2025 Annuity Market Year In Review: Insights from Saltzman Associates

Understanding the Annuity Market Dynamics

As we enter 2026, we must reflect on the dynamic annuity market that unfolded in 2025. This marks Saltzman Associates’ inaugural annuity market year in review, focusing on institutional distribution through banks and broker-dealers.

Since 2016, Saltzman Associates has been collecting and benchmarking institutional distribution annuity sales data. We are pleased to present our insights and expertise regarding the annuity market, sharing what we have learned over the past year. The Composite Group in our annuity benchmarking program consists of 32 banks and broker-dealers (BDs) representing nearly $90 billion of annuity premium in 2025. This review centers on distribution channels across banks, independent broker-dealers, regional and national broker-dealers, as well as wirehouses.

Composite Group Results

Key factors that drove institutional distribution to another year of record annuity sales included favorable economic conditions, demographics, increased advisor participation, and continued capital support. Technology advancements and increased exchange activity also played a significant role. Additionally, we observed continued growth in investment values.

Individual annuity sales reached a record level in 2025, with the overall Composite Group growing by 9 percent. Nearly all product lines experienced growth, with Registered Index-Linked Annuities (RILAs) seeing the largest growth rate at 17 percent. In 2025, nearly half of all the Composite Group’s annuity sales were in fixed-rate deferred products, continuing a trend favoring these products since 2022.

Within the different distribution channels covered in our annuity benchmarking program, wirehouses experienced the highest growth rate of annuity sales. This growth was supported by a balanced approach in fixed and registered annuity products. Meanwhile, regional and national BDs saw growth fueled by continued fixed-rate deferred and RILA growth. Independent BDs' growth was driven by registered annuity solutions, while bank sales were overwhelmingly skewed towards fixed annuity products.

About Saltzman Associates

Saltzman Associates is a strategic marketing consultancy providing consulting services and solutions to institutional distributors and underwriters of investment and insurance products.

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We work with banks, credit unions, broker-dealers, RIAs, investment banks, insurance companies and related financial services companies to provide services including market intelligence, business development, marketing, and product development. Whether the need is information-based consulting, due diligence, or identifying new opportunities, we can help you identify the most profitable strategies, resources, and programs.

https://www.saltzmanassociates.com

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About Todd Giesing

As a Vice President of Saltzman Associates, Giesing's focus is on business development, partnerships, and strategic growth initiatives for the firm. Giesing also serves as a co-moderator and content creator for the very popular series of Saltzman Associates Roundtables. Todd will provide consulting services, oversee the firm’s annuity benchmarking studies, and lead various research projects.

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As a respected thought leader in the industry, Todd has overseen U.S. and Canadian annuity benchmarking programs, U.S. and Canadian annuity forecasting programs, and numerous annuity-related research projects. Todd has also been a frequent speaker at industry events. An accounting graduate of Eastern Connecticut State University, Giesing has also served as a financial advisor and annuity wholesaler.   

About the Institutional Distributor Annuity Sales Report

The Saltzman Associates Institutional Distributor Annuity Sales Report is a monthly benchmarking tool that allows subscribers to quickly follow sales growth and trends in product mix across individual firms and channels, including Wirehouses, National and Regional Broker-Dealers, Independent Broker-Dealers, Bank and Credit Union Broker-Dealers, and Third-Party investment programs serving smaller financial institutions.

Because we collect data directly from the distributor side of our industry, we are able to produce this benchmarking trend reporting much faster than other industry resources are currently available. The Institutional Distributor Annuity Sales Report is published around the third week of each month and reflects the sales up through the end of the preceding month.​​​

IMPORTANT INFORMATION

The material herein has been provided to you for informational purposes only. This material is the property of Saltzman Associates, LLC, and may not be shared without the written permission of Saltzman Associates, LLC. No part of this material may be reproduced in any form or referred to in any other publication without the express written permission of Saltzman Associates. This material is provided for informational purposes only. The information contained herein has been obtained from sources believed to be reliable; however, Saltzman Associates, LLC does not guarantee accuracy or completeness.

© Saltzman Associates, LLC