Total revenue of U.S. life/annuity insurance industry 2009-2022

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.

Most popular life insurance distribution channel

Over half of all life insurance sales are made by independent agents. The next most used distribution channel are affiliated, or captive, agents who account for approximately one third of all sales.