Last updated: February 2026 | By AnnuityJournal Editorial Team
The best annuity company depends entirely on what you need the annuity to do. A retiree who wants guaranteed income for life needs a completely different company than someone who wants to lock in a high rate or participate in market gains without risking principal.
Using LIMRA Q3 2025 sales data — the most comprehensive available — and AM Best financial strength ratings, here are the top annuity companies broken down by what each type does best.
Key Takeaways
- No single company is best at everything. New York Life leads in both fixed and income annuity sales but isn’t a top-10 player in fixed index annuities.
- Athene is the #1 FIA company and #2 fixed annuity company — one of the few carriers dominant in two categories simultaneously.
- New York Life and MassMutual are the only annuity companies with AM Best A++ ratings — the highest possible financial strength score.
- U.S. annuity sales hit $347 billion through Q3 2025, on pace to break the 2024 record of $432.4 billion for the second straight year.
- For income annuities, the mutual companies (New York Life, MassMutual, Guardian) tend to dominate because their long liability experience gives them better pricing power.
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How We Categorize Annuity Companies
Annuities fall into four main categories, each serving a different purpose in a retirement portfolio:
- Fixed / MYGA: Locks in a guaranteed interest rate for a set term (3–10 years). Best for savers who want predictable growth with no market risk.
- Fixed Index Annuity (FIA): Credits interest linked to a market index (S&P 500, etc.) with a floor of 0% — you can’t lose principal, but upside is capped. Best for moderate growth with downside protection.
- Income Annuity (SPIA/DIA): Converts a lump sum into guaranteed monthly income for life. Best for retirees who need a paycheck they can’t outlive.
- Variable Annuity / RILA: Market-linked growth with varying levels of downside protection. Best for long-term accumulation with higher risk tolerance.
Rankings below are based on LIMRA Q3 2025 YTD sales within each category, not total company size.
Best Annuity Companies for Guaranteed Rates (Fixed / MYGA)
Fixed annuities and MYGAs are the same category in LIMRA’s classification — both guarantee a stated interest rate for the full contract term. New York Life led this category through Q3 2025 with $14.7 billion in sales, followed closely by Athene at $14.1 billion.
| Rank | Company | AM Best | YTD Sales (Q3 2025) |
|---|---|---|---|
| 1 | New York Life | A++ | $14.7B |
| 2 | Athene Annuity & Life | A | $14.1B |
| 3 | MassMutual | A++ | $9.1B |
| 4 | Corebridge Financial | A | $8.4B |
| 5 | Nationwide | A+ | $5.2B |
| 6 | Global Atlantic | A- | $4.5B |
| 7 | Pacific Life | A+ | $4.4B |
| 8 | Western & Southern | A+ | $3.9B |
| 9 | Delaware Life | B++ | $3.7B |
| 10 | American National | A | $3.6B |
Our top picks: For maximum safety, New York Life or MassMutual (both A++). For the best combination of rate and financial strength, Athene or Midland National. For rate-seekers willing to shop aggressively, Corebridge and Global Atlantic consistently offer competitive terms.
