Table of Content

1. Executive Summary


2. Introduction

2.1 Annuity: An Overview
2.1.1 Introduction to Annuity
2.1.2 Types of Annuity
2.1.3 Features of Annuity

2.2 Annuity Segmentation: An Overview
2.2.1 Fixed Annuity Segmentation
2.2.2 Variable Annuity Segmentation


3. The US Market Analysis

3.1 The US Annuity Market: An Analysis

3.1.1 The US Annuity Market by Value
3.1.2 The US Annuity Market by Type (Fixed Annuity and Variable Annuity)

3.2 The US Fixed Annuity Market: An Analysis

3.2.1 The US Fixed Annuity Market by Value
3.2.2 The US Fixed Annuity Market by Distribution Channel (Independent Agents, Banks, Regional Broker-Dealers, Independent Broker-Dealers, Career Agents, Direct Response, and Wirehouse)
3.2.3 The US Independent Agents’ Fixed Annuity Market by Value
3.2.4 The US Banks’ Fixed Annuity Market by Value
3.2.5 The US Regional Broker-Dealers’ Fixed Annuity Market by Value
3.2.6 The US Independent Broker-Dealers’ Fixed Annuity Market by Value
3.2.7 The US Career Agents’ Fixed Annuity Market by Value
3.2.8 The US Direct Response Fixed Annuity Market by Value
3.2.9 The US Wirehouse Fixed Annuity Market by Value
3.2.10 The US Fixed Annuity Market by Type (Index Annuity and Traditional Fixed Annuity)
3.2.11 The US Index Annuity Market by Value
3.2.12 The US Index Annuity Market by Distribution Channel (Independent Agents, Banks, Captive Agents, and Broker/Dealers)
3.2.13 The US Independent Agents’ Index Annuity Market by Value
3.2.14 The US Banks’ Index Annuity Market by Value
3.2.15 The US Captive Agents’ Index Annuity Market by Value
3.2.16 The US Broker/Dealers’ Index Annuity Market by Value
3.2.17 The US Traditional Fixed Annuity Market by Value

3.3 The US Variable Annuity Market: An Analysis

3.3.1 The US Variable Annuity Market by Value
3.3.2 The US Variable Annuity Market by Contract Type (GMWB, Buffer Annuity Contracts, L-Share Contracts, and Others)
3.3.3 The US GMWB Variable Annuity Contract Market by Value
3.3.4 The US Buffer Variable Annuity Contract Market by Value
3.3.5 The US L-Share Variable Annuity Contract Market by Value
3.3.6 The US Other Variable Annuity Contract Market by Value
3.3.7 The US Variable Annuity Market by Distribution Channel (Independent Broker-Dealers, Captive Agents, Banks, Regional Broker-Dealers, Wirehouse, and Direct Response)
3.3.8 The US Independent Broker-Dealers’ Variable Annuity Market by Value
3.3.9 The US Captive Agent’ Variable Annuity Market by Value
3.3.10 The US Banks’ Variable Annuity Market by Value
3.3.11 The US Regional Broker/Dealers’ Variable Annuity Market by Value
3.3.12 The US Wirehouses Variable Annuity Market by Value
3.3.13 The US Direct Response Variable Annuity Market by Value

3.4 The US Variable Annuity Asset Under Management: An Analysis

3.4.1 The US Variable Annuity Asset Under Management by Value
3.4.2 The US Variable Annuity Asset Under Management by Investment Category (Equity/Balanced, Fixed Income, and Money Market)
3.4.3 The US Equity/ Balanced Variable Annuity Asset Under Management by Value
3.4.4 The US Fixed Income Variable Annuity Asset Under Management by Value
3.4.5 The US Money Market Variable Annuity Asset Under Management by Value

3.5 The US Annuity Premium: An Analysis
3.5.1 The US Annuity Premium by Value


4. Impact of COVID-19

4.1 Impact of COVID-19 on Annuity Market
4.2 Decline in Interest Rates
4.3 Post COVID-19 Impact on Annuity Market


5. Market Dynamics

5.1 Growth Drivers
5.1.1 Growing Older Population
5.1.2 Capitalizing on Stock Market Growth
5.1.3 Rising Inflation
5.1.4 Annuities are Protected and Regulated
5.1.5 Portfolio Diversification
5.1.6 Advantages of Annuities over Stock

5.2 Challenges
5.2.1 Annuities’ Complexity and Liquidity Restrictions
5.2.2 Low Interest Rates and Market Volatility
5.2.3 High Fees and Expenses

5.3 Market Trends
5.3.1 Growing Demand for Registered Indexed Linked Annuities (RILAs)
5.3.2 Increasing Role of Technology


