Most Popular Annuity Companies | Bankrate

Annuities have seen explosive growth over the past few years as more Americans look for ways to lock in retirement income. Industrywide, annuity sales hit record highs in both 2023 and 2024, and certain life insurance companies led the charge. 

Seven companies stood out with the highest total annuity sales in the U.S., according to 2024 sales data from LIMRA, a trade association that tracks life insurance and annuity sales. Combined, these companies raked in more than $170 billion in annuity sales in 2024.

At their core, annuities are insurance contracts designed to provide a steady stream of income, usually in retirement. You supply money to an insurance company — either in a lump sum or over time — and in return, the insurer promises to pay you regularly in the future. Some annuities offer a fixed rate, while others tie your earnings to market performance.

This guide breaks down the most popular annuity companies based on total annuity sales volume. We’ll also cover the types of annuities each company offers, their financial strength and other important information to help you select a provider that truly suits your needs. 

Most popular annuity companies

These companies sold the most annuities in 2024, accounting for nearly 40 percent of all annuity sales industrywide.  

Below, you’ll find total sales numbers from LIMRA and a quick overview of what makes each insurer stand out.

1. Athene Annuity & Life: $35.98 billion

Athene dominated the annuity market in 2024, taking the top spot for both total annuity sales and fixed annuity sales, according to LIMRA. The company brought in over $35.9 billion in total annuity premiums, and nearly all of that — about $34.8 billion — came from fixed annuities.

Athene’s massive sales were fueled largely by its strong distribution network: Around 80 percent of its retail annuity volume came through financial institutions. By deepening partnerships with banks, independent marketing organizations and broker-dealers, Athene has firmly cemented its position as a leader in the retail annuity market.

Based in Iowa and backed by private equity giant Apollo Global Management, Athene offers a solid selection of multi-year guaranteed annuities (MYGAs) and fixed indexed annuities, a product that combines the appeal of market-linked returns with protection from losses.

Pros

• Easy to find rates for its most popular products
• Wide selection of fixed annuities and income riders
• Strong financial backing via Apollo, with an AM Best rating of A+

Cons

• No variable annuity offerings

2. Corebridge Financial: $26.64 billion

Formed as a split-off of AIG Life & Retirement, Corebridge continues to ride its legacy presence. It offers a wide variety of fixed, indexed and variable annuities, catering to all types of retirement investors. 

It ranked third for most fixed annuity sales in 2024 at just under $22.8 billion, according to LIMRA, accounting for the lion’s share of the company’s total annuity sales. 

Corebridge expanded its market presence in 2024 by growing its advisor network and executing across multiple distribution channels. Its partnerships with Blackstone and BlackRock give Corebridge a competitive edge by providing access to high-quality, privately sourced fixed-income assets — key for backing annuity contracts.

Pros

• Large distribution network through advisors and independent brokers
• Offers annuities with income guarantees and inflation protection
• “A” financial strength rating from AM Best

Cons

• Brand confusion following split off from AIG in 2022

3. Massachusetts Mutual Life: $24.02 billion

MassMutual is one of the most trusted mutual life insurance companies in the U.S., and its annuity sales reflect that reputation. It operates through its subsidiary, MassMutual Ascend, which offers a strong lineup of fixed and indexed annuities that have gained traction with conservative investors.

MassMutual’s reputation for long-term financial strength, with an A++ rating from AM Best, as well as high customer satisfaction scores are key reasons behind its popularity. In 2024, it ranked second for most fixed annuity sales, coming in at $23.01 billion, according to LIMRA. 

Pros

• Offers diverse product types, including single premium immediate annuities (SPIAs)
• Extremely strong financial ratings (A++ from AM Best)
• Backed by a long-established mutual company

Cons

• Can be difficult to find rates and details on their website

4. Equitable Financial: $22.46 billion

Equitable dominated the registered index-linked annuity (RILA) space in 2024, a year when demand for these products hit record highs. RILAs offer potential market participation with downside protection, and Equitable held over 21 percent market share for this category in the fourth quarter of 2024. 

It’s no surprise, then, that Equitable also ranked No. 1 for RILA sales, at $14.25 billion in 2024, according to LIMRA. It also shows up strong in traditional variable annuities, where it ranked second among all companies, with $8.2 billion in sales. 

The annuity industry is shifting toward registered investment advisors (RIA), with 45 percent of insurers calling it the top growth opportunity over the next three years, according to Goldman Sachs. Equitable is already well positioned for this shift, giving RIAs tools to manage tax-deferred investments without commission-based sales models.

Pros

• Market leader in structured annuities and RILAs
• Offers RILAs with flexible buffers and exposure
• AM Best rating of “A”

Cons

• Links to the prospectuses of several variable annuities return 404 errors on its website

5. Allianz Life of North America: $22.09 billion

Allianz continues to dominate in the variable fixed indexed annuity space, ranking fourth on LIMRA’s list for most variable annuity sales in 2024. It also ranked second for the most RILA sales, at $9.26 billion.

The company offers 11 fixed indexed annuities, many of which come with no annual fees and flexible income options. 

Allianz is also backed by strong financials, earning an A+ rating from AM Best. That rating signals the company’s ability to meet its long-term obligations — crucial when you’re trusting a firm to fund your retirement years down the line.

