U.S. Annuity Sales Hit Record $121 Billion in Q3 2025, New York Life Climbs Rankings

Annuity sales in the U.S. market have shown robust growth through the third quarter of 2025, with total sales hitting a record $121.2 billion for the quarter, marking the eighth consecutive quarter exceeding $100 billion. Year-to-date sales reached $347 billion, a 4% increase compared to the previous year, highlighting sustained investor demand amid ongoing market conditions. New York Life significantly increased its market presence, boosting annuity sales by 50% year-over-year in the first nine months of 2025, positioning itself close behind the long-time leader Athene Annuity & Life. Athene recorded $26.8 billion in sales, despite a 4.3% decline from the prior year. Other key players in the top five include Corebridge Financial, Equitable Financial, and Allianz Life of North America. Massachusetts Mutual Life experienced a noticeable downturn, falling from third to eighth place in the rankings with sales dropping from $19.4 billion to $14.3 billion through Q3 2025. This shift underscores increased competition and changing dynamics within the annuity sector. Registered annuity products, including traditional variable annuities and registered index-linked annuities, drove much of the sector’s growth with double-digit sales increases. These products attracted investors seeking to mitigate inflation effects amid volatile equity markets. Conversely, fixed annuities faced pressure due to anticipated Federal Reserve interest rate cuts, which are expected to continue limiting growth in that segment. LIMRA's projections suggest that total annuity sales will exceed $450 billion by the end of 2025. These trends emphasize the importance for insurance professionals to monitor shifts in product preferences and competitive positioning as they navigate the evolving regulatory and economic landscape. The ongoing strong performance of annuity products reflects their role in diversified retirement planning, especially in an environment where inflation and market volatility challenge traditional investment strategies. Industry stakeholders should consider these dynamics in their strategic planning and compliance approaches moving forward.