News · Industry statistics
Living annuity assets reach R911.7bn; ASISA restates 2024 drawdown rate
ASISA's 2025 figures show a record R104.5bn of new money and an average drawdown of 6.6%. The 2024 average was corrected from 5.6% to 6.5%.
Living annuities held R911.7 billion at the end of 2025, according to ASISA's statement of 3 September 2026. The association also restated its 2024 average drawdown rate from 5.6% to 6.5% after finding a submission error.
What ASISA reported
According to ASISA's statement, 579 205 living annuities were in force at the end of 2025, up from 278 000 at the end of 2011. Assets grew from R155.2 billion to R911.7 billion over the same period, and new inflows reached a record R104.5 billion in 2025.
The average income drawdown rate was 6.6% in 2025, down from 7.0% in 2011, according to the statement. ASISA weights the average by size: the total value of drawdowns against the total value of the book. It notes that the number of living annuities is not the same as the number of policyholders, because one person can hold more than one.
ASISA's statement says 45% of living annuity assets (R410.2 billion) sat in the 2.5%-5% income band at the end of 2025, and 27.3% (R248.9 billion) in the 5%-7.5% band.
The 2024 correction
The 2024 average drawdown rate was previously reported as 5.6%. ASISA's statement says it restated the figure to 6.5% “after detecting a submission error when finalising the 2025 statistics”. Anyone who quoted the 2024 figure, including in board packs or member communication, now has a corrected number to use.
What it means
ASISA's deputy chair of its Marketing and Distribution Board Committee reads the lower drawdowns as retirees choosing to preserve capital rather than draw more income. That is ASISA's interpretation; the statistics show the average rate, not why retirees chose it.
For funds that offer a living annuity in their Regulation 39 annuity strategy, the regulations require the fund to monitor whether retirees' drawdown rates are sustainable where the annuity is paid from the fund or a fund-owned policy (Reg 39(3)(b), GN 863).
Living annuity assets grew from R155.2 billion at the end of 2011 to R911.7 billion at the end of 2025, according to ASISA's statement.
Data table
| Item | Value |
|---|---|
| End 2011 | R155.2bn |
| End 2025 | R911.7bn |
Source: ASISA media release — “Living annuity assets grow to R911.7 bn in 2025 with annual drawdown rates steady at 6.6%”, 3 Sep 2026 (accessed 11 Oct 2026) · Nominal rands; not inflation-adjusted.
Staging pilot (v2 Portion 6, source-mix test). Not published to production. Needs editorial gate + fact-check pass before any live publish.
How we source
We summarise public rules and desk templates for education. We do not invent accreditor names, rankings, or personalised advice. Hard gaps stay unverified — ask counsel or check the primary instrument.