Sales of annuities, financial products often purchased by consumers approaching retirement age, hit a record $385 billion in sales in 2023 with higher interest rates promising larger potential monthly payments to policyholders. To align with annuity durations, insurance firms invest in investment-grade corporate debt and asset-backed securities, such as commercial mortgage-backed securities. Annuity sales are expected to maintain strength over the next two years.
Record Annuity Sales Support Demand for Asset-Backed Securities
Published on February 16, 2024
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