According to a survey conducted in the first quarter by the Insured Retirement Institute released Monday the overall outlook for the annuity industry is positive. While some challenges remain, respondents indicated the growth industry’s opportunities are strong, with growth for variable annuities ranking 4.1 on a five-point scale, and fixed ranking 3.2 on the same scale.
“With the increased spotlight placed on the exclusive retirement income security provided by annuities, it’s no surprise positive expansion is coming,” said Cathy Weatherford, IRI president. “The findings of the survey clearly underscore this potential, and foretell future innovations and advancements in living benefit offerings. While insurers work to further develop simplified offerings, both broker/dealers and advisers consider living benefits to be a key factor in selecting a product.