Total U.S. annuity sales soared 26% year-over-year, reaching $109.9 billion in Q2 2024, setting new records, according to LIMRA.
The first half of 2024 saw a 20% increase, totaling $216.6 billion, marking the highest-ever sales for this period.
“The U.S. annuity market continues to break sales records as the need for guaranteed retirement income grows,” said Bryan Hodgens, senior vice president and head of LIMRA research, in a statement. “Annuity sales have experienced 15 consecutive quarters of strong growth and LIMRA is forecasting record sales in 2024.”
Key drivers include strong demand for guaranteed retirement income, product innovation, and favorable economic conditions.
Fixed-indexed annuities, registered index-linked annuities, and fixed-rate deferred annuities all posted double-digit gains, reflecting investor interest in products offering growth potential and downside protection. However, traditional variable annuities also benefited from strong equity markets, while income annuities showed modest growth.