See the full breakdown: Best Fixed Annuity Companies of 2026 →
Current rates from A-rated carriers:
2-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Axonic Insurance | Waypoint 2 MYGA | 5.00%Top Rate | 2 yr | $100,000 | 10% | |
| GBU Life | Asset Guard Select 2 | 4.75% | 2 yr | $25,000 | 10% | |
| Oceanview Life and Annuity | Harbourview 2 | 4.60% | 2 yr | $70,000 | 10% | |
| Mass Mutual | Premier Voyage 2 | 3.45% | 2 yr | $1,000,000 | 10% |
3-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Knighthead Life | Staysail 3 (Simple Interest) SI | 5.60%Top Rate | 3 yr | $100,000 | 0% | |
| Knighthead Life | Staysail 3 CA (Simple Interest) SI | 5.50% | 3 yr | $100,000 | 0% | |
| Axonic Insurance | Waypoint 3 MYGA | 5.40% | 3 yr | $100,000 | 10% | |
| Fidelity Security Life Insurance Company | TaxVantage® Multi-Year Guaranteed Annuity 3 | 5.25% | 3 yr | $2,500 | 0% | |
| Knighthead Life | Staysail 3 With Liquidity (Simple Interest) SI | 5.25% | 3 yr | $100,000 | 10% | |
| Ibexis | MYGA Plus 3 (Simple Interest) SI | 5.20% | 3 yr | $100,000 | 10% |
4-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Oxford Life Insurance Company | Multi-Select 4 | 5.10%Top Rate | 4 yr | $20,000 | 10% | |
| Oceanview Life and Annuity | Harbourview 4 | 5.00% | 4 yr | $70,000 | 10% | |
| Clear Spring Life | Preserve MYGA 4 | 4.90% | 4 yr | $100,000 | 10% | |
| Pacific Guardian Life | Diamond Head 4 | 4.80% | 4 yr | $10,000 | 10% | |
| GBU Life | Asset Guard Select 4 | 4.75% | 4 yr | $25,000 | 10% | |
| S.USA Life Insurance Company, Inc. | Select Choice® Plus 1 (4) Year Plan Base Policy MVA | 4.55% | 4 yr | $100,000 | 0% |
5-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Knighthead Life | Staysail 5 (Simple Interest) SI | 6.30%Top Rate | 5 yr | $100,000 | 0% | |
| Knighthead Life | Staysail 5 CA (Simple Interest) SI | 6.20% | 5 yr | $100,000 | 0% | |
| Ibexis | MYGA Plus 5 (Simple Interest) SI | 5.75% | 5 yr | $100,000 | 10% | |
| Knighthead Life | Staysail 5 With Liquidity (Simple Interest) SI | 5.75% | 5 yr | $100,000 | 10% | |
| Axonic Insurance | Waypoint 5 MYGA | 5.65% | 5 yr | $100,000 | 10% | |
| Fidelity Security Life Insurance Company | TaxVantage® Multi-Year Guaranteed Annuity 5 | 5.65% | 5 yr | $2,500 | 0% |
6-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Oxford Life Insurance Company | Multi-Select 6 | 5.55%Top Rate | 6 yr | $20,000 | 10% | |
| Oceanview Life and Annuity | Harbourview 6 | 5.35% | 6 yr | $70,000 | 10% | |
| Clear Spring Life | Preserve MYGA 6 | 5.10% | 6 yr | $100,000 | 10% | |
| Pacific Guardian Life | Diamond Head 6 | 5.00% | 6 yr | $10,000 | 10% | |
| Guardian Insurance & Annuity Co. | Guardian Fixed Target Annuity 6 | 4.70% | 6 yr | $100,000 | 10% | |
| Mass Mutual | Premier Voyage 6 | 4.70% | 6 yr | $1,000,000 | 10% |
7-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Knighthead Life | Staysail 7 (Simple Interest) SI | 6.50%Top Rate | 7 yr | $100,000 | 0% | |
| Knighthead Life | Staysail 7 CA (Simple Interest) SI | 6.40% | 7 yr | $100,000 | 0% | |
| Ibexis | MYGA Plus 7 (Simple Interest) SI | 5.95% | 7 yr | $100,000 | 10% | |
| Knighthead Life | Staysail 7 With Liquidity (Simple Interest) SI | 5.95% | 7 yr | $100,000 | 10% | |
| Ibexis | MYGA Plus 7 (Simple Interest) CA SI | 5.85% | 7 yr | $100,000 | 10% | |
| Knighthead Life | Staysail 7 CA with Liquidity (Simple Interest) SI | 5.85% | 7 yr | $100,000 | 10% |
8-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Oxford Life Insurance Company | Multi-Select 8 | 5.20%Top Rate | 8 yr | $20,000 | 10% | |
| Clear Spring Life | Preserve MYGA 8 | 5.10% | 8 yr | $100,000 | 10% | |
| Pacific Guardian Life | Diamond Head 8 | 5.00% | 8 yr | $10,000 | 10% | |
| Guaranty Income Life | Guaranty Rate Lock 8 | 4.10% | 8 yr | $100,000 | 5% |
