In 2018, the U.S. life/annuity insurance industry generated revenues of 905.4 billion U.S. dollars. 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. Prudential Financial was the U.S. life insurer with the largest annuity reserves in 2017.
Most popular life insurance distribution channel
Over half of all life insurance sales were made by independent agents in 2018. The next most used distribution channel were affiliated, or captive, agents who made 38 percent of the sales in that year.
Total revenue of life/annuity insurance industry in the United States from 2009 to 2018
(in billion U.S. dollars)
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Statistics on "Life insurance in the United States"
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Insurance Information Institute. (August 31, 2019). Total revenue of life/annuity insurance industry in the United States from 2009 to 2018 (in billion U.S. dollars) [Graph]. In Statista. Retrieved February 21, 2020, 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 2018 (in billion U.S. dollars)." Chart. August 31, 2019. Statista. Accessed February 21, 2020. https://www.statista.com/statistics/214544/total-revenue-of-us-life-and-health-insurance-industry/
Insurance Information Institute. (2019). Total revenue of life/annuity insurance industry in the United States from 2009 to 2018 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: February 21, 2020. 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 2018 (in Billion U.S. Dollars)." Statista, Statista Inc., 31 Aug 2019, 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 2018 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/214544/total-revenue-of-us-life-and-health-insurance-industry/ (last visited February 21, 2020)
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