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Goldman Sachs Insurance Asset Management

Annuity Industry Survey 2021

The inaugural Goldman Sachs Asset Management Annuity Industry Survey, Carrying the Torch, incorporates the views of over 100 responses from 25 insurance companies representing over $1 trillion in variable annuity net assets.

Carrying The Torch

Following the release of the 10th annual Goldman Sachs Asset Management Insurance Survey, Running the Risks, which focuses on global trends in insurance general accounts, we are pleased to share the inaugural Goldman Sachs Asset Management Annuity Industry Survey, Carrying the Torch. This comprehensive survey reflects insights from executive leadership, fund management, product development, sales & distribution, and marketing professionals in the annuity industry, and showcases the respondents’ collective perspectives.

The survey findings identify how insurance companies are focused on improving outcomes, establishing innovative solutions and expanding their distribution footprints. The survey title underscores the shared mission of insurers and Goldman Sachs Asset Management to strengthen the annuity narrative and “carry the torch” for future retirees to grow and protect their retirement savings.

Key Areas of Focus

Global Macroeconomic & Investment Landscape


Market volatility, the potential for an economic slowdown in the US, and US politics and tax reform are reflected as top concerns for 2021 driving respondents to reconsider their investment lineup.

Product Offerings & Innovative Implementation


The prevailing low interest rate environment has propelled a shift in the annuity product offering landscape.

Industry & Distribution Themes


As new distribution themes emerge, respondents look for relevant and actionable content to help navigate transitioning product and investment trends in the upcoming years.




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Views expressed discussed are those of survey respondents, compiled by Goldman Sachs Asset Management as of July 15, 2021. References to variable annuity net assets and insurer rankings by net asset size are as of the March 31, 2021 Morningstar VARDs Report. 


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. 


Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM 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. 


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 GSAM 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 GSAM has no obligation to provide any updates or changes.


GSAM 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.




Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.


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.


There is no guarantee that these objectives will be met.



No part of this material may, without GSAM’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.


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