Key Insights: Edition 2
Growth and Innovation in Annuities and Structured Products
Cut through the noise with our 3-part Key Insights series, serving up the most critical conversations, expert views and actionable insights from the BNP Paribas Open Summit.
Key Insights Edition 2: Overview
- Growth drivers within the annuities and structured products markets
- Increasing convergence between annuities and structured derivatives
- Product innovation in response to macro uncertainty
- Structuring discipline and transparency as competitive differentiators
A new playbook for risk
Welcome back to the baseline of the 2026 BNP Paribas Open Summit for the second installment of our Key Insights series.
As the action on court moved into the decisive second week, we welcomed clients to our Annuity Innovation and Structured Derivatives Forums, alongside the Athene and Strategic Access & Research Conferences.
Across a series of expert panels and peer-to-peer discussions, participants explored how innovation, partnerships and evolving delivery models are helping market participants respond to shifting interest rate expectations, market volatility and competitive pressures.
Conversations were practical, data-driven and strategic, with clients joining focused roundtables for an open dialogue led by practitioners. These sessions unpacked the realities of implementing structured solutions, enabling participants to exchange views with subject matter experts and peers while hearing directly from BNP Paribas product specialists. Topics in focus included:
- The key challenges in selling structured notes
- The latest product and structuring innovations, including structured ETFs
- Fixed indexed annuities (FIAs), including how life insurers’ subsidization strategies affect renewal rates and consumer experience
A common theme underpinned every panel and roundtable: Approaches to risk and capital deployment are changing rapidly in an increasingly unsettled macroeconomic environment.
As in other parts of the Summit, the central question was not simply how markets are changing, but how providers, advisors and institutions should respond.
A winning streak for structured products and insurance
Across our Annuity Innovation and Structured Derivatives Forums, clients heard from Samy Mofaddel, BNP Paribas’ Head of RIA Solutions, and Clara Bacheré, Vice President, EQD Insurance Solutions Sales, on the dynamics driving significant growth across both structured products and annuities.
On the structured products side, what was once a niche market has broadened into a more mainstream set of solutions for a wider range of participants, including independent advisors.
The U.S. structured products market now exceeds $200 bn in annual issuances and is projected to keep growing at double digit rates. With over 2,000 payoff structures, issuers are turning to custom indices for differentiation.
Conversely, the U.S. annuities market – about $460 bn in annual sales – already uses 250+ custom indices and is now focusing on innovative payoff designs.
Our panelists see these trends converging, allowing each sector to borrow the other’s strengths and drive the next wave of product evolution.
Panelists suggested that this momentum reflects more than a cyclical upswing. Aging demographics, the continued shift from institutional retirement provision to individual responsibility, and intensifying competition among advisors are all supporting demand for the differentiation, downside protection and income solutions that structured products and annuities can deliver. Growth in these products is rooted in long-term structural change.
Playing doubles: convergence across structured derivatives and annuities
Another major theme at our Annuity Innovation and Structured Derivatives Forums was the increasing convergence between structured products and annuities within advisors’ strategic toolkits.
While the two sit within different wrappers, panelists observed that structured notes and annuities are being used to serve similar objectives: to define outcomes more clearly, manage downside risk and shape return profiles toward meeting client needs.
Increasingly, advisors are deemphasizing product selection and placing a greater focus on assessing which wrapper and payoff structure are the best fit for a client’s tax position, risk tolerance and long-term financial goals.
This point is particularly relevant in the context of retirement solutions. As traditional defined benefit pensions continue to recede amid questions regarding the long-term viability of Social Security, greater retirement-income risk is being transferred to individuals. Speakers discussed how the combination of annuity and structured products can support the delivery of income payoffs and more holistic retirement outcomes. The conclusion from panelists was clear: advisors who understand both markets are better positioned to deliver more complete, integrated solutions across objectives such as capital preservation, income generation and controlled growth.
Structuring discipline and transparency as a competitive advantage
As annuities and structured products continue to mature in the U.S., the panel focused on how derivatives engineering and index design are becoming more important drivers of differentiation.
Thoughtful index construction, disciplined payoff design and robust risk management systems are table stakes in the development of products that can scale sustainably as demand rises.
Transparency will also be a key support to continued growth. One panelist pointed to lessons from Europe following the introduction of MiFID: while the regulation initially increased operational burdens for issuers, greater transparency around fees and fair value ultimately strengthened investor confidence in structured products. Over time, that transparency became less constraint and more competitive advantage, supporting wider market adoption.
A game plan for macro uncertainty
The macroeconomic backdrop helped frame discussions at our Annuity Innovation and Structured Derivatives Forums, with speakers reflecting on the impact of a more volatile environment on product demand and design.
