Retirement Income & Annuities

Bangkok Life Assurance has launched two new annuity products, BLA Pension 888 and BLA Pension and Care 888, marking the first time an annuity offers a first lump-sum payment of 30% of the sum assured at age 60, the highest rate allowed under the Revenue Department's new criteria. After that, policyholders receive an annuity of 8% of the sum assured each year from age 61 to 88, and premiums can be used for tax deductions of up to 300,000 baht per year. Chone Sophonpanich, President and Chief Executive Officer of Bangkok Life Assurance Public Company Limited, said Thais now live to an average age of about 78, and today's post-retirement years fall under what the World Health Organization defines as active aging, so financial planning must cover 20 to 30 years of life after stopping work. The BLA Pension and Care 888 plan also adds coverage for eight critical illnesses: if diagnosed with one of the eight critical illnesses, the policyholder receives an additional annual payment of 8% of the sum assured every year through age 88.

Marsh & McLennan Companies has launched Archer by Marsh, a new service that helps life and annuity insurers, asset managers and capital providers create and run reinsurance businesses globally. Archer takes Marsh beyond traditional advisory work by supporting the full process, from product, asset and capital decisions to regulatory approval, setup and ongoing operations, with clients able to use Marsh's shared infrastructure while keeping ownership and strategic control. The offering combines actuarial, capital, risk, reinsurance, insurance management and regulatory expertise and can support standalone reinsurance vehicles, special purpose reinsurers and dedicated cells, and Marsh also formed Bermuda-based Mangrove ISAC Life Re to facilitate sidecar and affiliate reinsurance solutions. Marsh brings scale to the offering, reporting about $27 billion in annual revenues, more than 95,000 employees and operations across 130 countries. The move is likely to broaden Marsh's revenue mix beyond brokerage and consulting by adding recurring, service-based income from operating reinsurance vehicles after launch, and could create a more durable revenue stream tied to the ongoing operation of reinsurance businesses if adoption grows.

Thailand's insurance business is adapting to the longevity trend as the country enters a fully aged society. Teerapol Udomvej, an analyst at Kiatnakin Phatra Securities, or KKPS, cited a study by the Thailand Development Research Institute, or TDRI, estimating that the share of Thais aged 60 and over will rise from 17% in 2016 to 29% in 2032. Meanwhile, the National Institute of Development Administration, or NIDA, estimates that Thailand's health expenditure during 2023-2032 will grow at an average of 4-5% per year, while TDRI puts it at 6-7% per year. Sara Lamsam, chief executive officer of Muang Thai Life Assurance, or MTL, said longevity is not just a trend but a major challenge for Thailand, with the number of newborns falling from 736,532 in 2015 to 416,574 in 2025, and Thailand likely to enter a super-aged society by 2029. He also expects Thailand's population to shrink by about half to roughly 33 million by 2083. Chone Sophonpanich, president and chief executive officer of Bangkok Life Assurance, or BLA, noted that longevity risk is the risk of living longer than one's savings, meaning retirement planning must link retirement funds to health and long-term care. About 30% of Thais have no retirement savings, and the gap between lifespan and healthspan averages about 11 years.

Bangkok Life Assurance has announced the success of its initiative to elevate its sales force into Life Care Partners under the concept of four dimensions of a good life: physical fitness, financial readiness, mental balance, and strong relationships, in order to serve an aging society. Mr. Chone Sophonpanich, President and Chief Executive Officer of Bangkok Life Assurance Public Company Limited, stated that the company has shifted its role from a guardian of finances and claims payments to a leader that helps build a better quality of life for Thai society, through systematic personnel development programs. It began with the Caring Agent course, which more than 65% of agents have completed, before advancing to the Life Care Partner course, which focuses on knowledge of longevity and care for quality of life across all four dimensions. The result is a new generation of agents who have completed the Life Care Partner course achieving a repeat purchase rate from existing customers as high as 75%, or nearly double, and during the period from April to July 2026, Life Care Partners saw new policies grow by 34% compared with the same period the previous year.

