10 Largest Annuity Companies in the Industry Today

Key Highlights

• This guide ranks the largest annuity companies based on factors like market share and financial strength.
• The top providers offer various types of annuities, including fixed, variable, and indexed, to secure your retirement income.
• Financial strength ratings from agencies like AM Best are crucial for assessing a company’s ability to meet future obligations.
• Companies like New York Life, Allianz, and MassMutual are leaders due to their product variety, customer satisfaction, and stability.
• Choosing the right provider involves comparing fees, product options, and customer service.

Introduction

Annuities have become a popular choice for Americans worried about outliving their retirement savings. By providing a guaranteed monthly income for life, these products offer valuable peace of mind. Offered by life insurance companies, annuities are financial contracts that turn your savings into a reliable income stream. With U.S. annuity sales projected to grow significantly, understanding your options is more important than ever. Ready to explore the major players in this expanding market?

The 10 Largest Annuity Companies in the Industry Today

When you’re planning for retirement income, choosing the right annuity provider is a major decision. The largest annuity companies often have a long history, strong financial strength ratings, and a significant market share, which can offer a sense of security. These industry leaders are known for their ability to meet long-term financial commitments to their policyholders.

This guide will introduce you to the ten largest annuity providers in the United States. We will look at what makes each company stand out, from their product offerings to their customer service reputation, helping you find a reliable partner for your retirement journey.

1. New York Life Insurance Company

New York Life stands out as one of the largest and most trusted life insurance companies in the world. With an A++ rating from AM Best, its financial strength ratings are top-tier, signaling a superior ability to meet its obligations. This 180-year-old company has a history of paying dividends, even on some of its income annuities, which can increase your payout over time.

This insurance company offers a variety of products, including fixed deferred, income, and variable annuities. The New York Life Premier Variable Annuity is notable for its low $5,000 initial deposit and a rider that guarantees a return of 105% of your investment after the 10-year holding period. Some annuity contract options also include a death benefit for your heirs.

While New York Life has competitive fixed rates and a strong reputation, it’s worth noting that it doesn’t offer indexed annuity options. Its variable annuities must also be purchased through a financial professional.

2. Allianz Life Insurance Company of North America

Allianz Life Insurance Company of North America is a major player in the annuity market, particularly known for its fixed index and registered index-linked annuities (RILA). According to LIMRA, the company sold over $12.8 billion in fixed annuities in 2024, highlighting its significant market share. Allianz’s RILAs are tied to the performance of a market index, like the S&P 500, blending growth potential with protection from market downturns.

One of the standout features of Allianz Life is the accessibility of its products, which can be purchased up to age 85. The company also offers unique benefits like Index Lock, allowing you to secure an index value at any point during your crediting period. This feature provides more control over your indexed annuity performance.

With strong financial stability backed by an A+ rating from AM Best, Allianz is a reliable choice. However, it’s important to know that the company does not offer traditional fixed annuities with a guaranteed return, and some products come with a 10-year surrender period.

3. Prudential Financial

Prudential Financial is a well-established financial services company with a history dating back to 1875. It offers a broad selection of annuity products, including fixed, indexed, and variable options, providing flexibility for different retirement plan needs. Financial experts often note Prudential’s strong balance sheet and A+ credit rating from AM Best, which confirms its ability to meet long-term commitments.

The company provides useful benefits, like the option to withdraw 10% annually from certain products without penalty. Prudential’s annuity products are supported by easy-to-use online tools and live agent support, enhancing the customer experience. Its competitive variable annuity fees also make it an attractive option for those seeking a higher potential rate of return.

While Prudential offers a wide range of choices, some of its annuity offerings are only available through investment advisors or marketing organizations. This means you may need to work with a financial professional to access their full suite of products.

4. MassMutual (Massachusetts Mutual Life Insurance Company)

MassMutual, or Massachusetts Mutual Life Insurance Company, is a pillar of the industry, founded in 1851. Its stellar A++ rating from AM Best underscores its exceptional financial strength and stability, a key factor that makes it one of the largest annuity providers. The company ranked second in fixed annuity sales and third in total annuity sales in 2024, showcasing its market dominance.