One panelist noted that while the future trajectory of rates remains unclear, rate cuts could accelerate product innovation by changing the relative attractiveness of different annuity and structured product structures.
In higher-rate environments, advisors and distributors have generally found benchmark-linked products easier to position, as more generous option budgets can support higher caps on indices such as the S&P 500. As rates decline, those budgets can tighten and potentially reduce the upside available through traditional index-linked structures. In this context, custom indices and RILAs may become more attractive, as their diversified or volatility-managed frameworks enable more efficient option pricing and more competitive client outcomes.
Rather than relying on static payoff structures, issuers are designing solutions with greater scenario sensitivity, using tools such as volatility-controlled indices, buffers, floors and income triggers to help preserve attractive client outcomes.
The key takeaway: When uncertainty rises, productive innovation tends to accelerate. The challenge across both markets is to ensure that innovation remains grounded in client need, structuring discipline and clear outcomes.
The conversation on innovation extended beyond the conference room, as clients took the opportunity to network and continue their discussions while enjoying a display of high-quality tennis.
March surprises in the desert
Monday at the BNP Paribas Open was a whirlwind of surprises, shattered racquets, and unforgettable moments. Defending champ Mirra Andreeva was un(seat)ed by un(seed)ed Czech Katerina Siniakova, who delivered a fiery performance – including two broken racquets from the 18-year-old.
Meanwhile, Alexander Bublik, a rising Top-10 Club star, just missed out after taking the initial lead against qualifier Rinky Hijikata, while Taylor Fritz’s dramatic racquet-snap may or may not have resulted in a loss to fellow American Alex Michelsen.
Later, 15th seed Madison Keys bowed out in three sets to Brit Sonay Kartal, ending her run in the tournament. Off the court, Álvaro Alcaraz – coach to world No. 1 Carlos Alcaraz – stole the spotlight in the “Hottie Coach” vote defeating the favored Marat Safin in a surprise victory.
On Tuesday, upsets shook stadiums 1 and 2. American learner Tien advanced to his first Masters 1000 quarterfinal after defeating Alejandro Davidovich-Fokina in a tight three-setter. Meanwhile, Australian qualifier Talia Gibson continued her historic run, beating top-10 player Jasmine Paolini to reach her first WTA quarterfinal.
At the BNP Paribas Open, crowd support plays a pivotal role in shaping match outcomes. While Alex Eala’s vociferous Filipino fanbase made her seem like the favorite, 14th-seed Linda Noskova of Czechia remained composed to advance to the quarterfinals. Meanwhile, Cameron Norrie of Great Britain, backed by a diverse fanbase, showcased his defensive prowess to defeat Aussie qualifier Rinky Hijikata. Iga Swiatek, the second seed, dominated Czechia’s Karolina Muchova in a near-perfect performance, setting up a quarterfinal clash with Elina Svitolina of Ukraine.
The BNP Paribas Open Mixed Doubles Invitational, featuring top players like Venus Williams, Stefanos Tsitsipas, and Andrey Rublev, offers the most on-court fun this week with its record $1 million purse. As the main draw narrows to the final eight, the mixed doubles keep the tournament lively with action across the outer courts.
Providing a Platform for Young Talent
Beyond providing players and spectators with a taste of ‘tennis paradise’, the BNP Paribas Open showcases our long-standing commitment to supporting the next generation of tennis talent.
Through the BNP Paribas Young Talent Program, the bank provides promising young players around the world with access to first-rate training facilities and opportunities to progress toward the professional game. In the United States, we support the “Team BNP Paribas Mac 1” initiative through our partnership with the John McEnroe Tennis Academy.
As part of BNP Paribas’ title sponsorship of the Open, every year we secure ‘Wild Card’ entries for Young Talent players, providing them with the opportunity to compete on one of tennis’ biggest stages. This year, that opportunity went to Izyan “Zizou” Ahmad, a 15-year-old rising star currently ranked #128 in the ITF Junior World Rankings and already the winner of five ITF junior singles titles.
Zizou, who is best-known for his ‘viral moment’ with Roger Federer in 2017, stepped onto the qualifying courts last week at Indian Wells to face Thiago Tirante, ranked #74 in the ATP singles rankings, gaining invaluable experience competing against a top professional nearly a decade his senior.
Moments like these embody the spirit of the Young Talent Program – opening doors for emerging players while reinforcing BNP Paribas’ core values of dedication, integrity, and teamwork, both on and off the court
“Competing at a Masters 1000 is something I’ve always dreamed about, and it wouldn’t be possible without the support and faith of the BNP Paribas Young Talent Program. It means the world to me to represent BNP Paribas, the John McEnroe Tennis Academy, and the John McEnroe Tennis Project, which supports scholarship students like me, on such a big stage. I’m incredibly grateful for the belief that has been shown me, and I will come back stronger next year!”