Bangkok Life Assurance has launched two new savings insurance products, BLA Saving 168 and BLA Saving & Care 168, to serve a long-lived society, building on the Care category products launched earlier this year, BLA Long Life Care and Gen First Savings & Flexi Care 12/6, which have been well received. Chone Sophonpanich, President and Chief Executive Officer, said the company is committed to developing products under its vision of being the number one life insurance company in care. The BLA Saving 168 policy requires eight years of premium payments with 16 years of coverage, insuring from birth to age 83, paying back 8% of the sum assured each year on policy anniversaries in years one through fifteen, and on maturity paying a lump sum of a further 808%, for total benefits over the contract of 928% of the sum assured. The BLA Saving & Care 168 policy requires eight years of premium payments with 16 years of coverage, insuring from birth to age 70, offering total benefits over the contract of 928% of the sum assured, along with coverage for death or terminal illness of up to 900% of the sum assured, and coverage for eight critical illnesses in the elderly, with an annual compensation payment of 12% of the sum assured; combined with the 8% annual payback, policyholders receive a total return of 20% of the sum assured each year until the contract ends. Premiums for both life insurance plans can be used for personal income tax deductions under conditions set by the Revenue Department.

FWD Life Insurance has launched Infinity Legacy, Thailand's first life insurance product offering coverage up to age 120, in a partnership between FWD and Siam Commercial Bank. Nattapisi Krutkrongchai, Chief Executive Officer of Life Insurance at FWD Life Insurance Public Company Limited, said that Thais currently have an average life expectancy of no less than 75 years, and about 43,000 Thais are aged 100 or above, while those aged 90 and above number 300,000 to 400,000, reflecting the growing need for longer coverage. The product accepts applicants aged 60 to 90, offers short premium payment terms of either a single payment or two years, and has a minimum sum assured of 20 million baht. The 120/1 plan pays annual cash back of 1.25% up to age 100, while the 120/2 plan pays annual cash back of 2.5% plus a lump sum of 120% and 240% of the sum assured respectively upon maturity. Its key feature is delivering funds directly to beneficiaries without going through the inheritance division process, and it helps with estate tax planning, since under the Inheritance Tax Act of 2015, inherited assets exceeding the first 100 million baht are taxed at 5% for descendants and parents, and 10% for relatives or other individuals.

Muang Thai Life Assurance, or MTL, has launched the Muang Thai Flexi Retire Series annuity product and is moving ahead with the full rollout of its Longevity Ecosystem. Chief Executive Officer Sara Lamsam said Thai society has a longer average lifespan but still lacks lifetime financial security, or Wealthspan, to close the gap so that people who live longer can stay healthy over the long term. The new product offers a high degree of flexibility, including the choice of a single premium payment, a short 5-year payment period, or payments until age 55, 60, or 65, and a choice of annuity start age at 55, 60, 65, or 70. Retirement plans can be adjusted later without paying additional premiums or undergoing new underwriting. Policyholders can choose to receive annual or monthly annuity payments on a stepped basis by age band, or take the first annuity installment as a lump sum of 30%, and can use the policy for tax deductions of up to 200,000 baht. It is guaranteed with no medical examination and goes on sale from October 1, 2026. In addition, the company has joined forces with 44 senior living and nursing home partners nationwide. Annuity policyholders who use elderly care home services can instruct that their annuity payments be made directly to partner service facilities, and the company plans to extend this right to savings policyholders soon.

Reinsurance Group of America's Financial Solutions and longevity businesses are emerging as increasingly important contributors to earnings, with first-half 2026 adjusted operating income for Financial Solutions up 42% year over year to $746 million. The company said second-quarter 2026 adjusted operating income before taxes rose strongly across the United States and Latin America, EMEA, Asia Pacific and Canada, helped in the U.S. by its 2025 transaction with Equitable Holdings and in Asia Pacific by new business growth and strong variable investment income. Longevity reinsurance is a second growth avenue, with RGA's 2025 annual report citing strong momentum in the United Kingdom across longevity and asset-intensive solutions and flagging continental Europe as a highly insured but relatively under-reinsured market. The Zacks Consensus Estimate for RGA's third-quarter and fourth-quarter 2026 EPS has moved up 1.9% and 1.2%, respectively, over the past 30 days, while full-year 2026 and 2027 EPS estimates have risen 5% and 0.7%. RGA shares have gained 31.5% in the past year, and the stock carries a Zacks Rank #2 (Buy).

