The insured retirement industry is in a
financially strong position and poised for continued growth,
according to the US-based Insured Retirement Institute (IRI).

IRI’s market analysis, which is based on new
sales reports, research findings and emerging demographic trends,
follows an announcement from The Hartford regarding its decision to
change its strategic direction to focus on its core property and
casualty, group benefits and mutual funds businesses and exit from
the individual annuities market.

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IRI President and CEO Cathy Weatherford said:
“Across the board, all indicators point to a strong insured
retirement industry including recent reports from leading ratings
firms that have underscored the stability of the life insurance
sector–citing their strong capital and liquidity.”

She added: “With variable annuity total sales
and net flows reaching pre-crisis levels, and with the recent
growth in income annuity sales, it’s clear that the insured
retirement marketplace is robust and that a significant number of
investors are seeking to attain lifetime income as part of their
retirement strategy.”

Demographic trends

IRI also pointed to demographic trends that
are spurring the demand of lifetime income products.

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She said that with 79 million baby boomers
entering retirement, with increasing life spans pushing up the cost
of retirement, and with market volatility driving investor
uncertainty – the demographic case is clear – the market is ripe
for insured retirement solutions, and the financial services
industry is well-positioned to deliver.”

IRI recently announced that 2011 variable
annuity sales reached its highest levels since 2007 with net
variable annuity sales growing 28 percent from 2010 levels.