Izyan “Zizou” Ahmad
About the BNP Paribas Open Summit
The BNP Paribas Open Summit gathers more than 500 corporate and institutional clients, issuers, and investors for two weeks of high-impact strategic dialogue and dynamic market insight. Across 10 curated conferences, clients engage directly with senior leaders and market specialists to explore the forces reshaping sectors, capital markets and investment decision-making.
As title sponsor of the BNP Paribas Open, we extend the experience beyond the conference room through exclusive relationship-building experiences and community initiatives that reflect our commitment to equity, partnership, and performance at every level of the sport. The BNP Paribas Open – known as the “the fifth Grand Slam” – provides a vibrant backdrop for the Summit, hosted by BNP Paribas Corporate and Institutional Banking (CIB), Americas. Learn more about our client platforms and capabilities across Global Markets, Global Banking and Securities Services at BNP Paribas CIB – The bank for a changing world.
This material is for informational purposes only and is not intended to be a complete and full description of the products of BNP Paribas and its affiliates or the risks they involve. Additional information is available upon request. Neither the information nor any opinion contained in this mateThis material is for informational purposes only and is not intended to be a complete and full description of the products of BNP Paribas and its affiliates or the risks they involve. Additional information is available upon request. Neither the information nor any opinion contained in this material constitutes a recommendation, solicitation or offer by BNP Paribas or its affiliates to buy or sell any security, futures contract, options contract, derivative instrument, financial instrument, or service, nor shall it be deemed to provide investment, tax, legal, accounting or other advice. All opinions, information, and estimates in this material constitute BNP Paribas’ or its affiliates’ judgment as of the date of this material. This material is only intended to generate discussions regarding particular instruments anThis material is for informational purposes only and is not intended to be a complete and full description of the products of BNP Paribas and its affiliates or the risks they involve. Additional information is available upon request. Neither the information nor any opinion contained in this material constitutes a recommendation, solicitation or offer by BNP Paribas or its affiliates to buy or sell any security, futures contract, options contract, derivative instrument, financial instrument, or service, nor shall it be deemed to provide investment, tax, legal, accounting or other advice. All opinions, information, and estimates in this material constitute BNP Paribas’ or its affiliates’ judgment as of the date of this material. This material is only intended to generate discussions regarding particular instruments and financing and/or investments opportunities and is subject to change, or may be discontinued, without notice. This material should neither be regarded as comprehensive nor sufficient for making financing and/or investment decisions, nor should it be used in place of professional advice. You should consult your own advisors about any products or services described herein in order to evaluate the merits, suitability, and financial, legal, regulatory, accounting and tax issues raised by any investment and should not rely on BNP Paribas or its affiliates for this. Information contained herein is derived from sources generally believed to be reliable, but no warranty is made that such information is accurate, complete or fair and should not be relied on as such. The offer and sale of securities to institutional investors may only be made through the U.S. registered broker dealer and futures commission merchant entity, BNP Paribas Securities Corp.d financing and/or investments opportunities and is subject to change, or may be discontinued, without notice. This material should neither be regarded as comprehensive nor sufficient for making financing and/or investment decisions, nor should it be used in place of professional advice. You should consult your own advisors about any products or services described herein in order to evaluate the merits, suitability, and financial, legal, regulatory, accounting and tax issues raised by any investment and should not rely on BNP Paribas or its affiliates for this. Information contained herein is derived from sources generally believed to be reliable, but no warranty is made that such information is accurate, complete or fair and should not be relied on as such. The offer and sale of securities to institutional investors may only be made through the U.S. registered broker dealer and futures commission merchant entity, BNP Paribas Securities Corp.rial constitutes a recommendation, solicitation or offer by BNP Paribas or its affiliates to buy or sell any security, futures contract, options contract, derivative instrument, financial instrument, or service, nor shall it be deemed to provide investment, tax, legal, accounting or other advice. All opinions, information, and estimates in this material constitute BNP Paribas’ or its affiliates’ judgment as of the date of this material. This material is only intended to generate discussions regarding particular instruments and financing and/or investments opportunities and is subject to change, or may be discontinued, without notice. This material should neither be regarded as comprehensive nor sufficient for making financing and/or investment decisions, nor should it be used in place of professional advice. You should consult your own advisors about any products or services described herein in order to evaluate the merits, suitability, and financial, legal, regulatory, accounting and tax issues raised by any investment and should not rely on BNP Paribas or its affiliates for this. Information contained herein is derived from sources generally believed to be reliable, but no warranty is made that such information is accurate, complete or fair and should not be relied on as such. The offer and sale of securities to institutional investors may only be made through the U.S. registered broker dealer and futures commission merchant entity, BNP Paribas Securities Corp.