2025 Year In Review
Gain access to exclusive insights and analysis from industry leaders in the institutional annuity market through our Year In Review. Read The Summary
About the Author
As a respected thought leader in the industry, Todd Giesing has overseen U.S. and Canadian annuity benchmarking and forecasting programs, as well as numerous annuity-related research projects. Todd has also been a frequent speaker at industry events.
Read more about Todd...
Todd Giesing
Vice President
2025 Year in Review:
Institutional Annuity Market
Todd Giesing, Vice President
Saltzman Associates, LLC
phone: 704-243-4512
email: research@saltzmanassociates.com
www.SaltzmanAssociates.com
Report Summary
As we enter 2026, it is important to look back and reflect on the dynamic annuity market that unfolded in 2025. This marks Saltzman Associates’ inaugural annuity market year in review, with a focus 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 helped drive institutional distribution to another year of record annuity sales included favorable economic conditions, favorable demographics, increased advisor participation, continued capital support, technology advancements, increased exchange activity, as well as continued growth in investment values.
Individual annuity sales reached a record level in 2025, with the overall Composite Group growing 9 percent. Nearly all product lines experienced growth, with RILA’s 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 with a balanced approach of growth in fixed & registered annuity products, while Regional & National BDs growth was fueled by continued fixed-rate deferred and RILA growth. Independent BDs growth was driven by registered annuity solutions and banks 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.
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
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.
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.
