Replacing product management systems accounts for more than 25 percent of new project IT budgets for several top annuity writers, and many CIOs said core systems replacement was at the top of their list for 2011-'12, according to the authors of “North American Annuities, 2012: Market Trends and Technology Considerations,” a new report from Celent.

In terms of total premium, the individual and group annuity market accounted for half of the life, annuity and health market, with total premiums of $326 billion. New annuity products, such as indexed annuities and others, could grow the market at a compound annual growth rate (CAGR) of 4 percent and lead to total sales of $368 billion by 2014, the report said.

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