Annuity Insurance Market produced about $301 billion in annuity considerations, up 9.1% in a Forecast Period.
Top manufacturers analysed in the market include are AIG, Pacific Life, Brighthouse Financial, Ohio National, Hartford, Nationwide, AEGON/Transamerica, Thrivent Financial, Ameriprise Financial, Fidelity Investments Life and TIAA-CREF.
Life Insurance Corporation (LIC) on Oct 2020 launched a new deferred annuity plan, which is a non-linked, non-participating, individual single premium plan. The annuity rates for the New Jeevan Shanti plan are guaranteed at the inception of the policy, and annuities are payable after the deferment period throughout the life of the annuitant. This plan consists of bought offline and online, comes with two annuity options: Deferred annuity for single life, and deferred annuity for joint life. Under the deferred annuity for single life plan, the annuity payments shall be made in arrears for as long as the annuitant is alive after the deferment period and according to the chosen mode.
May 2020-AIG Life & Retirement, Inc. and a leading provider of annuities, announced the launch of the new Legg Mason Quality Dividend Index. This index has been developed exclusively for The Power Series of Index Annuities, which is issued by AIG member company American General Life Insurance Company and will be distributed primarily through independent broker-dealers, banks and other financial institutions. The Legg Mason Quality Dividend Index offers consumers the opportunity to seek more consistent returns in changing markets by focusing on high-quality dividend-paying stocks.
March 2020-Pacific Life announced that the company’s two fee-based, advisory annuities, Pacific Odyssey and Pacific Index Advisory are now available through DPL Financial Partners insurance network for independent registered investment advisers (RIAs). With recent market volatility, RIAs are looking for strategies to deliver protection and lifetime income options as their clients’ transition from wealth accumulation to distribution. Pacific Life is excited to work with DPL to expand access to our products and solutions to RIAs.
Aug 2020-KKR & Co. is still planning to pay $4.4 billion to buy Global Atlantic Financial Group Ltd., a major life and annuity issuer. Some of the insurer already in the annuity market is trying to get out, because of concerns about the effects of low interest rates on bonds and big ups and downs in stock prices.
On Feb 2020-Brighthouse Financial, Inc. (Brighthouse Financial) announced that it has entered the independent marketing organization (IMO) distribution channel with Brighthouse SecureAdvantage 6-Year Fixed Index Annuity (FIA). Their key features of SecureAdvantage 6-Year include 6-Year Annual Sum Index Account options1 as well as greater transparency into the daily values of the contract than is typical in fixed index annuity products.
On the basis of types, the Annuities Insurance market is split into Variable, Immediate, Fixed, Fixed Indexed and Others. Basis of applications, market has segmented into Financial, Manufacturing, Industrial, BFSI, Travel and Hospitality and Others. By the region it has spread in North America, Europe, Asia-Pacific and Middle East & Africa. In United States world’s biggest insurance market is driven. The property and casualty (P&C) sector is building upon a strong 2018 in which the industry saw net income soar 66 percent to US$60 billion. Government rules changes could boost annuity uptake in U.S. Financing retirement for an aging population is a global problem, particularly in many of the more advanced economies. However, some relief may be on the way in the United States.
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