Annuity Benefit Payments Reach $104B in 2023

November 27, 2024 by Amanda Umpierrez

Annuity features are steadily rising, as life insurance companies paid out billions of dollars in the benefits in 2023.

New data from a 2024 Life Insurers Fact Book by the American Council of Life Insurers (ACLI) shows that insurance companies disbursed $104 billion in annuity benefits last year, the most ever recorded and a 9% increase compared to 2022.

The research found that a greater number of workers and retirees are also adding their savings to annuity features. According to the ACLI, premiums paid by annuity owners in 2023 totaled $361 billion, a 3% rise compared to last year.

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Originally Posted at 401k Specialist Mag on November 22, 2024 by Amanda Umpierrez.