6. Competitive Landscape

6.1 The US Variable Annuity Players by Market Share
6.2 The US Variable Annuity Players by Contracts
6.3 The US Variable Annuity Players by GMWB Contracts
6.4 The US Variable Annuity Players by GMWB/Lifetime Income Offerings
6.5 The US Variable Annuity Players by Buffer Annuity Contracts
6.6 The US Variable Annuity Players by L-Share Contracts
6.7 The US Variable Annuity Players Gross Sales through Captive Agents
6.8 The US Variable Annuity Players Gross Sales through Independent Broker-Dealers
6.9 The US Variable Annuity Players Gross Sales through Banks
6.10 The US Variable Annuity Players Gross Sales through Wirehouses
6.11 The US Variable Annuity Players Gross Sales through Regional Broker/Dealers
6.12 The US Variable Annuity Players Gross Sales through Direct Response
6.13 The US Fixed Annuity Players by Market Share
6.14 The US Index Annuity Players by Market Share
6.15 The US Variable Annuity Players’ Assets by Market Share
6.16 The US Variable Annuity Players’ Annuity Premium by Market Share


7. Company Profiles

7.1 Lincoln National Corporation
7.1.1 Business Overview
7.1.2 Operating Business Segment
7.1.3 Business Strategy

7.2 MassMutual
7.2.1 Business Overview
7.2.2 Operating Businesses
7.2.3 Business Strategy

7.3 American International Group, Inc.
7.3.1 Business Overview
7.3.2 Operating Segment
7.3.3 Business Strategy

7.4 Athene Holding Ltd.
7.4.1 Business Overview
7.4.2 Operating Segments
7.4.3 Business Strategy

7.5 KKR & Co. Inc. (Global Atlantic Financial Group Ltd.)
7.5.1 Business Overview
7.5.2 Operating Segments
7.5.3 Business Strategy

7.6 American National Group, Inc.
7.6.1 Business Overview
7.6.2 Operating Segment
7.6.3 Business Strategy

7.7 Jackson Financial Inc. (Jackson National Life Insurance Company)
7.7.1 Business Overview
7.7.2 Operating Segment
7.7.3 Business Strategy

7.8 Pacific LifeCorp
7.8.1 Business Overview
7.8.2 Business Strategy

7.9 Midland National Life Insurance Company
7.9.1 Business Overview
7.9.2 Business Strategy

7.10 Nationwide Mutual Insurance Company
7.10.1 Business Overview
7.10.2 Business Strategy

7.11 TIAA
7.11.1 Business Overview
7.11.2 Business Strategy

7.12 American Equity Investment Life Holding Company (American Equity Investment Life Insurance Company)
7.12.1 Business Overview
7.12.2 Business Strategy

