In 2008, Corebridge was still AIG’s retirement business and Equitable had not yet separated from French insurance giant AXA. (Back then, ING-US hadn’t become Voya and MetLife hadn’t yet spun off Brighthouse.) So the new merger, which creates a firm with a market value of $22 billion, might best be seen as another aftershock of the Great Financial Crisis.

Gross sales of annuities approached the half-trillion-dollar mark in 2025. Net inflows, though positive, are much more modest. If demand for lifetime income solutions, as opposed to safe tax-deferred accumulation, is driving annuity sales, the evidence is largely circumstantial.

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A plan sponsor, according to the DOL proposal, 'is responsible for the prudent selection of the manager but is not liable for the individual investment decisions of that manager.' So writes the co-director of the Center for Economic and Policy Research.

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Here's a link to a chapter on Social Security that I contributed to 'The Elgar Companion to Modern Money Theory.'

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