US Annuities Reach Record $461B in Sales in 2025

U.S. annuity sales to individuals reached a new annual record of $461.3 billion in 2025, representing a 6% increase from 2024 levels, according to LIMRA’s U.S. Individual Annuity Sales Survey.

The survey’s preliminary results, based on information from insurers that make up 92% of the total annuity sales market, estimate that fourth–quarter sales jumped 12% to $114.4 billion, representing the ninth consecutive quarter totaling more than $100 billion.

“Over the past five years, [the annuity] industry has done a remarkable job of expanding and enhancing the portfolio of annuity solutions to meet the needs of today’s investors,” said Bryan Hodgens, senior vice president and head of LIMRA research, in a statement. “Our research suggests the demand for solutions that offer security—and peace of mind—has never been greater.”

Last year, fixed indexed annuities sales totaled $128.2 billion, representing a 1% increase from 2024 and marking five consecutive years of growth. Fourth-quarter sales totaled $34.4 billion, representing an 8% increase from the year-earlier quarter.

Sales of registered index-linked annuities totaled $79.6 billion in 2025, representing a 20% year-over-year increase and 11 consecutive years of growth. RILA sales in the fourth quarter totaled $22.2 billion.

Combined, FIAs and RILAs represented 45% of total sales in 2025, up from 24% a decade before.

Annual single premium immediate annuity sales increased to $14 billion, up 3% from 2024, including $3.5 billion in the fourth quarter. While annual deferred income annuity sales were $4.8 billion, or 3% lower than 2024, in the fourth quarter sales jumped 20% to $1.4 billion.

Annual sales of traditional variable annuities  totaled $65.2 billion, representing a 7% year-over-year increase. Fourth-quarter sales of $18 billion represented a a year-over-year increase of 8%.

Annual sales of fixed-rate deferred annuities  hit $160.6 billion, improving by 5% from 2024. While fourth-quarter sales of $32.8 billion represented a 24% decline from the third quarter, they were still up 12% of the year earlier quarter.

“In the third quarter of 2025, FRD sales were elevated as investors rushed to lock in rates before anticipated interest rate cuts,” said Keith Golembiewski, assistant vice president and head of LIMRA Annuity Research, in a statement.

LIMRA projected that RILA and FIA sales will grow through 2028 and keep expanding their market share, with RILA sales exceeding an expected $85 billion this year. FRD yearly sales are expected to fall below 2025 levels, as short-duration appeal decreases in conjunction with lower interest rates, according to Golembiewski.