2021: Life-Annuity Distribution & Marketing Annual - Weathering the Storm

Price : $1,750.00

This edition explores the financial impact of the Covid-19 pandemic on life industry distribution. In 2020, distributor consolidation continued, due in large part of the continued involvement of private equity-backed aggregators. The report examines those aggregators and their activity during 2020. The report continues its analysis of contract development, advertising spend, and product sales.




Executive Summary

Key Distribution Developments in 2020

  • Weathering the Financial Storm

  • Need for Scale and Retirement Driving Distributor M&A

  • Private Equity Interest in Distribution

Life Insurance Policy Development

  • Life Insurance Market Penetration

  • Channel Differences in Market Penetration

Advertising Expense Analysis

  • Advertising Expense Ratios

  • Advertising Expense Trends

  • Multiline Insurer Advertising Expenses

Individual Life Insurance Sales By Channel

  • Life Insurance Distribution Review and Forecast

  • Life Insurance Sales Results by Channel

  • Life Insurance Sales Results by Company Size

Individual Annuity Sales by Channel

  • Annuity Sales Review and Forecast

  • Annuity Sales Results by Channel

  • Annuity Sales Results by Company Size


The 2021 Life-Annuity Distribution and Marketing Annual is Conning’s in-depth look at key market-facing issues affecting insurers. In this edition, we review Covid-19’s financial impact on distribution in 2020. We further examine the role private equity continues to play, along with other key factors, in driving distributor consolidation. Even before Covid-19, the number of new policies were often lower than the number of polices lapsed and surrendered. As a result, the life industry is not keeping up with population growth. We continue our analysis of in force contract development across distribution channels. Increasing market penetration requires continued investment in advertising. However, cost control remains a key concern for managers. As before, advertising expenses, agency expenses, and expense ratios provides some insight into how companies are using their advertising budgets. Using statutory data and Conning’s proprietary analysis, we review individual life and annuity sales by product and channel from 2016 through 2020. In addition, we provide a product-level sales forecast through 2023.