Pros

• Fixed index annuity leader with a large product lineup
• No-fee income riders on some products
• Easy to find information about rates and features on its website

Cons

• Surrender periods of up to 10 years

6. New York Life: $22 billion

This mutual insurance company remains one of the most financially stable annuity issuers in the industry. In 2024, it posted strong annuity sales driven by its fixed and income annuity products. It also ranked fourth for most fixed annuity sales, at $16.08 billion, according to LIMRA. 

The company regularly updates a weekly annuity rate chart so consumers can compare returns on its fixed and income annuities. Its fixed annuity products start at just $5,000, making them accessible for middle-income savers.

Pros

• Strong brand reputation and excellent A++ financial strength rating from AM Best
• Transparent online rate tools
• Low initial premium requirements

Cons

7. Nationwide: $17.26 billion

Nationwide rounds out the list thanks to a well-balanced annuity portfolio that includes fixed, indexed and variable options. It also ranked fourth for overall best traditional variable annuity sales in 2024, coming in at $5.8 billion. 

Nationwide’s digital tools and customer service consistently receive high marks. The company has also worked to grow its product offerings, which now include both floor-based and buffered RILAs, offering consumers different ways to grow their money while limiting losses. 

Pros

• Wide annuity variety with strong indexed and RILA offerings
• A+ rating from AM Best
• Reputable brand with strong advisor relationships

Cons

• Income riders cost extra and add complexity to your contract

What is an annuity?

An annuity is a contract between you and an insurance company. You hand over money — either all at once or over time — and in return, the insurer agrees to give you income later.

Most people use annuities for retirement. They offer tax-deferred growth, guaranteed income and, in some cases, protection against market losses. Many also include a standard death benefit. 

Think of an annuity as a self-funded pension with options to customize how and when you get paid.

Annuity payments depend on the financial strength of the insurance company issuing the contract. Unlike bank accounts, annuities aren’t protected by a federal agency like the FDIC. If the insurer fails and can’t make payments, your state’s insurance guaranty association may step in to cover some of the loss — but only up to state-specific limits, which are typically at least $250,000 per annuity.

That’s why it’s critical to choose an insurer with strong financial ratings and a solid track record.

Different types of annuities

There’s no one-size-fits-all annuity. Here’s a breakdown of the five basic types you’ll come across.

Fixed annuities

Fixed annuities offer a guaranteed rate of return and guaranteed payouts. They’re easy to understand and work a lot like a bank CD. You lock in a rate for three, five or 10 years and when payouts begin, you’ll get the same amount on a regular schedule.

Best for: People who want stable, guaranteed returns.

Indexed annuities

Fixed indexed annuities (FIAs) earn interest based on the performance of a stock market index like the S&P 500. You won’t lose principal when the market drops, but your gains are capped or limited.

Best for: People who want more growth potential than fixed annuities but still want downside protection.

Variable annuities

With variable annuities, your money goes into investment subaccounts tied to mutual fund-like investments. These annuities have the potential for higher returns but come with real risk — you can lose money if the market drops. Variable annuities are also known for high fees and commissions compared to other annuity types. 

Best for: Investors comfortable with market volatility who want tax-deferred growth.

Deferred annuities

A deferred annuity delays payouts until a future date. It can be fixed, indexed or variable — the “deferred” label simply means you’re waiting to get paid, usually years or even decades down the road.

Best for: Long-term retirement savers who want their money to grow tax-deferred.

Immediate annuities

Immediate annuities start paying out within a year of purchase. You pay a lump sum upfront to an insurance company and receive monthly income almost right away. Immediate annuities are often considered one of the simplest, straightforward types of annuities. 

Best for: Retirees who want income now and don’t want to manage investments.

How to buy an annuity 

Purchasing an annuity isn’t like buying a stock. It’s a contract — often long-term and loaded with details. Here’s how to approach buying an annuity. 

1. Know your goals: Are you protecting principal, looking for tax-deferred growth or creating guaranteed retirement income? Your goals will influence the type of annuity that’s best for you. 
2. Shop around: Annuity rates, fees and riders can vary significantly from one company to the next. Getting quotes from several providers helps you compare options side by side. It can also give you some leverage — knowing what else is out there puts you in a better position to push for better terms.
3. Verify financial strength: Look for strong ratings from AM Best, Moody’s and Standard & Poor’s. An annuity is only as strong as the company backing it.
4. Understand the fees: Variable annuities, in particular, come with layers of fees — mortality and expense fees, rider costs and investment fund expenses, as well as surrender charges.
5. Check liquidity rules: Nearly all annuities come with surrender charges if you take out money in the first five to 10 years. These fees start out steep and typically drop each year. That said, many insurers now let you pull out a small portion — often up to 10 percent annually — without penalty. Make sure you know how much you can withdraw and what penalties you’ll potentially face.

Bottom line 

The most popular annuity companies earned their top spots by offering products people actually want to buy. Athene, Corebridge and MassMutual led the charge, but every company on this list offers unique strengths.

Still, the most popular option isn’t always the best one for you. Annuities are complex, long-term contracts. Understand your goals, do your research and shop around before you lock your money up for years or decades.