“Annuity [Insurance] sales hit record last year, eclipsing sales during 2008 financial crisis amid fear, higher rates”
February 3, 2023
“Amid stock market gyrations, recession fears and loftier payouts, consumers last year pumped a record sum of money into annuities, a type of insurance that offers a guaranteed income stream.
Buyers funneled $310.6 billion into annuities in 2022, according to estimates published by Limra, an insurance industry trade group.
That figure is a 17% increase over the prior record set in 2008, when consumers purchased $265 billion of annuities. That year, the U.S. was in the throes of the Great Recession and the S&P 500 Index ultimately bottomed out with a 57% loss from its peak…”