This life insurance company offers a good variety of annuity products, including fixed, variable, and immediate income options. Its RetireEase single premium immediate fixed annuity is popular for its fee-free structure and guaranteed rate of return, providing income for a set period or your entire life. MassMutual also received high marks from J.D. Power for customer satisfaction, driven by its user-friendly website and app.

Although MassMutual provides robust options, finding specific rates and details on its website can be challenging. You often need to schedule a call with a company representative to get more in-depth information about its products.

5. Lincoln Financial Group

Lincoln Financial Group is highly regarded for its focus on retirement income solutions. With a legacy of trust and solid performance, it offers a wide array of annuity products designed to provide long-term security. The company’s offerings include fixed, indexed, variable, immediate, and deferred income annuities, making it a versatile choice for retirees.

Lincoln Financial is recognized for providing comprehensive tools for financial advisors and maintaining high levels of customer trust. While it holds a strong A (Excellent) rating from AM Best, it’s a great example of how the biggest companies are often, but not always, considered the best by every measure. Customers often appreciate its income-focused products, which can include inflation protection and death benefit riders to customize annuity payments.

Its reputation for customer service and robust options for creating a steady stream of retirement income make it a popular choice. This focus on income planning helps retirees feel confident in their financial future.

6. Athene Annuity and Life Company

Athene Annuity and Life Company has quickly become a leader among annuity providers, especially in the fixed annuity market. In 2024, it was the largest provider of fixed annuities, with nearly $35 billion in total sales. The company offers a wide variety of annuity types, including immediate, fixed, fixed-indexed, and registered index-linked annuities, with initial deposits ranging from $5,000 to $1 million.

One of Athene’s strengths is its product flexibility. For example, some annuity contract options include an optional return-of-premium rider, which is an enhanced death benefit that pays the remaining value to your beneficiaries. While Athene annuities do not have annual contract fees, some riders carry fees between 0.40% and 1%, and surrender charges may apply for early withdrawals.

Despite its strong financial ratings and diverse product lineup, customer reviews with the Better Business Bureau have been mixed. As a relatively young company founded in 2009, it continues to build its long-term service reputation.

7. Nationwide Life Insurance Company

Nationwide Life Insurance Company is praised for its wide variety of annuity products and flexible income riders. The company offers fixed, variable, registered index-linked, immediate, and fixed indexed annuities, appealing to a broad range of consumers. Its financial strength is solid, with an A+ rating from AM Best, assuring customers of its ability to meet long-term obligations.

Many Nationwide annuities come with enhanced death benefit riders, including a return-of-premium option that ensures your loved ones receive at least the remainder of your premiums. For variable annuity buyers, Nationwide provides over 90 equities, bonds, and fixed accounts to choose from, giving you more control over your portfolio. This focus on customization and principal protection options is a key draw.

Nationwide is also highly rated for customer satisfaction by J.D. Power. While administrative fees and surrender fees are part of its variable annuity contracts, the annual maintenance fee can be waived for contract values of $50,000 or more.

8. TIAA (Teachers Insurance and Annuity Association of America)

TIAA, the Teachers Insurance and Annuity Association of America, has a long history of serving educators, healthcare workers, and nonprofit professionals. It offers low-fee fixed and variable annuities, with its TIAA Traditional annuity providing guaranteed principal and a minimum interest rate. This focus makes it a trusted partner for those in the academic and public service sectors looking to secure their retirement savings.

A unique feature of TIAA is its profit-sharing model. The company shares an average of $3 billion in profits annually with contract holders through higher interest rates and bigger payouts on its income annuities. TIAA also has lower minimum deposit requirements than many competitors, typically ranging from $2,500 to $5,000.

Highly rated for customer satisfaction by J.D. Power, TIAA expanded its reach in 2025 with its TIAA IRA program. This program extends lifetime income annuities to Americans who don’t meet its traditional eligibility requirements, making its reputable services accessible to a wider audience.

9. Pacific Life Insurance Company

With over 150 years in the business, Pacific Life Insurance Company is an industry giant known for its stellar A+ rating from AM Best and strong customer satisfaction scores. The company provides a wide range of annuity options, including fixed, immediate, index, and variable annuities, catering to different financial goals and levels of risk tolerance.

