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More than half of the top 20 annuity carriers reported sales growth in the first quarter

WINDSOR, Conn., June 17, 2025 —Total U.S. annuity sales were $106.3 billion in the first quarter of 2025, level with the record set in the first quarter of 2024, according to results from LIMRA’s U.S. Individual Annuity Sales Survey. This quarterly survey represents 85% of the total U.S. annuity market.

“Total annuity sales topped $100 billion for the sixth straight quarter, demonstrating the growing interest in principal protection and guaranteed income continues,” said Bryan Hodgens, senior vice president and head of LIMRA research. “That said, too many consumers and advisors don’t know enough about annuities and how they can help Americans achieve financial security in retirement. LIMRA and LOMA’s recent announcement to bring the Alliance for Lifetime Income under its umbrella is furthering our commitment to drive awareness about the value of annuities and protected income solutions across the entire value chain, including consumers, financial advisors, and other external audiences. The integration strengthens LIMRA and LOMA’s role in shaping the retirement security conversation and influencing consumer perceptions and industry strategies.”

Registered Index-Linked Annuities

Registered index-linked annuity (RILA) sales rose 20% year over year to $17.4 billion in the first quarter. Three quarters of the top 20 RILA carriers reported growth in the first quarter.

“We continue to see new companies enter the RILA market, driving product innovation and expanding distribution. Indexed products – both RILAs and fixed indexed annuities – represented 42% of all annuity sales in the first quarter. A decade ago, sales of these products represented less than 30% of total sales,” said Keith Golembiewski, assistant vice president and LIMRA annuity research director. “Today’s investors have to balance the concerns of economic uncertainty with the need for greater upside investment growth potential. RILAs and FIA offer that balanced value proposition.”

Traditional Variable Annuities

For the fifth consecutive quarter, traditional variable annuity sales increased year over year. Traditional VA sales totaled $15.3 billion, up 12%, compared with first quarter 2024 results. Ninety percent of the top 20 VA carriers and two-thirds of all VA carriers posted gains in the first quarter.

“LIMRA research shows fee-based VA sales grew 21% in the first quarter, compared with prior year results, noted Golembiewski. “While this growth includes, in small part, fee-based RILA sales, we believe the resurgence of traditional VA sales over the past five quarters likely is related to the ongoing efforts to expand distribution to the registered investment advisor channel.”

Fixed-Rate Deferred

Total fixed-rate deferred annuity (FRD) sales were $39.7 billion in the first quarter, up 36% quarter over quarter, but down 8% from first quarter 2024 sales. Despite the annual decline, FRD annuities remain the primary driver of annuity sales growth, representing nearly 38% of the total annuity market in the first quarter.

“Market volatility in the later part of the quarter caused FRD sales to spike in March as investors sought protection and guaranteed growth amid market uncertainty,” said Golembiewski. “The average crediting rate for a three-year FRD products remained nearly 200 basis points above the average CD rate. With persistent inflation delaying any potential interest rate cut by the Federal Reserve, LIMRA expects FRD sales will be above $120 billion in 2025.” 

Fixed Indexed Annuities

Fixed indexed annuity (FIA) sales fell 3% year over year to $27.8 billion in the first quarter of 2025. Despite the slip in sales, over half of the top 20 FIA carriers reported sales growth in the quarter.

Income Annuities

Income annuity sales fell in the first quarter. Single premium immediate annuity (SPIA) sales were $3 billion in the first quarter, 16% lower than the prior year’s results. Deferred income annuity (DIA) sales were $900 million in the first quarter, down 22% year over year.

“As we commemorate June as Annuity Awareness Month, it’s a good time to highlight the crucial role that annuities can play in securing Americans’ retirement future,” said Hodgens. “Our research shows just among pre-retirees who don’t own an annuity, only 44% expect to have enough income from lifetime guaranteed income sources (i.e., Social Security or private pensions) to cover basic living expenses. Our industry needs to do a better job of explaining how annuities can provide that guaranteed income and offer financial peace of mind.”

For more details on the sales results, visit: Annuity Sales Estimates (First Quarter 2025) in LIMRA’s Fact Tank.

• To view the top 20 rankings of total, variable and fixed annuity writers, see U.S. Individual Annuity Sales (First Quarter 2025 Results).
• To view the top 20 rankings of traditional VA and RILA sales leaders, visit U.S. Individual Variable Annuity Sales (First Quarter 2025 VA Breakout Results).
• For the top 20 rankings of fixed-rate deferred, fixed indexed and payout annuity writers, visit U.S. Individual Fixed Annuity Sales (First Quarter 2025 Fixed Breakout Results).

With more than 100 years of expertise, LIMRA conducts over 80 benchmark studies, producing nearly 500 reports annually, for our members and the industry as a whole. These studies provide trusted insights and a comprehensive understanding of market dynamics, trends, and behaviors.

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