Kiatnakin Phatra Securities, or KKP, published an analysis stating that Thailand's healthcare industry is entering a major structural turning point, with healthcare spending as a share of GDP rising from 3.08% in 2000 to 4.54% in 2023, and with a growing trend of shifting the burden from the public sector to the private sector. Analyst Teerapol Udomwet said Thailand faces challenges from an aging society and rising medical costs, while the government's fiscal space is limited. Currently the state bears as much as 78% of the country's total healthcare expenses, and fiscal constraints are expected to become clear by 2030 due to rules requiring capital expenditure to be kept at no less than 20% of the annual budget. The analysis estimates that the state's annual burden of more than 450 billion to 500 billion baht could be partly transferred to the private sector, representing an incremental value of more than 100 billion baht, or about 40% of the current revenue of listed private hospital groups. In the health insurance business, only 6.4% of the population holds policies, below the OECD average of 36%, though premiums grew at an average of 8% per year during 2019-2025. Hospital stocks are trading at a 2026 P/E of just 19 times, below the regional average of about 30 times. KKP believes the group's earnings passed their bottom in the second quarter and recommends large-cap stocks BDMS and BH as beneficiaries in both the short and long term.

President Donald Trump's One Big Beautiful Bill Act has accelerated the timeline for Social Security insolvency from 2033 to 2032, according to the Committee for a Responsible Federal Budget. The bill's additional tax exemptions, especially for retirees, reduce contributions to the Old-Age and Survivor Insurance trust fund, and the system now faces a 24% benefit cut starting in 2032, mostly tied to the exhaustion of the OASI trust. For a typical dual-income household that is an $18,100 reduction in annual benefits, while high-income households face a $24,000 annual reduction on average and low-income couples would see an $11,000 reduction. The Committee for a Responsible Federal Budget says a potential insolvency of Social Security's underlying trust would mean an immediate benefit cut for all beneficiaries, though the cut is not inevitable. The Brookings Institution and the Committee for a Responsible Federal Budget have recommended reforms such as raising the retirement age or eligibility age, raising payroll taxes, increasing the taxable income subject to payroll taxes, or capping benefits paid to high-income beneficiaries.

Dhipaya Life Insurance Public Company Limited has launched two life insurance products, Aomsin Annuity The Series and Aomsin Endowment The Series, to serve the aging society and modern retirement planning. Aomsin Annuity The Series is the first in Thailand to allow policyholders to adjust the age at which they begin receiving their annuity and the age at which annuity payments end, up to two times before age 59, with premiums remaining unchanged. Policyholders can choose monthly or annual annuity payments, with four payout period options: starting at age 60 or 65 and continuing until age 85 or 90. Annual annuity payments reach as high as 33.5% of the sum insured under the 85/65 plan, or total annuity payments of up to 780% of the sum insured under the 65/90 plan. No medical examination or health questionnaire is required, and premiums can be deducted for tax purposes up to 300,000 baht. Aomsin Endowment The Series is a 60/10 savings-type life insurance policy with premiums paid for only 10 years. Policyholders receive 10% of the sum insured every year from the 11th policy anniversary through the 59th year, and a lump sum of 1,000% of the sum insured upon reaching age 60. It also allows a tax deduction for general life insurance premiums of up to 100,000 baht. Nopporn Boonlaphop, Chief Executive Officer of Dhipaya Life Insurance Public Company Limited, said the company is focused on developing products that align with Thailand's transition into a fully aged society and a super-aged society, and that several more series of products to serve the aging society will follow. Those interested can inquire at any Government Savings Bank branch or the GSB Contact Center at 1115.

US annuity sales set a first-half record of $228.7 billion, up 1% from the prior-year period, according to LIMRA. Total second-quarter annuity sales reached $121.2 billion, up 2% year over year, the 11th consecutive quarter above $100 billion. Within that total, registered index-linked annuity sales rose 22% to $23.3 billion, traditional variable annuity sales jumped 24% to $17.7 billion, and single-premium immediate annuity sales hit a record $4.1 billion. The broader life market showed similar momentum, with S&P Global Market Intelligence reporting US life premiums up 7.7% year over year in the second quarter and individual life premiums up 4.1%, while LIMRA said the individual life policy count rose 8%. Against that backdrop, Zacks named Prudential Financial, Principal Financial Group and MetLife as three life insurers to watch, each carrying a Zacks Rank #3 (Hold); Prudential posted $3.6 billion in retail annuity sales in the second quarter, Principal reported transfer deposits of $9 billion, up 30%, and MetLife's Retirement and Income Solutions segment generated $377 million in adjusted earnings.