9-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Liberty Bankers Life | Heritage Elite 9 | 5.50%Top Rate | 9 yr | $10,000 | 0% | |
| Liberty Bankers Life | Heritage Premier 9 | 5.45% | 9 yr | $10,000 | Interest Only | |
| Liberty Bankers Life | Heritage Premier Plus 9 | 5.35% | 9 yr | $10,000 | Interest Only | |
| Liberty Bankers Life | Heritage Classic 9 | 5.25% | 9 yr | $10,000 | 10% | |
| Royal Neighbors of America | MYGA 9 Year CA | 5.20% | 9 yr | $100,000 | Interest Only | |
| Securian Financial | SecureOption Choice 9 | 5.20% | 9 yr | $500,000 | 10% |
10-Year MYGA Rates
| Carrier | Product | AM Best | Rate | Term | Min Premium | Free Withdrawal |
|---|---|---|---|---|---|---|
| Axonic Insurance | Waypoint 10 MYGA | 5.50%Top Rate | 10 yr | $100,000 | 10% | |
| Oceanview Life and Annuity | Harbourview 10 | 5.45% | 10 yr | $70,000 | 10% | |
| Royal Neighbors of America | MYGA 10 Year | 5.30% | 10 yr | $100,000 | Interest Only | |
| Oxford Life Insurance Company | Multi-Select 10 | 5.15% | 10 yr | $20,000 | 10% | |
| American National Insurance Company | Palladium MYG Annuity 10 | 5.10% | 10 yr | $250,000 | 10% | |
| Clear Spring Life | Preserve MYGA 10 | 5.10% | 10 yr | $100,000 | 10% |
Rates shown are for informational purposes only and subject to change without notice. Only carriers rated A− or better by AM Best are included. Products marked SI use simple interest — the effective compound yield is lower than the stated rate. Minimum premiums shown are for non-qualified (after-tax) funds. Always verify current rates with a licensed annuity broker before purchasing.
Best Annuity Companies for Market Upside (Fixed Index Annuities)
Fixed index annuities (FIAs) credit interest based on the performance of a market index — typically the S&P 500 — up to a cap or participation rate, with a 0% floor so you never lose principal. Through Q3 2025, Athene led FIA sales with $11.5 billion, followed by Allianz Life at $8.3 billion.
| Rank | Company | AM Best | YTD FIA Sales (Q3 2025) |
|---|---|---|---|
| 1 | Athene Annuity & Life | A | $11.5B |
| 2 | Allianz Life of North America | A+ | $8.3B |
| 3 | Corebridge Financial | A | $7.6B |
| 4 | Sammons Financial (North American / Midland National) | A+ | $7.3B |
| 5 | American Equity Investment Life | A- | $5.6B |
| 6 | Fidelity & Guaranty Life (F&G) | A- | $4.8B |
| 7 | Nationwide | A+ | $4.3B |
| 8 | Global Atlantic | A- | $4.3B |
| 9 | Security Benefit Life | A- | $4.0B |
| 10 | Delaware Life | B++ | $3.3B |
Our top picks: Allianz Life is widely regarded as the gold standard for FIA design, with some of the highest participation rates and most innovative index options in the market. Athene leads by volume and consistently offers competitive caps. American Equity built its entire business around FIAs and remains a top choice for income rider combinations. Nationwide’s New Heights FIA is one of the most advisor-recommended products for combining accumulation with a guaranteed income option.
What to look for in a FIA: participation rate, cap rate, spread, index options, and income rider terms. The “best” FIA company for you depends heavily on which of those levers matter most for your situation. A 55-year-old accumulating for 10 years has very different needs than a 68-year-old activating income immediately.
Learn more: What Is a Fixed Index Annuity? →
Best Annuity Companies for Guaranteed Lifetime Income (Income Annuities)
Income annuities — including single premium immediate annuities (SPIAs) and deferred income annuities (DIAs) — convert a lump sum into a guaranteed monthly paycheck for life. This is the original purpose of an annuity, and the companies that dominate this category are overwhelmingly large mutual insurers.
