NAICS Code 525990-02 - Insurance Annuities

Marketing Level - NAICS 8-Digit

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NAICS CODE 525990-02
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NAICS Code 525990-02 Description (8-Digit)

Insurance Annuities is a subdivision of the Other Financial Vehicles industry that involves the provision of financial products that offer a guaranteed income stream to individuals in exchange for a lump sum payment or a series of payments. Insurance annuities are typically used as a retirement savings vehicle, providing a steady stream of income during the retirement years. The insurance company assumes the investment risk and guarantees a minimum rate of return on the investment.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 525990 page

Tools

Tools commonly used in the Insurance Annuities industry for day-to-day tasks and operations.

  • Actuarial software
  • Annuity calculators
  • Investment management software
  • Risk management software
  • Customer relationship management (CRM) software
  • Compliance management software
  • Financial planning software
  • Portfolio management software
  • Underwriting software
  • Claims management software

Industry Examples of Insurance Annuities

Common products and services typical of NAICS Code 525990-02, illustrating the main business activities and contributions to the market.

  • Fixed annuities
  • Variable annuities
  • Immediate annuities
  • Deferred annuities
  • Equity-indexed annuities
  • Single premium annuities
  • Multi-year guarantee annuities
  • Qualified longevity annuity contracts (QLACs)
  • Joint and survivor annuities
  • Income annuities

History

A concise historical narrative of NAICS Code 525990-02 covering global milestones and recent developments within the United States.

  • The Insurance Annuities industry has a long history dating back to ancient Rome, where citizens would make a one-time payment to the government in exchange for a lifetime of annual payments. In the United States, the industry began in the 1700s when Presbyterian ministers created a fund to provide for the widows and children of deceased ministers. The first commercial annuity was issued in 1912 by the Pennsylvania Company for Insurance on Lives and Granting Annuities. In the 1950s, the industry experienced significant growth due to the introduction of tax-deferred annuities. In recent years, the industry has faced challenges due to low-interest rates and increased competition from other investment products.