Japan's population aged 100 and over has surpassed 100,000 for the first time. The Ministry of Health, Labour and Welfare said that as of September 15, 2026, the number of centenarians rose to a record 107,677, up from just 153 when records began in 1963 and about 10,000 in 1998. Women make up roughly 88% of all centenarians. United Nations estimates indicate that in 2026 there were about 672,000 centenarians worldwide, with Japan clearly having the largest number of any country. The increase is putting pressure on Japan's fiscal position, since about one in three people, or roughly 40 million, receive state pensions. The ministry has proposed a budget of about 33.7 trillion yen, or 218 billion dollars, for pensions and medical services in the next fiscal year, accounting for nearly a quarter of the roughly 143 trillion yen in total budget requests from all ministries. At the same time, Japan continues to face a declining number of births, with the fertility rate falling for a tenth consecutive year in 2025 and hitting its lowest level since data began in 1947. The number of births was about 671,000, compared with about 1.59 million deaths in the same year. The government estimates that in 2026 the country will need about 2.4 million elderly care workers, up from about 2.1 million in 2024, and is increasingly relying on foreign labour. The number of foreign care workers under the skilled worker visa programme was about 66,000 last year, and the government plans to admit up to 160,700 workers under that framework and a new foreign labour programme.

A 72-year-old who moves the full $210,000 lifetime QLAC premium cap into a qualified longevity annuity contract before year-end can reduce next year's required minimum distribution by roughly $7,900. Under SECURE 2.0, the lifetime QLAC premium cap is indexed for inflation and sits at $210,000 per individual for 2026, and dollars moved into a QLAC are carved out of the IRA balance used to compute the following year's RMD. Because the IRS Uniform Lifetime Table assigns a divisor of 27.4 at age 72 and 26.5 at age 73, dividing the $210,000 by 26.5 cuts the required withdrawal by about $7,925, which for a retiree in the 22% federal bracket trims federal tax on the RMD by roughly $1,740 for the year. The tradeoff is liquidity: QLAC funds generally cannot be withdrawn as a lump sum, cannot be reallocated, and do not participate in market gains, and income must begin no later than the first of the month after the 85th birthday, with every dollar taxed as ordinary income when received. Insurers set QLAC income quotes using long-dated interest rates and mortality assumptions, and the 10-year Treasury yield closed at 4.95% on September 10, 2026, up from 3.97% on February 27, 2026, while the federal funds target upper bound stood at 3.75% as of September 12, 2026. The strategy best fits retirees with surplus IRA assets, other liquid savings, family longevity, and income high enough that shrinking RMDs meaningfully reduces taxes or IRMAA exposure.

The Chairman of the Stock Exchange of Thailand (SET) revealed that it is awaiting the government to provide clarity on proposing key measures to the Cabinet, including the Thailand Individual Savings Account (TISA) project, allowing multiple-class share structures (Dual-Class Shares), improving trust laws, and supporting BOI-promoted companies to list on the stock exchange. For TISA, the principle has been proposed, but it awaits details on the amount and tax impact from the Ministry of Finance, which may cause delays, but clarity should be expedited this year. For Dual-Class Shares, the draft law is complete and is being submitted through the Ministry of Finance and the Cabinet to provide more flexibility for private and foreign companies to maintain control over their businesses. Meanwhile, the trust law previously passed Parliament but was dropped at the Council of State, so it needs to be dusted off to support an aging society and attract massive funds back to the country, as well as to push for amendments to the Civil and Commercial Code regarding incapacitated persons. Regarding the BOI to IPO policy, the SET has discussed with BOI to enable promoted companies with high potential to access the capital market faster, even if they do not yet have significant revenue, by considering their potential and business plans. They are also discussing additional incentives, such as tax or extended timeframes, which, if implemented, would increase the number of quality companies and liquidity for the Thai stock market.

