Structured Settlement Annuities Primary Market $9.551 in 2024
John Darer • January 8, 2025
Smashes Previous Highs Through Rates, Innovation and Hard Work
The structured settlement primary market reached an all time record high in structured settlement annuity placements in 2024, with year end industry structured settlement annuity production clocked at just shy of $9.6 billion. MetLife was again the front runner, with 2024 production $29.2 million shy of $3 billion, while 3 other companies exceeeded $1 billion.
MetLife $2,970,800,000
Pacific Life $1,840,900,000
Prudential $1,399,120,000
USAA Life $1,239,000,000
New York Life $ 883,805,172
Independent Life $ 451,656,993
American General $ 415,612,696
United of Omaha $ 358,700,000
Notes
- MetLife includes underwriting companies Metropolitan Life Insurance Company and Mettrpolitan Life Insurance Company
- Pacific Life includes Pacific Life Insurance Company and Pacific Life & Annuity Company
- American General includes American General Life Insurance Company and United States Life Insurance Company in the City of New York
- Prudential includes The Prudential Insurance Company of America.
Why Structured Settlements? Because Certain Sells®
Structured settlements offer predictable income streams, which can be appealing to rein in uncertainty. Here are some other reasons that structured settlements are increasingly being used to settle cases:
- Financial Security: Structured settlements provide a steady income stream over time, which can offer long-term financial stability to plaintiffs. This is particularly beneficial for individuals who may not have the financial acumen to manage a large lump sum effectively.
- Tax Benefits: Payments from structured settlements for personal injury or wrongful death cases are often tax-free. This can result in significant tax savings for the recipient, making it a more attractive option compared to a lump sum payment. See Tax Advantages of Structured Settlements | Taxable Equivalent Yield Chart
- Customization: Structured settlements can be tailored to meet the specific needs of the plaintiff. Payments can be scheduled to cover future expenses such as medical bills, education costs, or housing needs, providing a customized financial solution.
- Protection from Overspending: By receiving periodic payments, plaintiffs are less likely to spend the money quickly or unwisely. This helps ensure that the funds are used for their intended purpose and provides ongoing financial support. Types of Structured Settlement Payments | Structured Settlement Payment Options
- Legal and Financial Support: There has been an increase in the availability of legal and financial advisors who specialize in structured settlements. These professionals can guide plaintiffs through the process, ensuring they make informed decisions and maximize the benefits of their settlement.
- Economic Stability: In times of economic uncertainty, structured settlements offer a predictable and stable source of income, which can be reassuring for plaintiffs who are concerned about future financial stability and viability.
These factors combined make structured settlements an attractive option for both plaintiffs and defendants and attorneys in various types of legal cases. Do you have any specific questions about how structured settlements work or their benefits?
Last updated February 18, 2025
In the structured settlement annuity industry, dominated by many of the largest life insurers in the United States, Independent Life Insurance Company (ILIC) achieved significant milestones in 2024. Good news, positives and some concerns discussed in this lattest post.
Prudential and Pacific Life have once again been named among the world's most ethical companies. Prudential received the award for the 11th time., Pacific Life received the award for the 8th time. Prudential and Pacific Life are leading issuers of structured settlement annuities.
John Darer reviews structured settlement annuity market expansion featuring 3 new entrants Athene Life & Annuity, American National (ANICO) and Puritan Life as well as MetLife's development of a best in class
What is a Settlement Agreement and Release? What is the role of a Settlement Agreement and Release in establishing a structured settlement? What is a compromise?
John Darer reviews the primary structured settlement market, secindary market and tertiary structured settlement markets
A structured settlement annuity does not drive the tax consequences of structured settlement annuity payments. It is the type of damages the structured settlement annuity payments represent, as reflected in the relevant settlement documentation executed by the settling parties
Structured settlement beneficiary death claim. An executor cannot change the beneficiary of a structured settlement annuity. StructuredTypically, settlement agreements permit the Payee to name or change a beneficiary, provided such change is in writing and submitted to the Assigmment Company or annuity issuer in writing and in proper form.
Which life insurance companies write structured settlement annuities for personal injury and wrrongful death settlements in Bronx, Brooklyn, Staten Island, Queens, Manhattan, Long Island, Westchester, Erie, Rockland, Albany,Monroe in 2025 through licensed representatives?
Structured settlements have roots that trace back more than 100 years, from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as the core personal injury settlement planning tool it is today.
Plaintiff lawyers and their clients settling taxable settlement must be mindful of the effect a taxable settlement will have on plaintiffs, including their spouses and dependents, who are:
enrolled in the Health Insurance Marketplace and receiving Advance Premium Tax Credits
