Published April 15, 2026 by the AnnuityJournal Editorial Team.
WINDSOR, CT – Total U.S. individual annuity sales reached a record $461 billion in 2025, according to LIMRA’s U.S. Individual Annuity Sales Survey. That figure extends a multi-year growth streak that began in 2022, when a jump in guaranteed rates drew savers out of low-yielding cash and bond positions and into fixed and indexed annuity contracts.
The 2025 total represents a modest increase over 2024’s $432 billion and more than doubles the $231 billion annual sales volume recorded in 2020. The fixed indexed annuity (FIA) category was the single largest contributor to last year’s growth, while registered index-linked annuities (RILAs) continued to post double-digit percentage gains for the fifth consecutive year.
Fixed Indexed Annuities Lead the Market
Fixed indexed annuity sales reached $116 billion in 2025, up 12% from the prior year and setting a new annual record for the category. FIAs credit interest based on the performance of a market index such as the S&P 500, subject to a cap or participation rate, with 100% principal protection against market losses.
Carriers with the largest FIA footprint in 2025 included Athene, Allianz Life, Corebridge Financial, and Sammons Financial Group (parent of Midland National and North American). For product-level detail, see our guide on how fixed indexed annuities work.
RILAs Approach Variable Annuities
Registered index-linked annuities posted $66 billion in sales in 2025, up 18% from 2024. RILAs are similar to FIAs in that returns track a market index, but buyers take on a portion of downside risk in exchange for higher potential upside caps. Sales have grown so quickly that RILAs now trail traditional variable annuities by a narrowing margin.
Equitable’s Structured Capital Strategies, Prudential’s FlexGuard, and Jackson’s Market Link Pro were among the top-selling RILA product families. Variable annuity sales, meanwhile, totaled $62 billion, roughly flat year over year as carriers continue to shift capital away from legacy living benefit riders.
MYGA Sales Moderate After Peak
Multi-year guaranteed annuity (MYGA) sales totaled $116 billion in 2025, down approximately 6% from the 2023 peak but still well above pre-2022 levels. MYGA rate competition has moderated as Federal Reserve policy stabilized and short-term yields settled lower than the 2023 highs. Top-rate MYGA carriers in 2025 included Athene, Global Atlantic, and Sammons.
Buyers shopping MYGA rates should compare our best MYGA rates page for current live quotes across A-rated carriers.
Income Annuity Sales Steady
Single premium immediate annuity (SPIA) and deferred income annuity (DIA) sales totaled approximately $15 billion in 2025. Income annuity volume is modest relative to accumulation products but plays an outsized role in retiree income planning. Top SPIA payout carriers by age band continue to include Mutual of Omaha, New York Life, MassMutual, and Penn Mutual.
What This Means for Annuity Buyers
Three takeaways stand out from the 2025 data. First, the multi-year sales surge confirms that consumer demand for principal-protected retirement savings remains strong even as guaranteed rates have come off their 2023 peaks. Second, the shift toward FIAs and RILAs signals that buyers are willing to accept index-linked crediting in exchange for higher potential upside than a flat MYGA rate. Third, distribution is broadening; independent agents, bank channels, and RIAs all grew their share of sales in 2025.
For buyers evaluating an annuity purchase, the implication is that competition remains healthy and carrier rate sheets continue to change weekly. Shopping multiple A-rated carriers on the exact same term and product category is the best way to capture the top-of-market rate. See our step-by-step guide to buying an annuity for the full process.
Related Reading
- What Is a Fixed Indexed Annuity?
- What Is a MYGA?
- Best MYGA Rates (Live)
- Best Annuity Companies of 2026
Source: LIMRA U.S. Individual Annuity Sales Survey, full-year 2025 data release.
