Quick Answer: Is Sammons a Good Annuity Company?
Sammons Financial Group is one of the strongest privately-held insurance holding companies in America – it owns both Midland National and North American Company, two consistently top-rated carriers for MYGA and fixed indexed annuity products.
Last updated: March 2026 | Reviewed by: Elizabeth Prescott, AnnuityJournal Editorial Team
When you search for a Midland National or North American annuity, you are ultimately buying a product backed by Sammons Financial Group. Understanding the parent company – its financial strength, ownership structure, and product philosophy – matters as much as the product-level details. This review covers what you need to know.
Who Is Sammons Financial Group?
Sammons Financial Group, Inc. is a privately-held insurance holding company headquartered in West Des Moines, Iowa. Founded in 1938 as part of the broader Sammons Enterprises family of companies, Sammons Financial Group has grown into one of the largest privately-held financial services organizations in the United States.
Unlike publicly-traded insurers, Sammons does not face quarterly earnings pressure from shareholders. This structure allows the company to take longer investment horizons and prioritize policyholder obligations over short-term profitability metrics – a feature that tends to benefit annuity buyers who are locked in for 5-10 year surrender periods.
Key Statistics (2025)
| Metric | Detail |
|---|---|
| Headquarters | West Des Moines, Iowa |
| Founded | 1938 |
| Ownership | Privately held (Sammons Enterprises) |
| Total Assets | $80+ billion |
| AM Best Rating (Midland National) | A+ (Superior) |
| AM Best Rating (North American Co.) | A+ (Superior) |
| Distribution | Independent agents and broker-dealers |
Sammons Financial Group’s Insurance Subsidiaries
Midland National Life Insurance Company
Midland National is Sammons’s primary carrier for fixed indexed annuities and life insurance. It is consistently among the top 10 FIA providers in the country by sales volume, known for the Midland National SimplySelect and Momentum FIA product lines. Read the full Midland National review for product-level details.
North American Company for Life and Health Insurance
North American is Sammons’s MYGA and fixed annuity workhorse, frequently appearing in top-rate MYGA comparisons. Their BenefitSolutions series and Guarantee Plus series are popular with buyers seeking competitive multi-year guaranteed rates. Read the full North American annuity review.
Sammons Institutional Group
A third subsidiary focused on institutional and defined contribution markets – less relevant for individual retail annuity buyers.
Financial Strength Ratings
| Rating Agency | Midland National | North American Co. |
|---|---|---|
| AM Best | A+ (Superior) | A+ (Superior) |
| S&P Global | AA- (Very Strong) | AA- (Very Strong) |
| Fitch | AA- (Very Strong) | AA- (Very Strong) |
Both subsidiaries carry A+ from AM Best – the second-highest rating available, indicating superior financial strength and an excellent ability to meet policyholder obligations. The AA- ratings from S&P and Fitch place them in the “very strong” category, meaning even in an economic downturn, their ability to pay claims is not considered at risk.
Sammons Annuity Products Overview
Fixed Indexed Annuities (through Midland National)
Midland National’s FIA lineup is designed for buyers who want market-linked growth potential with a guaranteed floor of zero. Products offer multiple indexing strategies including point-to-point on the S&P 500, multi-index allocations, and participation rate options. Income rider options (GLWB) are available on most FIA products for guaranteed lifetime income.
MYGAs (through North American)
North American consistently ranks in the top 10 for MYGA rates across 3, 5, and 7-year terms. Their Guarantee Plus series is straightforward – no MVA on most shorter-term products, competitive rates from an A+ carrier. Minimum premiums start at $10,000.
Life Insurance
Both Midland National and North American offer indexed universal life (IUL) and term life products. Life insurance products are outside the scope of this annuity-focused review.
Pros and Cons of Sammons (Midland National / North American)
| Pros | Cons |
|---|---|
| A+ AM Best on both primary subsidiaries | Products sold through agents only – no direct purchase |
| Privately held – no quarterly earnings pressure | Complex FIA products require agent explanation |
| Consistently competitive MYGA rates | Not as widely known as publicly-traded carriers |
| $80B+ in assets – significant financial depth | Website and customer portal are functional but dated |
| Two distinct carriers for different product needs | Surrender periods up to 10 years on some FIA products |
Who Are Sammons Products Best For?
Sammons-backed products (Midland National and North American) are well-suited for:
- Buyers who want an A+ carrier with decades of stability behind a shorter-term MYGA
- FIA buyers looking for competitive cap rates and a strong income rider platform
- Retirees who prefer working with independent agents who can compare multiple carriers
- Buyers who value private ownership and the stability that comes with it
Compare current MYGA rates from North American and other top carriers on our Best MYGA Rates page.
How to Buy a Sammons Annuity
Neither Midland National nor North American sells directly to consumers. Products are distributed exclusively through licensed independent insurance agents and broker-dealers. To purchase:
- Contact an independent annuity broker who carries Midland National or North American products
- Request a current rate sheet and product illustration for the specific product you’re considering
- Compare against other A-rated carriers (Athene, MassMutual, New York Life) on the same term
- Submit your application – funding by check, wire, or 1035 exchange
Customer service for existing policyholders: Midland National: 800-923-3223 | North American: 800-800-3656
Frequently Asked Questions
Is Sammons Financial Group the same as Midland National?
Sammons Financial Group is the parent holding company. Midland National Life Insurance Company and North American Company for Life and Health Insurance are its two primary insurance subsidiaries. When you buy a Midland National or North American annuity, Sammons is the ultimate parent backing that obligation.
What is Sammons Financial Group’s AM Best rating?
Sammons does not hold a direct AM Best rating as a holding company. Its insurance subsidiaries – Midland National and North American – both hold A+ (Superior) ratings from AM Best, the second-highest rating available.
How does private ownership affect Sammons as an annuity carrier?
Private ownership means Sammons is not subject to quarterly earnings pressure from public shareholders. This typically translates to longer investment horizons, more conservative balance sheet management, and a focus on policyholder obligations over stock price – generally positive for long-term annuity buyers.
Are Sammons annuities safe?
Based on financial strength ratings, yes. Both Midland National and North American hold A+ AM Best and AA- S&P ratings – placing them in the top tier of insurance carrier stability. All products are also backed by state guaranty association protections up to applicable state limits.
Sources & Citations
- AM Best, AM Best Financial Strength Ratings – ratings data for Midland National and North American Company
- Sammons Financial Group, Sammons Financial Group Corporate Overview – company history, assets under management, subsidiary structure
- NAIC, NAIC Consumer Information – complaint ratios and market conduct data for insurance carriers