New York Life is by far the #1 income annuity company in the U.S. with $5.1 billion in sales through Q3 2025 — more than double the #2 company (MetLife at $2.1 billion).
| Rank | Company | AM Best | YTD Income Annuity Sales (Q3 2025) |
|---|---|---|---|
| 1 | New York Life | A++ | $5.1B |
| 2 | MetLife | A+ | $2.1B |
| 3 | Guardian Life | A++ | $1.9B |
| 4 | Pacific Life | A+ | $1.6B |
| 5 | Prudential | A+ | $1.5B |
| 6 | MassMutual | A++ | $1.2B |
| 7 | Northwestern Mutual | A++ | $1.2B |
| 8 | Western & Southern | A+ | $1.1B |
Notice something about that list: six of the top eight income annuity companies carry AM Best ratings of A+ or A++. That’s not a coincidence. Income annuities require insurers to make payment promises that may stretch 20–30 years into the future. Buyers gravitate toward the most financially secure companies available — and the data reflects it.
Our top picks: New York Life for its combination of A++ strength and unmatched market depth. MassMutual for its dividend history and mutual ownership. Guardian Life for A++ strength at competitive income rates. Pacific Life and Prudential for strong A+ income pricing if you want to comparison-shop outside the mutual company universe.
Key consideration: income annuity payout rates vary by company for the same age, premium, and payout option. Getting quotes from at least three A-rated companies before committing is essential — the spread between the best and worst quotes can exceed 8–10%.
Learn more: What Is a SPIA? How Income Annuities Work →
Best Annuity Companies for Financial Strength
If your primary concern is the insurance company’s ability to pay claims 20 or 30 years from now, financial strength ratings narrow the list quickly. AM Best’s A++ (Superior) designation is held by fewer than a dozen U.S. life insurers — and only four of them are major players in the retail annuity market.
| Company | AM Best | Type of Annuities | Founded |
|---|---|---|---|
| New York Life | A++ Superior | Fixed, MYGA, Income, Variable | 1845 |
| MassMutual | A++ Superior | Fixed, MYGA, Income, Variable | 1851 |
| Guardian Life | A++ Superior | Fixed, Income, Variable | 1860 |
| Northwestern Mutual | A++ Superior | Fixed, Income, Variable | 1857 |
All four are mutual life insurance companies — meaning they are owned by policyholders, not publicly traded shareholders. This structure removes the pressure to take on excess risk to satisfy quarterly earnings expectations, which is one reason these companies have maintained A++ ratings for decades.
The tradeoff: A++ companies typically pay lower rates than their A and A- rated competitors. On a $200,000 MYGA, a 0.40% rate difference equals $800 per year. Whether that’s worth paying for the additional safety layer is a personal decision — but the gap is real.
Best Annuity Companies for Death Benefits
Most fixed and income annuities include some form of death benefit — but what that looks like varies significantly by product type.
Fixed / MYGA Death Benefits
In a MYGA, if you die during the accumulation phase, your beneficiaries typically receive the full account value — principal plus accumulated interest — with no surrender charges. This is standard across most carriers. The company matters less here than the contract terms.
Income Annuity Death Benefits
If you choose a life-only SPIA and die early, payments stop — there’s no death benefit. But most income annuities offer period-certain options (e.g., “life with 10-year certain”) that guarantee payments continue to your beneficiaries for the remaining term if you die early. New York Life, MassMutual, and Guardian all offer flexible death benefit options on their income products.
FIA Death Benefits and Enhanced Options
Fixed index annuities often include base death benefits equal to the account value, plus optional enhanced death benefit riders that step up or lock in gains. Companies known for strong death benefit rider options include:
- North American (Midland National / Sammons): BenefitSolutions rider offers enhanced death benefit step-ups
- Nationwide: Offers an optional Enhanced Death Benefit rider on several products
- Corebridge Financial: SecureShield death benefit options available on FIA products
- American Equity: Optional enhanced death benefit riders with annual step-ups
If maximizing the death benefit is a primary goal, variable annuities with enhanced death benefit riders — from companies like Prudential, Jackson National, or Lincoln Financial — may offer more robust options than fixed products. But those come with market risk and higher fees.
