The recent 2025 Annuity Industry Survey from Goldman Sachs gives us a timely and revealing look at where the industry is—and where it’s heading. With over 100 carriers weighing in, this isn’t speculation; it’s a clear view of what insurers are building, prioritizing, and investing in right now. And while the broader economic signals remain mixed, one thing is certain: the annuity space is evolving fast. Smarter products, streamlined delivery, and a hard pivot toward income are all converging to reshape how we do business. For independent advisors, it reads less like a status check and more like a roadmap.
The industry’s reaction to the report reflects that sense of urgency. Income has moved from being a niche to being the core story. In-plan annuities, once treated as optional add-ons, are now central to carrier strategy. A growing number of insurers already offer embedded retirement income solutions, and even more are moving in that direction. That’s a signal—not just for the institutional side, but for the independent channel too. This is about a deeper understanding of how clients actually use their money in retirement, and how we support them through that journey. For any advisor working with business owners, near-retirees, or rollover candidates, this opens new angles to bring value and spark engagement.
At a tactical level, the industry is also seeing product design evolve. Carriers are responding to advisor feedback and rolling out options that work in real-world client plans. The simplicity and transparency producers have been looking for is—finally—here. RILAs continue to be the flagship, but more flexible variable annuities with income riders are re-entering the conversation. Carriers are meeting client demand for dependable income with greater agility and clarity. There’s a clear shift toward giving producers tools that fit real-life client plans, and push conversations closer to the point of sale.
Digital support is finally catching up, too. Insurers are investing in tools that help illustrate outcomes, explain features, and deliver side-by-side comparisons without endless phone calls and paper packets. AI is showing up not as a gimmick, but as a way to generate proposals, run suitability models, and help clients grasp the core value proposition quickly. This reduces friction at every stage of the process, from illustration to application to implementation. It’s not about replacing advisors—it’s about backing them up with a better infrastructure. Carriers still rely on sales professionals, and they know the IFA channel is central to that.
On the client side, expectations are also evolving. They’re better informed and ask more challenging questions. They know that more guaranteed income in retirement is critical, and are naturally preoccupied with longevity, inflation, and risk. Advisors will need to address these questions directly, but now with better products and tools that address specific client needs.
The report isn’t a wake-up call for annuity skeptics. It’s a signal to the producers already writing business, already managing client expectations, already walking clients into complex planning conversations. The momentum remains, but the tools, positioning, and client expectations are all evolving.
What sets this report apart is the weight it carries across the industry. When over 100 carriers open their playbooks to Goldman, it sets direction. It reflects where capital is flowing, how products are being redesigned, and where distribution is evolving. For advisors already deep in the annuity space, it’s not about changing course—it’s about staying sharp and staying positioned where the next phase of growth is actively being built.