Last updated: April 28, 2026 | By Elizabeth Prescott
- Final 2025 U.S. retail annuity sales reached $464.1 billion, up 7% from 2024 and the fourth consecutive record year, per LIMRA’s full-year survey.
- Q4 2025 alone hit $117.2 billion, a 14% jump and the ninth straight quarter above $100 billion.
- Indexed products (FIAs plus RILAs) accounted for roughly 45% of all sales, up from a 24% share a decade ago.
- LIMRA projects 2026 total annuity sales will stay above $450 billion, with RILA sales expected to top $85 billion for the first time.
U.S. retail annuity sales finished 2025 at a record $464.1 billion, up 7% from 2024’s $432.4 billion total, according to the final LIMRA U.S. Individual Annuity Sales Survey released in March 2026. The figure marks the fourth consecutive year of record sales for the U.S. annuity industry and revises an earlier preliminary estimate of $461 billion released in January.
The full-year totals confirm what LIMRA flagged through 2025: protected lifetime income products are no longer a niche corner of retirement planning. They are the fastest-growing category in U.S. retail savings, driven by an aging boomer cohort, persistent equity-market volatility, and a yield environment that, despite Fed cuts, still favors guaranteed instruments over short-term bank products.
2025 Full-Year Sales by Product
Every major annuity category posted gains in 2025 except deferred income annuities (DIAs), which slipped 3%.
| Product | 2025 Sales | YoY Change |
|---|---|---|
| Fixed-Rate Deferred (MYGA) | $165.3 billion | +6% |
| Fixed Indexed Annuities (FIA) | $127.9 billion | +1% |
| Registered Index-Linked (RILA) | $79.5 billion | +20% |
| Traditional Variable Annuities | $63.1 billion | +8% |
| Single Premium Immediate (SPIA) | $14.4 billion | +6% |
| Deferred Income (DIA) | $4.8 billion | -3% |
| Total | $464.1 billion | +7% |
Source: LIMRA U.S. Individual Annuity Sales Survey, full-year 2025.
MYGAs Held the Top Spot
Fixed-rate deferred annuities, commonly called MYGAs, remained the largest category at $165.3 billion. Buyers continued to favor multi-year guarantees from A-rated carriers offering 5.00% to 6.30% APY on 3- to 7-year terms. See current rates on our best MYGA rates page.
RILAs Were the Standout Story
Registered index-linked annuities posted the year’s biggest gain at +20%, reaching $79.5 billion. RILAs combine market-linked growth with downside buffers and have been a focal point for carriers including Equitable, Prudential, Allianz, and Lincoln Financial. LIMRA expects RILA sales to clear $85 billion in 2026.
FIAs Set a Fifth Straight Record
Fixed indexed annuities reached $127.9 billion, a 1% gain that nonetheless extended FIAs’ streak of annual sales records to five years. For background on how these contracts work, see what is a fixed index annuity.
Q4 2025: $117.2 Billion in a Single Quarter
Fourth-quarter sales jumped 14% year-over-year to $117.2 billion, the ninth consecutive quarter above $100 billion. Q4 was led by FRD ($35.7B), FIAs ($34.1B), and RILAs ($22.1B).
“Favorable economic conditions, expanded distribution, and growing investor demand for protected lifetime income have propelled the annuity market,” said Bryan Hodgens, senior vice president and head of LIMRA research.
Indexed Products Now Lead the Market
Combined sales of FIAs and RILAs reached $207.4 billion in 2025, roughly 45% of total industry sales. A decade ago indexed products represented about 24% of the market. The shift reflects a buyer base that wants market-linked upside without full equity-market downside, particularly retirees and pre-retirees in the 55-70 age range.
2026 Outlook: Above $450 Billion Expected
LIMRA’s 2026 outlook calls for total annuity sales to stay above $450 billion despite expectations of further Fed rate cuts. The forecast assumes:
- RILA sales surpassing $85 billion, supported by new product launches and broader broker-dealer adoption
- FIA sales remaining at or near 2025 levels as cap rates compress modestly
- FRD/MYGA sales declining slightly as short-duration appeal fades with lower rates, but still well above pre-2022 levels
- SPIA and DIA sales rising as more boomers move from accumulation to income
For buyers comparing options today, our best fixed annuity companies of 2026 ranking covers the eight carriers with the largest market share and highest financial strength ratings.
What This Means for Annuity Buyers
Three takeaways for retirees and pre-retirees:
- Carrier capacity is high. Record sales mean strong reinvestment activity for insurers, which generally supports competitive renewal rates and steady product availability.
- Indexed products deserve a closer look. If 45% of buyers chose FIAs or RILAs in 2025, the category is no longer fringe. The trade-off is complexity, so understand caps, participation rates, and buffer levels before signing.
- Lock-in windows may narrow. If LIMRA’s outlook is right, MYGA rates above 5.50% may not last beyond mid-2026. Buyers waiting for “better rates next quarter” should weigh that risk.