In 2022, the life/annuity insurance industry in the United States generated revenues of over one trillion U.S. dollars. Revenues in this sector increased by more than 80 billion U.S. dollars between 2021 and 2022. A life annuity is an insurance product, which is commonly used to provide a guaranteed income in retirement that cannot be outlived. The annuitant pays into it periodically while they’re still working, or makes a lump sum purchase upon retirement to provide a reliable, usually monthly, source of income.
Life/annuity insurance lines
The life/annuity insurance industry provides three lines of insurance: annuities, accident and health, and life insurance. The value of direct premiums written of annuities have been consistently higher than those of the other two lines. MetLife Inc was the largest U.S. life insurer in terms of direct premiums written.
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Insurance Information Institute. (August 16, 2023). Total revenue of life/annuity insurance industry in the United States from 2009 to 2022 (in billion U.S. dollars) [Graph]. In Statista. Retrieved June 18, 2024, from https://www.statista.com/statistics/214544/total-revenue-of-us-life-and-health-insurance-industry/
Insurance Information Institute. "Total revenue of life/annuity insurance industry in the United States from 2009 to 2022 (in billion U.S. dollars)." Chart. August 16, 2023. Statista. Accessed June 18, 2024. https://www.statista.com/statistics/214544/total-revenue-of-us-life-and-health-insurance-industry/
Insurance Information Institute. (2023). Total revenue of life/annuity insurance industry in the United States from 2009 to 2022 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: June 18, 2024. https://www.statista.com/statistics/214544/total-revenue-of-us-life-and-health-insurance-industry/
Insurance Information Institute. "Total Revenue of Life/Annuity Insurance Industry in The United States from 2009 to 2022 (in Billion U.S. Dollars)." Statista, Statista Inc., 16 Aug 2023, https://www.statista.com/statistics/214544/total-revenue-of-us-life-and-health-insurance-industry/
Insurance Information Institute, Total revenue of life/annuity insurance industry in the United States from 2009 to 2022 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/214544/total-revenue-of-us-life-and-health-insurance-industry/ (last visited June 18, 2024)
Total revenue of life/annuity insurance industry in the United States from 2009 to 2022 (in billion U.S. dollars) [Graph], Insurance Information Institute, August 16, 2023. [Online]. Available: https://www.statista.com/statistics/214544/total-revenue-of-us-life-and-health-insurance-industry/