Annuity Market size was valued at US$ 5,328.1 billion in 2023 and is poised to grow at a significant CAGR of 3.3% from 2024–2030. Products that are the simplest to comprehend and buy will be the most successful because service is increasingly a significant differentiation among providers, particularly those with direct internet offerings. The insurance sector's established business practices will be upended by fresh and continuing social developments, giving consumers more clout. Social networks' quick uptake and rapid evolution will continue to provide consumers and businesses the tools they need to speak more openly and tap into the purchasing power of online communities. Customers are placing higher demands on companies, especially insurance agents/advisers and carriers, for simplicity, transparency, and speed in their business dealings. This shift in customer expectations is fueled by the unrelenting advance of the internet and mobile technology.
Moreover, benefiting from information-driven online intermediaries, social networks with significant purchasing power create new group channels. For life and annuities insurance, robotics is becoming more prevalent. RPA initiatives are assisting in automating legacy processes, particularly for high-volume and straightforward jobs. RPA is helping to lighten the load on IT by replacing some of the legacy resources lost with a significant amount of internal process knowledge. Externally, insurers are discovering that automating goods with robots may not be the best approach for luring younger and more tech-savvy clients. Although technologies like Robo-advisory may answer fundamental questions, many customers still seek human counsel. A few businesses are experimenting with analytics and underwriting, but most technology platforms concentrate on the front end.
Study Period
2024-2030Base Year
2023CAGR
3.3%Largest Market
North AmericaFastest Growing Market
North America
Initiatives are being taken at the industry level to shift the conversation away from retirement wealth building and toward retirement income. The issues that an aging population face have become more widely acknowledged in recent years, and legislative actions have also aided in this momentum's growth. Annuities, increasingly viewed as a crucial tool to give the guaranteed retirement income people need to provide the peace of mind and security to live their ideal retirement, will come under greater scrutiny due to the evolving approach to retirement planning. As more people globally retire from the recently established private pension system and need stable incomes, the market for annuities will expand in the coming years. The creation of annuity products can lengthen the duration of insurers' liabilities, enhancing their capacity to invest in longer-term assets and more actively support the growth of the capital market. The market was hindered by lower Annuity plan adoption and longevity risks.
The Annuity Market in North America are likely to hold a significant revenue share in 2021, and, in the following years, it is predicted to increase rapidly. Most transactions in the United States are still retiree buy-outs for active plans, but significant plan terminations are anticipated in the future years, further boosting market volume. More novel approaches to important transactions, like buy-ins and early commitment arrangements, are expected to gain appeal in the following years.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 5,328.1 billion |
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Market CAGR |
3.3% |
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By Type |
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By Region |
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The global annuity market size was valued at US$ 5,328.1 billion in 2023 and is projected to grow at a CAGR of 3.3% from 2024-2030.
Beneva, Assumption Life, Ping An, AIA, China Life, Nippon Life, Generali
North America is the fastest-growing region for annuity market
| 1.Executive Summary |
| 2.Global Annuity Market Introduction |
| 2.1.Global Annuity Market - Taxonomy |
| 2.2.Global Annuity Market - Definitions |
| 2.2.1.Type |
| 2.2.2.Region |
| 3.Global Annuity Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Annuity Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Annuity Market By Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Immediate annuities |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Deferred annuities |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Fixed annuities |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Variable annuities |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 6.Global Annuity Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. North America |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Europe |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Asia Pacific (APAC) |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Middle East and Africa (MEA) |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Latin America |
| 6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 7.North America Annuity Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 7.1.1.Immediate annuities |
| 7.1.2.Deferred annuities |
| 7.1.3.Fixed annuities |
| 7.1.4.Variable annuities |
| 7.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 7.2.1.United States of America (USA) |
| 7.2.2.Canada |
| 8.Europe Annuity Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1.Immediate annuities |
| 8.1.2.Deferred annuities |
| 8.1.3.Fixed annuities |
| 8.1.4.Variable annuities |
| 8.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1.Germany |
| 8.2.2.France |
| 8.2.3.Italy |
| 8.2.4.United Kingdom (UK) |
| 8.2.5.Spain |
| 8.2.6.Rest of EU |
| 8.2.7. |
| 9.Asia Pacific (APAC) Annuity Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Immediate annuities |
| 9.1.2.Deferred annuities |
| 9.1.3.Fixed annuities |
| 9.1.4.Variable annuities |
| 9.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.China |
| 9.2.2.India |
| 9.2.3.Australia and New Zealand (ANZ) |
| 9.2.4.Japan |
| 9.2.5.Rest of APAC |
| 10.Middle East and Africa (MEA) Annuity Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Immediate annuities |
| 10.1.2.Deferred annuities |
| 10.1.3.Fixed annuities |
| 10.1.4.Variable annuities |
| 10.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.GCC Countries |
| 10.2.2.South Africa |
| 10.2.3.Rest of MEA |
| 11.Latin America Annuity Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Immediate annuities |
| 11.1.2.Deferred annuities |
| 11.1.3.Fixed annuities |
| 11.1.4.Variable annuities |
| 11.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Brazil |
| 11.2.2.Mexico |
| 11.2.3.Rest of LA |
| 12. Competition Landscape |
| 12.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 12.2.1.Beneva |
| 12.2.2.Assumption Life |
| 12.2.3.Ping An |
| 12.2.4.AIA |
| 12.2.5.China Life |
| 12.2.6.Nippon Life |
| 12.2.7.Generali |
| 12.2.8.AVIVA |
| 12.2.9.Munich Re |
| 12.2.10.ZURICH |
| 12.2.11.CPIC |
| 12.2.12.PICC |
| 12.2.13.Metlife |
| 12.2.14.Canada Life |
| 13. Research Methodology |
| 14. Appendix and Abbreviations |
Key Market Players
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