AXA Hong Kong and Macau has launched GBA EverGuard Medical Insurance, a comprehensive medical protection plan designed to meet rising demand for cross-border healthcare in the Greater Bay Area. The plan offers full cover for hospitalisation, surgery, and non-surgical cancer treatments in the Chinese mainland, with no itemised sub-limits, and provides flexibility for designated illnesses or major surgeries to be treated in Hong Kong, Macau, or Taiwan, subject to a 20% coinsurance. It also includes enhanced Traditional Chinese Medicine treatments, rehabilitation support, and access to AXA Health Concierge for cashless arrangements and healthcare navigation. The launch follows an AXA-commissioned survey of 600 Hong Kong residents, which found that 68% have received medical treatment in the mainland, with 87% worried about treatment costs and 88% concerned about long waiting times in Hong Kong. The plan guarantees renewal up to age 100 and includes value-added services such as a complimentary medical check-up every three years of no-claim.

Insurers have already told Wall Street which Medicare Advantage plans will end on December 31, 2026, but members will only learn by mail, with nonrenewal notices due by October 2. Humana confirmed that its 2027 plan exits will affect approximately 600,000 members, while UnitedHealth Group expects Medicare Advantage enrollment to decline by about 1.1 million. These terminations open a rare guaranteed-issue Medigap window, but only for members returning to Original Medicare, not for those switching to another Advantage plan. With Medicare Open Enrollment closing December 7, members should save the notice and price both coverage paths immediately, as Medigap premiums can range from $150 to $250 monthly, while a $0-premium Advantage plan may have an out-of-pocket maximum up to $9,250 in 2026.

Muang Thai Life Assurance has launched MTL Health Services under the concept "Treatment, No Need to Find a Way Alone," to elevate its role from a protection provider to a customer care assistant in the era of longevity. Mr. Sara Lamsam, Chief Executive Officer, said that this service helps take care of customers at each stage of treatment through services such as MTL Cashless Claim, MTL Health Buddy, MTL Smile Hospital Network, and Pre-authorization, as well as connecting Cashless Claim through the iClaim system with over 400 government hospitals nationwide to increase access to treatment options. The company emphasizes that health and finance go hand in hand. For example, if an insured person receives cancer treatment in a hospital within the MTL Smile network, they will receive Extra Coverage, increasing the coverage limit by an additional 20%, such as from 5 million baht to 6 million baht, and extending room and physician fees to 365 days. Meanwhile, MTL Health Buddy helps recommend specialists and reduce excess expenses, along with Pre-authorization service to plan treatment. The company has a network of over 980 healthcare facilities nationwide, and Claim Anywhere service through MTL Click or branches, as well as MTL Global Connect for international claims, and 24-hour SOS emergency service.

OCEAN LIFE Thai Samut Life Assurance has launched its first new pension insurance products, 'Ocean Life Love Retire' and 'Ocean Life Senior Retire 99/5', which are tax-deductible. They offer an initial pension payout of up to 30% to build a lump sum for retirement. Mrs. Nusara (Assakul) Banyatpiyapoj, Chief Executive Officer and Managing Director, said these products cater to both those who start saving during their working years and those planning for post-retirement. Love Retire offers three plans: 90/5, 90/55, and 90/60, allowing policyholders to choose short or long premium payment periods and receive annual or monthly pensions until age 90. The pension increases with age, up to 24% per year during ages 81-90. Senior Retire 99/5 is for ages 46-65, with only 5 years of premium payments, an initial pension of 30% at policy year 10, and a maximum pension increase of 36% per year during ages 90-99. Both products require no medical examination, and premiums are tax-deductible up to 300,000 baht.

Pictet Wealth Management states that the global investment landscape is transitioning to a new economic regime, shifting from an era of excess savings to competition for capital, driven by aging societies, the AI megatrend, and geopolitical risks. This will keep long-term bond yields elevated, and 3% inflation may become the new normal. Pictet also notes that if the 10-year U.S. Treasury yield approaches 5%, bonds will once again become a major competitor to equities. Meanwhile, AI will help reduce inflation in the long run, and emerging markets are no longer dependent solely on China. Countries playing key roles in the AI supply chain, such as South Korea, Taiwan, Malaysia, and Thailand, will be new engines of growth. Pictet advises shifting focus from chasing returns to quality assets, emphasizing value stocks and businesses with strong cash flows, accumulating government bonds and investment-grade corporate bonds, increasing exposure to Asian and emerging market equities, and holding gold as a hedge.

