Life Insurers Pay Record $104 Billion in Annuity Benefits as Premiums Reach $361 Billion
Updated
Updated · Insurance News Net · Jun 1
Life Insurers Pay Record $104 Billion in Annuity Benefits as Premiums Reach $361 Billion
1 articles · Updated · Insurance News Net · Jun 1
$104 billion in annuity benefits was paid by U.S. life insurers in 2023, up 9% from 2022 and the highest level on record.
$361 billion in annuity premiums also set a record in 2023, rising nearly 3% as workers and retirees directed more long-term savings into products built to provide predictable income.
Iran-related geopolitical tensions and higher oil prices have added fresh market volatility, sharpening demand for annuities as a way to stabilize retirement income when portfolios swing.
The industry argues annuities help address four core retirement risks—longevity, inflation, overspending and volatility—though some products require long-term commitments and careful review.