Pacific Life offers products that appeal to various needs. For instance, its Pacific Choice 2 variable annuity features a five-year withdrawal period, which is more generous than the typical seven-year industry standard. While some of its fixed annuity products require a higher minimum premium of $25,000, this lump sum investment can secure a guaranteed minimum income stream for retirement.

Like other major life insurance providers, Pacific Life makes it easy to access annuity information on its website. However, it’s important to note that not all of its products are available in every state, so you’ll want to check availability in your area.

10. Corebridge Financial (formerly AIG Life & Retirement)

Corebridge Financial, formerly known as AIG Life & Retirement, has a history going back nearly a century. With a strong A rating from AM Best, the company boasts impressive financial strength. Corebridge offers a comprehensive diversity of products, including various types of annuities, insurance, and retirement solutions, making it a reliable choice for long-term planning.

The company is backed by its sheer size, with over $350 billion in assets under management. It offers a range of index annuities and other products designed to protect your principal while providing growth opportunities. Given its extensive experience, Corebridge is well-versed in the financial services industry and is considered a state-of-the-art insurer.

Spun off as Corebridge Financial in 2022, it is a relatively new public company, so long-term data on its performance as a separate entity is still emerging. However, its long history and strong ratings provide confidence. A financial advisor can help you determine if its products are the right fit for you.

What Makes an Annuity Company One of the Largest?

Several key factors contribute to an annuity company’s status as one of the largest in the industry. High annuity sales and a significant market share are the most direct measures, reflecting strong consumer demand and trust. These metrics are often a result of a company’s reputation, competitive products, and effective distribution networks.

Beyond sales, financial stability is paramount. Strong financial strength ratings from agencies like AM Best indicate a company’s ability to meet its long-term promises to policyholders. This, combined with excellent customer service and a wide range of product offerings, solidifies a company’s position as an industry leader.

Key factors for ranking the top 20 annuity companies

When ranking the top annuity companies, several critical factors are considered to provide a comprehensive and unbiased view. These metrics help you understand not just a company’s size but also its reliability and performance. A large, well-established company often offers the advantage of financial strength and a long track record, instilling confidence that it can meet its long-term obligations.

However, a potential disadvantage is that larger companies might offer less personalized customer service compared to smaller, more nimble competitors. Key factors used in rankings include:

• Market Share and Annuity Sales: This reflects the company’s popularity and consumer trust.
• Financial Strength: Ratings from agencies like AM Best and S&P assess the insurer’s ability to pay claims.
• Customer Satisfaction: J.D. Power scores and other reviews gauge the overall client experience.

Ultimately, these rankings combine quantitative data with qualitative assessments. They look at product variety, fee transparency, and the ease of doing business to give you a complete picture, helping you weigh the pros and cons of choosing a major provider.

Market share and sales performance among leading annuity providers

Market share and sales performance are crucial indicators of an annuity company’s position in the industry. These figures show which annuity companies are attracting the most customers and managing the most assets. High sales volumes often correlate with strong brand recognition, competitive products, and robust distribution networks.

For example, companies like Athene, MassMutual, and Allianz consistently rank high in annuity sales, particularly in the fixed and indexed annuity categories. Their substantial sales figures demonstrate their dominance and influence in the market. Financial strength ratings from firms like AM Best provide another layer of assurance, confirming that these sales leaders are also financially sound.

Here’s a look at the approximate direct premiums sold by some of the leading providers, which reflects their market share:

Types of Annuities Offered by the Largest Companies

The largest annuity companies typically offer a wide array of annuity products to meet diverse retirement needs. This variety allows you to choose an option that aligns with your risk tolerance, financial goals, and desired income stream. The most common types of annuities you’ll find are fixed, variable, and indexed annuities.

Each of these annuity products comes with its own set of features, benefits, and potential drawbacks. Understanding the differences is the first step toward selecting the right contract for your future. Let’s break down what each of these annuity types entails.

Fixed, indexed, and variable annuities explained

Understanding the main types of annuities is essential for making an informed decision. Your choice will depend on your personal risk tolerance and desired rate of return. Each type offers a different approach to growing your retirement funds and providing income.

