LIMRA: Final Retail Annuity Sales Total $464.1 Billion in 2025
Total U.S. annuity sales increased 7% to $464.1 billion in 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 a 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.
Registered Index-Linked Annuities
Registered index-linked annuity 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.
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 sales improved 7% year over year to $34.1 billion. In 2025, FIA sales were $127.9 billion, 1% higher than 2024 results.
Fixed-Rate Deferred
Fourth quarter 2025 fixed-rate deferred annuity 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 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 sales jumped 22% to $1.4 billion in the fourth quarter. DIA product sales fell 3% to $4.8 billion in 2025.