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LIMRA: Final U.S. Retail Annuity Sales Set New Sales High, Totaling $464.1 Billion in 2025

3/23/2026

WINDSOR, Conn., March 23, 2026—Total U.S. annuity sales increased 7% to $464.1 billion in the 2025, according to LIMRA’s U.S. Individual Annuity Sales Survey, which represents 93% of the total U.S. annuity market.

Fourth quarter sales jumped 14% to $117.2 billion, representing the ninth consecutive quarter of $100+ billion in sales.

“Favorable economic conditions, expanded distribution, and growing investor demand for protected lifetime income have propelled the annuity market in recent years. We are currently in the middle of Peak 65, where 4.1 million Americans are turning 65 each year ― many who don’t have pensions or other income sources to meet their basic living expenses in retirement,” said Bryan Hodgens, senior vice president and head of LIMRA research. “Although economic conditions are expected to weaken in 2026, LIMRA is forecasting annuity sales to remain strong as awareness and demand for these income solutions grow.”

Registered Index-Linked Annuities

Registered index-linked annuity (RILA) sales set new quarterly and annual sales records. In the fourth quarter of 2025, RILA sales were $22.1 billion, 23% higher than the prior year. In 2025, RILA sales increased 20% year over year to $79.5 billion, 10 times the sales recorded a decade ago for this product line and marks the 11th consecutive year of growth.

“With broader distribution penetration, LIMRA expects the RILA market will continue to grow. This year, all distribution channels recorded double-digit growth and full-service national broker dealers’ RILA sales jumped 30%, as RILA products start to resonate with advisors and their higher-net worth clients,” said Keith Golembiewski, assistant vice president and head of LIMRA Annuity Research. “LIMRA is projecting RILA sales to exceed $85 billion in 2026, and for this market to grow through 2028.”

Traditional Variable Annuities
Traditional variable annuity sales were $17.7 billion in the fourth quarter, up 11% from fourth quarter 2024. For the year, traditional VA sales rose 8% year over year to $63.1 billion.

Fixed Indexed Annuities
Fourth quarter fixed indexed annuity (FIA) sales improved 7% year over year to $34.1 billion. In 2025, FIA sales were $127.9 billion, 1% higher than 2024 results. This is the fifth consecutive year of annual sales growth for the product line and sets a new sales record.

Fixed-Rate Deferred
Fourth quarter 2025 fixed-rate deferred annuity (FRD) sales were $35.7 billion, 19% higher than fourth quarter 2024 results. In 2025, FRD sales improved 6% year over year to $165.3 billion.

Income Annuities
Single premium immediate annuity (SPIA) sales increased 23% in the fourth quarter to $3.9 billion. For the year, SPIA sales ticked up 6% to $14.4 billion. Deferred income annuity (DIA) sales jumped 22% to $1.4 billion in the fourth quarter. DIA product sales fell 3% to $4.8 billion in 2025.

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

LIMRA’s Retail Annuity Sales Survey represents 93% of the U.S. market. With more than 100 years of expertise, LIMRA conducts over 80 benchmark studies — producing nearly 500 reports annually — for our members and the industry. These studies provide trusted insights and a comprehensive understanding of market dynamics, trends, and behaviors.

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About LIMRA
Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 member organizations navigate change with confidence. Visit LIMRA at www.limra.com.

 

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