08.13.24

A Look Behind Annuity Numbers as Sales Explode

by: Doug Bailey

Total U.S. annuity sales were $215.2 billion in the first half of 2024, a 19% increase from prior year results, according to preliminary results from LIMRA’s U.S. Individual Annuity Sales Survey. LIMRA forecasts annuity sales for the year to set records as well. “We know that there is a demographic trend here where we have more Americans turning 65 this year and for the next four years than we ever have in history,” said Ellen Cooper, chair, president and CEO of Lincoln Financial, where annuity sales were up 48% in the second quarter this year. “And so, you really have a need for deferred savings and for retirement planning.” Cooper credited “significant consumer demand” for the exploding sales, and said interest rate changes and economic anxiety have bolstered the attractiveness of fixed and variable annuities.

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