ANNUITY WIRES Annuity sales boom expected to continue, LIMRA says

Annuity sales busted through the $300 billion ceiling in 2022, smashing records on the way to nearly $313 billion in sales.

Expect those numbers to continue, said Todd Giesing, assistant vice president, LIMRA Annuity Research.

Baby boomers are continuing to age and looking for guaranteed income, so that customer base keeps growing, he said.

“For most product types, we look at the demographic there, and as we move forward, there’s simply going to be more Americans in those traditional retirement ages,” Giesing explained.

LIMRA is forecasting a small annuity sales dip in 2024 to $280-$300 billion, which is still higher than any pre-2022 year. From 2025-27, LIMRA projects $300 billion-plus in annual sales.

However, the plaintiffs’ funds were “never moved back to a blend of dividend stocks and bonds as disclosed until later in 2021, if ever,” the lawsuit reads.