Annuity Industry Survey 2025: Change on the Horizon

Annuity Industry Survey 2025: Change on the Horizon

While the macroeconomic outlook may be uncertain, the path of the annuity industry is clear. Insurance carriers are preparing for an era of transformative innovation that will bring more personalized and sophisticated solutions to the forefront.

Our fifth annual Annuity Industry Survey captures the sentiment of insurers at an extremely unique moment in economic history. While the outlook has improved since we collected responses in late March and early April (the weeks just before and after Liberation Day), this year's data gives us a privileged perspective on how a market downturn light on the instincts of insurers and their priorities for the future.

This survey gathers insights from more than 100 industry participants and aims to gather insights into insurers’ sentiments on markets, trends and commercial priorities as they work to support their clients in reaching their financial goals.

Our findings are grouped into four key areas:

  1. Macroeconomic & Investment Landscape
  2. Product Development
  3. Retirement Income Trends
  4. Distribution Themes
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Annuity Industry Survey 2025: Change on the Horizon
In the Annuity Industry Survey, we seek to understand how insurance carriers are embracing new solutions to create greater resilience along the retirement journey.
annuity industry survey 2025: change on the horizon
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Risk considerations and disclosures

Views expressed discussed are those of 103 survey respondents, compiled by Goldman Sachs Asset Management as of May 30, 2025. Responses were collected from March 24, 2025 – April 22, 2025.

This material is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Goldman Sachs Asset Management to buy, sell, or hold any security. Views and opinions are current as of the date of this publication and may be subject to change, they should not be construed as investment advice.

THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.

Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.

This material is provided for educational and informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

United States: In the United States, this material is offered by and has been approved by Goldman Sachs Asset Management, L.P. and Goldman Sachs & Co. LLC, which are registered investment advisers with the Securities and Exchange Commission.

Compliance code: 435208-OTU-2282779
Date of first use: June 11, 2025