Who Are the 10 Best Fixed Index Annuity Companies in 2026?
The fixed index annuity market has become ultra-competitive in recent years, with many new companies entering the market, particularly private-equity-backed insurers. Below are the best fixed index annuity companies based on total individual U.S. fixed index annuity sales.
| Rank | Carrier | 2025 Sales | Mkt Share | vs. 2024 |
|---|---|---|---|---|
| 1 | Athene Annuity & Life | $15.0B | 11.7% | no change |
| 2 | Allianz Life of North America | $11.7B | 9.1% | no change |
| 3 | Corebridge Financial | $10.0B | 7.8% | ▲ 1 |
| 4 | Sammons Financial Companies | $9.5B | 7.5% | ▼ 1 |
| 5 | American Equity Investment Life | $7.2B | 5.6% | no change |
| 6 | Fidelity & Guaranty Life | $6.7B | 5.2% | ▲ 1 |
| 7 | Nationwide | $6.1B | 4.8% | ▼ 1 |
| 8 | Global Atlantic Financial Group | $5.7B | 4.5% | no change |
| 9 | Delaware Life | $5.6B | 4.4% | ▲ 8 |
| 10 | Security Benefit Life | $5.0B | 3.9% | no change |
Detailed Carrier Rankings: #1 Through #10
Below is a deep-dive on each of the top 10 carriers, including financial ratings, flagship FIA product, current top cap or participation rate, what each carrier does well, where they fall short, and the buyer profile each fits best. We have linked each card to the full carrier review and to the specific product review where one is published.1
Athene Annuity & LifeWest Des Moines, IA · Founded 2008 · Apollo Global Management subsidiary
$15.0B
2025 FIA Sales
A+
AM Best
11.7%
Market Share
9.4 / 10
Editor Score
Flagship Product
Athene Aviator 5
10.50% cap · S&P 500 annual point-to-point · 5-year surrender · No income rider
Strengths
- Highest renewal-rate consistency among top 10 carriers (analysis of 2020-2025 in-force contracts)
- Apollo-backed investment platform funds top-decile cap rates across product lineup
- Deepest product menu: 8 active FIAs ranging from 5 to 14-year surrender periods
- Consistently strong on accumulation-focused designs
Considerations
- Income rider payout factors trail Corebridge and Allianz at most ages
- Newer brand (Apollo acquisition completed 2022) so multi-decade in-force data is limited
- Private-equity ownership concerns some conservative buyers
Best for: Accumulation-focused buyers age 55-65 with a 5-10 year horizon who want maximum upside without paying an income-rider fee.
2
Allianz Life of North AmericaMinneapolis, MN · Founded 1896 · Allianz SE subsidiary
$11.7B
2025 FIA Sales
A+
AM Best
9.1%
Market Share
9.2 / 10
Editor Score
Flagship Product
Allianz 222
Bonused income base · Multi-index allocation · 10-year surrender · 150% income doubler
Strengths
- Highest financial-strength composite of any top 10 FIA carrier
- Deepest income rider menu in the industry, including the popular 222 income doubler
- Mutual-style culture on rider guarantees, with rare in-force changes
- Strong distribution training and advisor support infrastructure
Considerations
- Cap rates on accumulation-focused products typically trail Athene and F&G
- Most flagship products carry 10-year surrender periods, which limit liquidity
- Income rider fees of 1.05% to 1.25% per year reduce accumulation-value growth
Best for: Income-focused buyers age 60-72 who want a guaranteed lifetime income stream from a top-rated carrier and are comfortable with a 10-year commitment.
3
Corebridge FinancialHouston, TX · Founded 1850 (formerly AIG Life & Retirement) · Public since 2022
$10.0B
2025 FIA Sales
A
AM Best
7.8%
Market Share
9.0 / 10
Editor Score
Flagship Product
Corebridge Power 10 Protector
Strong age-65 income payout · 10-year surrender · Compounding roll-up · Multi-index allocation
Strengths
- Highest income payout factor at age 65 in the 2026 top 10 (verified across 50-state filings)
- Compounding roll-up rate, not simple interest, on income-base growth
- Strong index-strategy variety including BlackRock ESG and Bloomberg US Dynamic Balance II
- 175-year operating history under prior AIG ownership
Considerations
- Apollo took a minority stake in 2024, raising the same PE-ownership questions as Athene
- Brand awareness still rebuilding post-AIG separation
- Cap rates on accumulation-focused FIAs are mid-pack rather than leading
Best for: Buyers age 60-70 who want the highest guaranteed lifetime income they can get and are willing to accept a slightly lower financial-strength composite than Allianz.
4
Sammons Financial CompaniesWest Des Moines, IA · Founded 1949 · Privately held · Includes North American Co. and Midland National
$9.5B
2025 FIA Sales
A+
AM Best
7.5%
Market Share
8.9 / 10
Editor Score
Flagship Product
North American Income Pay Pro 10
10-year surrender · Approximately $16,840/yr lifetime income on $100K · Stacking roll-up income rider
Strengths
- Privately held with no Wall Street earnings pressure on pricing decisions
- Strong premium bonus designs that boost the income base from day one
- North American and Midland National give buyers two distinct product lineups under one parent
- Conservative reserve management and consistent in-force renewal rates
Considerations
- 14-year surrender periods on flagship products limit early liquidity
- Bonused contracts often carry lower cap rates as the trade-off for the bonus
- Slipped one position from 2024, suggesting modest market-share pressure
Best for: Long-horizon income buyers age 55-65 who do not need contract liquidity and want an immediate boost to their income base via the premium bonus.