Bloomberg reports that Taiwan's population may decline to about 12.15 million by 2075, a drop of roughly 48% from 2026 levels, amid a continued decrease in births and young population, while the number of elderly rises significantly, posing long-term challenges to the labor market, economy, and defense capabilities. Estimates from Taiwan's National Development Council (NDC), based on household registration data, indicate that the working-age population will shrink by nearly two-thirds over the next 50 years. By 2075, the population aged 0-14 will be only 585,000, the working-age population (15-64) will be about 5.13 million, and those aged 65 and above will reach 6.43 million, meaning the elderly will outnumber the working-age population and account for more than half of the total population. These figures reflect risks after the population peaked at 23.6 million in 2019, and could also affect Taiwan's security, as the military still relies partly on conscription amid threats from China.

The Securities and Exchange Commission (SEC) is moving forward with upgrading provident funds (PVD) under the concept of "save early, save more, save wisely" to ensure members have sufficient retirement savings. As of December 31, 2025, the total value of all PVD funds exceeded 1.6 trillion baht, with over 3.1 million members across 349 funds and more than 25,000 employers. However, over 95% of members have an average PVD balance of only 1.5 million baht upon reaching retirement age, which is below the minimum required retirement savings of 5 million baht, and 69% contribute less than 2,500 baht per month. The SEC is currently amending the PVD Act to introduce automatic enrollment, provide flexibility for members to temporarily suspend contributions, and enhance the PVD Individual Statement as a financial planning tool. The new regulations are expected to take effect in 2028.

Costco is making its first major move into Medicare by partnering with nonprofit insurer SCAN Health Plan to offer Costco-branded Medicare Advantage and Supplemental plans. SCAN Group CEO Sachin Jain said the partnership aims to simplify the Medicare experience for older adults, leveraging Costco's strengths in pharmacy, vision, and hearing aids. The plans will initially launch in two states for Medicare Advantage and one state for Medicare Supplemental, though specific states and product details are not yet disclosed due to federal regulations. Jain noted that 70% of SCAN members are already Costco members, and the partnership seeks to provide transparent, reliable benefits. SCAN, which has around 460,000 members across six states, is uncertain about new member numbers but believes the partnership could transform the Medicare Advantage landscape.

Costco is partnering with nonprofit insurer SCAN Health Plan to offer Costco-branded Medicare Advantage plans in two states and a Medicare supplement plan in a third state, pending regulatory approval. SCAN already operates Medicare Advantage plans and serves nearly 460,000 members across six states. The companies are also looking at integrating the plans with services Costco already offers, including a revamped pharmacy experience, over-the-counter benefits, and audiology services. CEO Ron Vachris said selecting SCAN as a partner to deliver a better healthcare experience for seniors is an extension of Costco's commitment to members. The move could deepen Costco's relationship with older Americans and give them more reasons to keep their memberships.

Siam Commercial Bank has joined with Thewa Insurance to launch a new travel insurance product on the SCB EASY application, extending coverage up to age 80 to support an ageing society. The new product comes in two forms: Easy Global Trip for overseas travel and Easy Sabai Trip for domestic travel. Key features include coverage for older customers, the option to add coverage as needed, and purchase through the app with an electronic policy issued immediately. Customers who buy Easy Global Trip between 15 August 2026 and 31 October 2026 will receive a Central e-Voucher.

Lawmakers have introduced legislation to eliminate the first two income-related Medicare premium surcharge tiers that now affect nearly 10% of beneficiaries, up from the original top 5% target. The Kean-Kim Medicare Premiums Reduction Act of 2026, sponsored by Representatives Tom Kean Jr. and Young Kim, would remove surcharges for single filers earning between $109,000 and $171,000 and joint filers between $218,000 and $342,000, saving married couples up to $5,784 annually. A separate bill, H.R. 3007 from Representative Kevin Kiley, would create a one-time lifetime exclusion for capital gains from the sale of a primary residence from IRMAA calculations. The surcharge acts as a cliff, so earning just $1 over the threshold triggers the full year's premium increase, and mandatory retirement distributions at age 73 can push retirees over the line. The legislation faces funding challenges because eliminating the lower tiers would reduce revenue for the Medicare Supplementary Medical Insurance Trust Fund.