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    Goldman Sachs Asset Management

    Goldman Sachs Asset Management

    Annuity Industry Survey

    The third annual Goldman Sachs Asset Management Annuity Industry Survey incorporates the views of 138 industry participants from 30 insurance companies.
    Annuity Industry Survey 2023

     

    Annuity Industry Survey

    Staying the Course

     

    This 2023 Goldman Sachs Annuity Industry Survey illustrates the industry’s ability to perform in challenging market environments by being agile, adaptable and resilient. While insurance carriers recognize the macroeconomic difficulties they face, they remain focused on their long-term strategy and continue to seek innovative new pathways to best serve the retiree.

     
    Download Full Survey

     Annuity Trends and Insights

        Global Macroeconomic and Investment Landscape

     

    78%

    consider credit and equity market volatility as the greatest macroeconomic risk to their investment portfolio.

     

    84%

    believe the US economy will enter recession within the next five years, with almost half expecting that the US economy will enter recession within the next 2-3 years.

     

    49%

    believe US Large Cap Growth Equity will provide the highest total return over the next 12 months, highlighting the resurgence of favorable expectations around equity markets.

        Product Offerings and Innovative Implementation

     

    50%

    consider structured / buffered solutions as the top prioritized investment strategy, consistent with yearly findings.

     

    68%

    are focused on Registered Index- Linked Annuity (RILA) from a product manufacturing standpoint.

     

    56%

    consider Environmental, Social and Governance (ESG) and Impact Investing to be critical or important investment considerations for their investment line-up.

        Industry and Distribution Themes

     

    88%

    believe advisors will use and/or recommend model portfolios in the next 12 months, highlighting the rise of model adoption.

     

    40%

    identify Registered Investment Advisors (RIA) and independent channels as the two most highly anticipated growth areas from a distribution front.

     

    40%

    ranked annuity advocacy as the most sought-after value-added resource within the industry

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    Percentages may not add up to 100% due to rounding.

    Respondents selected multiple responses.

    Views expressed discussed are those of survey respondents, compiled by Goldman Sachs Asset Management as of July 17, 2023.

    This material is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities.

    References to variable annuity net assets and insurer rankings by net asset size are as of March 31, 2023 Morningstar Report.

    Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Goldman Sachs Asset Management to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

    Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice.

    These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here.

    These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts.

    This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by Goldman Sachs Asset Management and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and Goldman Sachs Asset Management has no obligation to provide any updates or changes.

    Goldman Sachs Asset Management does not provide legal, tax or accounting advice and therefore expresses no view as to the legal, tax or accounting treatment of the information described herein or any related transaction, nor are we providing any assurance as to the adequacy or appropriateness of this information or our procedures for your purposes. This material is not a substitute for the professional advice or services of your own financial, tax, accounting and legal advisors.

    Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources.

    THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.

    This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

    Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

    Diversification does not protect an investor from market risk, nor does it ensure a profit.

    Confidentiality

    No part of this material may, without Goldman Sachs Asset Management’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.

    Date of first use: September 12, 2023.

    331148-OTU-1857946

    © 2025 Goldman Sachs. All rights reserved.

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