List of Figures

Figure 1: Feature of Annuity
Figure 2: Fixed Annuity Segmentation
Figure 3: Variable Annuity Segmentation
Figure 4: The US Annuity Market by Value; 2017-2021 (US$ Billion)
Figure 5: The US Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 6: The US Annuity Market by Type; 2021 (Percentage, %)
Figure 7: The US Fixed Annuity Market by Value; 2017-2021 (US$ Billion)
Figure 8: The US Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 9: The US Fixed Annuity Market by Distribution Channel; 2021 (Percentage, %)
Figure 10: The US Independent Agents’ Fixed Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 11: The US Independent Agents’ Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 12: US Banks’ Fixed Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 13: US Banks’ Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 14: The US Regional Broker-Dealers’ Fixed Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 15: The US Regional Broker-Dealers’ Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 16: The US Independent Broker-Dealers’ Fixed Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 17: The US Independent Broker-Dealers’ Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 18: The US Career Agents’ Fixed Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 19: The US Career Agents’ Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 20: The US Direct Response Fixed Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 21: The US Direct Response Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 22: The US Wirehouse Fixed Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 23: The US Wirehouse Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 24: The US Fixed Annuity Market by Type; 2021 (Percentage, %)
Figure 25: The US Index Annuity Market by Value; 2017-2021 (US$ Billion)
Figure 26: The US Index Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 27: The US Index Annuity Market by Distribution Channel; 2021 (Percentage, %)
Figure 28: The US Independent Agents’ Index Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 29: The US Independent Agents’ Index Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 30: The US Banks’ Index Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 31: The US Banks’ Index Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 32: The US Captive Agents’ Index Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 33: The US Captive Agents’ Index Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 34: The US Broker/Dealers’ Index Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 35: The US Broker/Dealers’ Index Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 36: The US Traditional Fixed Annuity Market by Value; 2017-2021 (US$ Billion)
Figure 37: The US Traditional Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 38: The US Variable Annuity Market by Value; 2017-2021 (US$ Billion)
Figure 39: The US Variable Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 40: The US Variable Annuity Market by Contract Type; 2021 (Percentage, %)
Figure 41: The US GMWB Variable Annuity Contract Market by Value; 2020-2021 (US$ Billion)
Figure 42: The US GMWB Variable Annuity Contract Market by Value; 2022-2026 (US$ Billion)
Figure 43: The US Buffer Variable Annuity Contract Market by Value; 2020-2021 (US$ Billion)
Figure 44: The US Buffer Variable Annuity Contract Market by Value; 2022-2026 (US$ Billion)
Figure 45: The US L-Share Variable Annuity Contract Market by Value; 2020-2021 (US$ Million)
Figure 46: The US L-Share Variable Annuity Contract Market by Value; 2022-2026 (US$ Million)
Figure 47: The US Other Variable Annuity Contract Market by Value; 2020-2021 (US$ Billion)
Figure 48: The US Other Variable Annuity Contract Market by Value; 2022-2026 (US$ Billion)
Figure 49: The US Variable Annuity Market by Distribution Channel; 2021 (Percentage, %)
Figure 50: The US Independent Broker-Dealers’ Variable Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 51: The US Independent Broker-Dealers’ Variable Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 52: The US Captive Agent’ Variable Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 53: The US Captive Agent’ Variable Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 54: The US Banks’ Variable Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 55: The US Banks’ Variable Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 56: The US Regional Broker/Dealers’ Variable Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 57: The US Regional Broker/Dealers’ Variable Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 58: The US Wirehouses Variable Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 59: The US Wirehouses Variable Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 60: The US Direct Response Variable Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 61: The US Direct Response Variable Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 62: The US Variable Annuity Asset Under Management by Value; 2017-2021 (US$ Trillion)
Figure 63: The US Variable Annuity Asset Under Management by Value; 2022-2026 (US$ Trillion)
Figure 64: The US Variable Annuity Asset Under Management by Investment Category; 2021 (Percentage, %)
Figure 65: The US Equity/ Balanced Variable Annuity Asset Under Management by Value; 2020-2021 (US$ Trillion)
Figure 66: The US Equity/ Balanced Variable Annuity Asset Under Management by Value; 2022-2026 (US$ Trillion)
Figure 67: The US Fixed Income Variable Annuity Asset Under Management by Value; 2020-2021 (US$ Billion)
Figure 68: The US Fixed Income Variable Annuity Asset Under Management by Value; 2022-2026 (US$ Billion)
Figure 69: The US Money Market Variable Annuity Asset Under Management by Value; 2020-2021 (US$ Billion)
Figure 70: The US Money Market Variable Annuity Asset Under Management by Value; 2022-2026 (US$ Billion)
Figure 71: The US Annuity Premium by Value; 2020-2021 (US$ Billion)
Figure 72: The US Annuity Premium by Value; 2022-2026 (US$ Billion)
Figure 73: The US Interest Rates; August 2019-June 2022 (Percentage, %)
Figure 74: The US Number of Older Population; 2009-2060 (Million)
Figure 75: The US Average Change in Stock Market Index; 2019-2021 (Percentage, %)
Figure 76: The US Average Inflation Rates; 2017-2021 (Percentage, %)
Figure 77: Lincoln National Corporation Operating Revenues by Business Segment; 2021 (Percentage, %)
Figure 78: MassMutual Sales by Businesses; 2021 (Percentage, %)
Figure 79: American International Group, Inc. Adjusted Revenue by Segment; 2021 (Percentage, %)
Figure 80: Athene Holding Ltd., Adjusted Operating Revenues by Segments; 2021 (Percentage, %)
Figure 81: KKR & Co. Inc., Operating Earnings by Segments; 2021 (Percentage, %)
Figure 82: American National Group, Inc., Total Premiums and Other Revenues by Segment; 2021 (Percentage, %)
Figure 83: Jackson Financial Inc., Operating Revenues by Segment; 2021 (Percentage, %)
Table 1: Annuity Protection By State
Table 2: The US Variable Annuity Players by Market Share; 2020-2021
Table 3: The US Variable Annuity Players by Contracts; 2020-2021
Table 4: The US Variable Annuity Players by GMWB Contracts; 2020-2021
Table 5: The US Variable Annuity Players by GMWB/Lifetime Income Offerings
Table 6: The US Variable Annuity Players by Buffer Annuity Contracts; 2020-2021
Table 7: The US Variable Annuity Players by L-Share Contracts; 2020-2021
Table 8: The US Variable Annuity Players Gross Sales through Captive Agents; 2020-2021
Table 9: The US Variable Annuity Players Gross Sales through Independent Broker-Dealers; 2020-2021
Table 10: The US Variable Annuity Players Gross Sales through Banks; 2020-2021
Table 11: The US Variable Annuity Players Gross Sales through Wirehouses; 2020-2021
Table 12: The US Variable Annuity Players Gross Sales through Regional Broker/Dealers; 2020-2021
Table 13: The US Variable Annuity Players Gross Sales through Direct Response; 2020-2021
Table 14: The US Fixed Annuity Players by Market Share; 2020-2021
Table 15: The US Index Annuity Players by Market Share; 2020-2021
Table 16: The US Variable Annuity Players’ Assets by Market Share; 2020-2021
Table 17: The US Variable Annuity Players’ Annuity Premium by Market Share; 2020-2021