As individual annuity insurers shift away from rebuilding capital and towards premium growth, they will need to redevelop their competitive positioning, according to a new study by Hartford’s Conning Research & Consulting.

The Conning Research study, "The Real Challenge in Rebuilding Individual Annuities: Developing Competitive Advantage in a Concentrating Market," reviews the recent history of concentration and consolidation that has altered the competitive landscape and premium growth rate. Looking forward, the study addresses key strategies that will distinguish successful competitors in this new environment.

"The first priority for individual annuity insurers following the financial crisis has been to rebuild capital," said Scott Hawkins, analyst at Conning Research & Consulting. "Insurers have made significant progress in repairing their capital positions. At the same time, premiums have actually declined, and rebuilding them will be a challenge. As insurers seek new growth, each will analyze and leverage their unique competitive advantages to position themselves for either organic or acquisitive growth."