive the growth of the annuity insurance market. Retirement income solutions encompass financial products, strategies, and plans designed to provide a stable and reliable income stream throughout retirement, ensuring economic stability and peace of mind. Annuity insurance facilitates this by converting a lump-sum payment into regular payments over a specified period, thereby ensuring financial stability and reducing the risk of running out of money. For example, the Asset Management 2024 Defined Contribution (DC) Plan Participant Survey conducted by J.P. Morgan, which included 1,503 participants, revealed that guaranteed income alternatives are highly appealing. The survey found that 72% of respondents considered their workplace retirement plan crucial to their household's financial well-being, and 85% viewed retirement benefits as a significant factor in deciding whether to remain with their current employer or seek new job opportunities. Consequently, the rising demand for retirement income solutions is fueling the growth of the annuity insurance market.

Key players in the annuity insurance market are increasingly concentrating on product innovation to meet diverse customer needs, whether for individual or group general annuity savings. Annuity saving plans offer flexible premium payment options, such as single premium, limited premium payment terms, and regular premium payments. For instance, in January 2024, Max Life Insurance Company Limited, an India-based insurer, introduced the 'Smart Wealth Annuity Guaranteed Pension Plan' (SWAG Pension Plan). This non-linked, non-participating individual or group general annuity savings plan allows customers to customize their policies by choosing various annuity and 'Return of Premium' options. The plan is designed to help individuals prepare for retirement by offering customizable features and variants, subject to policy terms and conditions.

In May 2024, Brookfield Wealth Solutions Ltd., a Canada-based reinsurance and insurance-capital solutions company, acquired American Equity Investment Life Holding Company (AEL) for $4.3 billion. Through this acquisition, Brookfield Reinsurance aimed to strengthen its annuity insurance product offerings by incorporating AEL’s established annuity business, distribution network, and policyholder base. American Equity Investment Life Holding Company (AEL) is a US-based insurance company that develops and distributes fixed and fixed-indexed annuity products across the United States.

Major companies operating in the annuity insurance market are China Ping An Insurance (Group) Co. Ltd., Allianz SE, China Life Insurance Company, Axa S.A., The Dai-ichi Life Insurance Company Limited, MetLife Services and Solutions LLC, China Pacific Insurance Co. Ltd., Nationwide Mutual Insurance Company, American International Group Inc., Allstate Insurance Company, Zurich Insurance Group Ltd., Sumitomo Life Insurance Company, Aviva PLC, Aegon Life Insurance Company, SBI Life Insurance Co. Ltd., Pacific Life Insurance Company, Bright House Financial Inc., Transamerica Corporation, Voya Financial Inc., Globe Life Inc., Symetra Life Insurance Company, Reliance Nippon Life Insurance Company Limited, Protective Insurance Corporation, Assurity Life Insurance, Colonial Penn Life Insurance Company, Gerber Life Insurance Company, HDFC Standard Life Insurance Company Limited, Assicurazioni Generali SpA.

North America was the largest region in the annuity insurance market in 2025. The regions covered in the annuity insurance market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the annuity insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The annuity insurance market includes revenues earned by entities by charging fees for mortality guarantees, surrender charges, rider fees and premiums. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 1-3 business days.