Here’s a simple breakdown of the three primary annuity types offered by the largest companies:

• Fixed Annuity: This is the simplest option. It offers a guaranteed interest rate for a specific period, providing a predictable and steady income stream. It’s ideal for those with a low risk tolerance.
• Variable Annuity: This type allows you to invest in a selection of subaccounts, similar to mutual funds. It offers the highest growth potential but also comes with market risk, as your returns are tied to the performance of the underlying investments.
• Indexed Annuity: As a hybrid option, an indexed annuity links your interest earnings to a market index, like the S&P 500. It offers more growth potential than a fixed annuity with less risk than a variable one, as it typically includes principal protection from market losses.

Each annuity is designed for different financial goals, from ensuring a safe, guaranteed income to aiming for higher growth.

How product variety impacts company rankings

The variety of annuity products a company offers significantly impacts its industry ranking and market share. Companies that provide a broad portfolio—including fixed, variable, and indexed annuities—can cater to a wider range of customers with different risk appetites and retirement income goals. This versatility often leads to higher sales and a stronger market presence.

Financial experts and rating agencies consider product diversity when they review annuity companies. A robust selection of annuity products demonstrates a company’s commitment to meeting evolving consumer needs. Furthermore, offering innovative features and flexible riders can enhance customer satisfaction and set a provider apart from the competition. Strong financial strength ratings often accompany companies with diverse and well-managed product lines.

Ultimately, a company that can offer a solution for nearly every type of retirement planner—from the most conservative to the growth-oriented—is more likely to be ranked as a top provider. This comprehensive approach, combined with solid customer service, is a hallmark of industry leaders.

How to Choose Among the Top 20 Annuity Companies

Choosing from the top annuity companies can feel overwhelming, but focusing on a few key elements can simplify the process. The primary advantage of selecting a large provider is their proven financial strength and stability, which gives you confidence that your lifetime income is secure. However, you should also look closely at the details of the annuity contract.

Pay attention to factors like annuity fees, surrender charges, and the specific terms of the income payout. Your goal is to find a company that not only has a strong reputation but also offers a product that aligns perfectly with your retirement savings goals.

Factors to consider when selecting a large annuity provider

When selecting a large annuity provider, it’s wise to look beyond just the name and size. While the key advantage of a large company is its perceived financial stability, you need to ensure their products fit your specific needs. A financial advisor can help you navigate the options and compare offerings from different providers.

Consider these important factors before making your decision:

• Financial Stability: Verify the company’s financial strength ratings from agencies like AM Best and S&P. An A rating or higher is a good benchmark.
• Fees and Charges: Understand all associated costs, including administrative fees, investment expenses, and surrender charges for early withdrawals.
• Rate of Return: Compare the guaranteed or potential rate of return based on the type of annuity you are considering.
• Product Fit: Ensure the annuity aligns with your risk tolerance and long-term income goals.

Choosing a large provider offers security, but the right annuity for you will be one that balances stability with terms and costs that suit your personal financial situation.

Conclusion

In summary, understanding the landscape of the largest annuity companies can empower you to make informed financial decisions. By familiarizing yourself with the key players and their offerings, you position yourself to choose an annuity provider that aligns with your financial goals and needs. Whether you’re drawn to fixed, indexed, or variable annuities, it’s essential to consider how each company’s market share and product variety impacts your investment options. Always prioritize your unique circumstances when selecting among these industry leaders. If you’re ready to explore your options further, don’t hesitate to reach out for a free consultation!

Frequently Asked Questions

Are the largest annuity companies always the best choice for customers?

Not always. While the largest annuity companies offer strong financial strength, the “best” choice depends on your needs. A smaller company might offer more personalized service or niche annuity products. It’s crucial to balance a company’s size and stability with factors like customer satisfaction and how well their products align with your retirement income goals.

Where can I find current rankings for the top 20 annuity companies?

You can find official rankings for the top annuity companies through several reliable sources. Financial rating agencies like AM Best, Moody’s, and S&P provide financial strength ratings, while industry associations like LIMRA publish reports on market share and sales. Financial news outlets and specialized websites also compile and compare this data.

How often do rankings of the largest annuity companies change?

Rankings of the largest annuity companies can change quarterly or annually. Market share and annuity sales data are updated frequently, which can shift the rankings. Financial strength ratings are also reviewed regularly. While the top-tier companies tend to remain stable, minor shifts in the rankings are common.