In 2020, the U.S. life/annuity insurance industry generated revenues of 881.2 billion U.S. dollars. This was below the 2018 and 2019 figures, owing to the coronavirus (COVID-19) pandemic. 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.
Most popular life insurance distribution channel
Over half of all life insurance sales were made by independent agents in 2019. The next most used distribution channel were affiliated, or captive, agents who accounted for 36 percent of the sales in that year.
Total revenue of life/annuity insurance industry in the United States from 2009 to 2020
(in billion U.S. dollars)
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Insurance Information Institute. (September 7, 2021). Total revenue of life/annuity insurance industry in the United States from 2009 to 2020 (in billion U.S. dollars) [Graph]. In Statista. Retrieved January 25, 2022, 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 2020 (in billion U.S. dollars)." Chart. September 7, 2021. Statista. Accessed January 25, 2022. https://www.statista.com/statistics/214544/total-revenue-of-us-life-and-health-insurance-industry/
Insurance Information Institute. (2021). Total revenue of life/annuity insurance industry in the United States from 2009 to 2020 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: January 25, 2022. 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 2020 (in Billion U.S. Dollars)." Statista, Statista Inc., 7 Sep 2021, 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 2020 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/214544/total-revenue-of-us-life-and-health-insurance-industry/ (last visited January 25, 2022)
