Traditional life insurance is not the primary business of many companies in the life/health insurance industry, either by premium income or by assets, according to a new report by Celent on North American Annuities, 2012.
Instead, with increased attention to America's retirement needs, sales of annuities have drastically increased.
In 2011, annuities outsold traditional life insurance by a factor of 2.6 to 1, and the individual and group annuity market accounted for about half of the total life/annuity/health market with total premiums of $326 billion, which was the same level as 2007 premiums.
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