Despite the continued challenges resulting from the COVID-19 pandemic, the annuity industry rebounded strongly — with the first quarter of 2022 seeing total U.S. annuity sales increase 4% to $63.3 billion. LIMRA expects this momentum to continue through the next several years.

“The outlook for rising interest rates and fairly level equity markets will have investors continuing to look for the balance between protection, growth, and guaranteed income, creating a strong potential for individual annuity sales to break the all-time record levels of sales experienced in 2008,” says Todd Giesing, assistant vice president, LIMRA Annuity Research.