Conning Research & Consulting recently published a report on the individual annuity market.

The U.S. indivual annuity market is increasingly concentrated and has suffered from less than robust growth rates over the past several years.

The average annual annuity premium growth rate between 2007 and 2011 was 2.3 percent.

Section 1035 exchanges have declined as there are fewer incentives to exchange older "in the money" annuities for new products that are more than likely not as attractive from a benefit and pricing standpoint.

The industry clearly needs to find drivers of growth and bring new assets into the picture rather than rely on recycled assets through 1035 exchanges.

Global markets and younger demographics (Gen Y and Gen X) are cited as potential sources of growth.