11.20.24

Annuity Payments Hit Record $104 Billion With Retirement Surge

by: Austin Ramsey

Insurance companies paid out a record $104 billion in annuity benefits in 2023, up 9% over the prior year as high interest rates and a surge in retirees fueled new sales, according to research by the American Council of Life Insurers (ACLI). “Yes it’s a market opportunity, but it’s also an important public policy issue as well in that we want people to have a stable, secure, lifetime income through retirement,” said ACLI President and CEO David Chavern.

Read the full article on Bloomberg Law