2023 US life statutory results: Individual annuity growth hits 21-year high
A resilient domestic economy, rising interest rates and ample supply of attractive products led to outsized expansion in individual annuities during a year of otherwise mixed growth in business volumes for the US life insurance industry. According to estimates from S&P Global Market Intelligence, individual annuity direct premiums and considerations surged by 21.8% in 2023. This data, aggregated from individual entity reports available as of March 11, marks a third straight year of double-digit growth, and the most substantial annual...