How to Choose the Right Annuity Company for Your Situation
The framework is simpler than it looks:
Step 1: Decide what the money needs to do.
Is this money for guaranteed growth, guaranteed income, or somewhere in between? If it needs to grow safely until age 75 — MYGA. If it needs to become income at 70 — income annuity. If you want some upside potential over 10 years — FIA.
Step 2: Filter by financial strength.
For any contract that will run longer than 10 years, stick with AM Best A- or better. For very large amounts ($500,000+) or very long time horizons (20+ years), consider limiting yourself to A+ or A++.
Step 3: Get quotes from multiple companies.
Rates and payout amounts vary significantly across companies for the same product type. For MYGAs, a 0.50% rate difference on $200,000 over 5 years is $5,525. For SPIAs, a 10% payout difference on $300,000 is $300/month in income. Always compare at least three carriers before deciding.
Step 4: Read the contract, not just the illustration.
The illustration shows the best case. The contract shows the actual terms — surrender charges, withdrawal provisions, renewal rate processes, and death benefit details. If you don’t understand it, ask your advisor or contact us before signing.
For detailed buying guidance: How to Buy an Annuity Without Getting Ripped Off →
Frequently Asked Questions
Which annuity company has the best financial strength rating?
New York Life, MassMutual, Guardian Life, and Northwestern Mutual all carry AM Best A++ (Superior) ratings — the highest possible. All four are mutual life insurance companies with more than 150 years of operating history. For income annuities in particular, New York Life is the dominant company by sales volume and is frequently cited as the benchmark for financial strength.
What is the best annuity for guaranteed lifetime income?
A single premium immediate annuity (SPIA) from New York Life, MassMutual, or Guardian Life offers guaranteed lifetime income backed by A++ financial strength. For a 65-year-old investing $200,000, payout rates typically range from $1,050 to $1,200 per month for life depending on the company and payout option selected. Always get quotes from at least three companies — payout rates can vary by 8–10% for the same age and premium.
What is the best annuity for market participation without losing principal?
Fixed index annuities (FIAs) from Allianz Life, Athene, or American Equity offer market-linked growth with a 0% floor — you can never lose principal due to market performance. Allianz Life is widely regarded as the market leader in FIA innovation, with some of the highest participation rates available. Athene leads by total FIA sales volume with $11.5 billion through Q3 2025.
Can I have annuities from more than one company?
Yes, and many financial advisors recommend it. Spreading annuity assets across two or three A-rated companies reduces concentration risk and takes advantage of each company’s strengths — for example, New York Life for income, Athene for MYGA rates, and Allianz for FIA upside. Each state’s guaranty association protects up to $250,000 per company, so diversifying across carriers also increases your effective coverage.
Are bigger annuity companies safer?
Size matters, but AM Best ratings matter more. A large company with an A rating is not necessarily safer than a smaller company with an A++ rating. New York Life ($14.7B in fixed annuity sales through Q3 2025) and MassMutual ($9.1B) are both among the largest and highest-rated. But Athene — a relatively young company founded in 2009 — manages over $300 billion in assets and carries a solid A rating despite not having the same history as the mutual giants.
What is the difference between a fixed annuity and a fixed index annuity?
A fixed annuity pays a guaranteed interest rate regardless of market performance — you know exactly what you’ll earn. A fixed index annuity credits interest based on a market index’s performance, up to a cap or participation rate, with a 0% floor. In a good market year, an FIA might credit 6–8%. In a flat or down year, it credits 0% — you don’t lose, but you don’t gain either. Fixed annuities offer more predictability; FIAs offer more potential upside at the cost of some certainty.
Who are the top annuity companies overall in 2026?
Based on LIMRA Q3 2025 sales data across all product categories, the dominant players are: New York Life (leads fixed and income annuity sales), Athene Annuity & Life (leads FIA sales, #2 in fixed), MassMutual (#3 fixed, top-5 income), Corebridge Financial (#4 fixed, #3 FIA), and Allianz Life (#2 FIA). No single company leads in every category — the best company depends on the product type and your specific goals.
Related reading: See our guide to Sammons Financial Group annuity review.
