In 2023, the life/annuity insurance industry in the United States generated revenues of over one trillion U.S. dollars. Revenues in this sector decreased by about 10 billion U.S. dollars between 2022 and 2023. 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.
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Insurance Information Institute. (September 10, 2024). Total revenue of life/annuity insurance industry in the United States from 2009 to 2023 (in billion U.S. dollars) [Graph]. In Statista. Retrieved December 19, 2024, 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 2023 (in billion U.S. dollars)." Chart. September 10, 2024. Statista. Accessed December 19, 2024. https://www.statista.com/statistics/214544/total-revenue-of-us-life-and-health-insurance-industry/
Insurance Information Institute. (2024). Total revenue of life/annuity insurance industry in the United States from 2009 to 2023 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: December 19, 2024. 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 2023 (in Billion U.S. Dollars)." Statista, Statista Inc., 10 Sep 2024, 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 2023 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/214544/total-revenue-of-us-life-and-health-insurance-industry/ (last visited December 19, 2024)
Total revenue of life/annuity insurance industry in the United States from 2009 to 2023 (in billion U.S. dollars) [Graph], Insurance Information Institute, September 10, 2024. [Online]. Available: https://www.statista.com/statistics/214544/total-revenue-of-us-life-and-health-insurance-industry/