5
American Equity Investment LifeWest Des Moines, IA · Founded 1995 · Brookfield Reinsurance subsidiary since 2024
$7.2B
2025 FIA Sales
A−
AM Best
5.6%
Market Share
8.6 / 10
Editor Score
Flagship Product
American Equity IncomeShield 10
10-year surrender · Built-in income rider at zero rider fee on certain crediting strategies
Strengths
- Pioneer of the FIA category, with over 30 years of in-force renewal data
- One of the only top 10 carriers offering a built-in income rider at zero fee
- Brookfield reinsurance backing brought a balance-sheet upgrade in 2024
- Long history of treating in-force contract holders fairly on renewal rates
Considerations
- AM Best A- rating is the lowest in our top 10 (still secure, but a notch below peers)
- Cap rates on free-rider products are intentionally lower to fund the rider
- Brookfield acquisition fully closed in 2024, so the new ownership era is still young
Best for: Buyers who want guaranteed lifetime income but do not want to pay a rider fee, and who value a 30-year track record of fair renewal-rate treatment.
6
Fidelity & Guaranty LifeDes Moines, IA · Founded 1959 · Fidelity National Financial subsidiary
$6.7B
2025 FIA Sales
A−
AM Best
5.2%
Market Share
8.7 / 10
Editor Score
Flagship Product
F&G Power Accumulator
Uncapped ETF-linked indices · Participation-rate based · 7 and 10-year surrender options
Strengths
- Industry leader in uncapped ETF-linked crediting strategies
- Highest participation rates on volatility-controlled indices among top 10 carriers
- Climbed one rank in 2025, suggesting the uncapped strategy is gaining traction
- Backed by Fidelity National Financial, a Fortune 500 parent
Considerations
- Uncapped strategies tied to proprietary volatility-controlled indices have less historical data than the S&P 500
- Lower Comdex than the top 5 carriers
- Income rider product line is shallower than Allianz or Corebridge
Best for: Buyers who want maximum upside potential through uncapped crediting and are comfortable with the trade-off of less historical performance data on the underlying indices.
7
NationwideColumbus, OH · Founded 1925 · Mutual insurance company
$6.1B
2025 FIA Sales
A+
AM Best
4.8%
Market Share
9.1 / 10
Editor Score
Flagship Product
Nationwide Peak 10
Dual-strategy design · Capped traditional + uncapped volatility-controlled in same contract · 10-year surrender
Strengths
- Mutual ownership structure (no shareholder pressure on pricing)
- Highest Comdex of any top 10 FIA carrier (96)
- Innovator on dual-strategy designs that pair capped and uncapped indices in one contract
- Century-long operating history and very deep general account
Considerations
- Slipped one rank in 2025 as PE-backed carriers gained share
- Cap rates on traditional crediting strategies trail Athene
- Income rider menu is narrower than Allianz
Best for: Conservative buyers who prioritize highest-tier financial strength and want the option to split allocation between a familiar S&P 500 cap strategy and an uncapped volatility-controlled index in one contract.
8
Global Atlantic Financial GroupNew York, NY · Founded 2004 · KKR subsidiary since 2021
$5.7B
2025 FIA Sales
A
AM Best
4.5%
Market Share
8.7 / 10
Editor Score
Flagship Product
Global Atlantic ForeIncome II
Income-focused FIA · Multiple surrender options · Built-in income rider · Multi-index allocation
Strengths
- KKR-backed investment platform funds competitive cap and participation rates
- Strong 7-year surrender option for buyers who do not want a 10-year commitment
- Cleanly designed product menu without overlapping or confusing variants
- Bank-channel distribution gives advisors strong service support
Considerations
- Lower brand awareness than the top 5 carriers
- Income rider lifetime payout factors trail Corebridge and Allianz
- KKR ownership raises the same PE-backed questions as Athene
Best for: Buyers who want a 7-year surrender option (not 10) with competitive cap or participation rates and can accept slightly lower brand recognition.
9
Delaware LifeWaltham, MA · Founded 1969 · Group 1001 affiliate
$5.6B
2025 FIA Sales
A−
AM Best
4.4%
Market Share
8.4 / 10
Editor Score
Flagship Product
Delaware Life Retirement Stages Select
Multiple surrender options · Multi-index allocation · Optional income rider · Competitive cap and participation rates
Strengths
- Largest single-year rank jump of any top 10 carrier in 2025 (▲8 positions)
- Competitive cap rates funded by aggressive product design
- 7-year surrender period offers liquidity advantage over 10-year-heavy peers
- Group 1001 backing provides distribution scale
Considerations
- Newest entrant to the top 10, so 2026 ranking durability is unproven
- Lowest Comdex in the top 10 (still investment-grade, but a step below)
- Renewal-rate track record on aggressive cap pricing is the open question for in-force buyers
Best for: Buyers comfortable with a newer top 10 brand who want competitive cap rates and a shorter 7-year surrender, and who plan to monitor renewal rates closely.
10
Security Benefit LifeTopeka, KS · Founded 1892 · Eldridge Industries affiliate
$5.0B
2025 FIA Sales
A−
AM Best
3.9%
Market Share
8.3 / 10
Editor Score
Flagship Product
Security Benefit Strategic Growth Annuity
Multi-year strategy options · Proprietary index allocations · 7 and 10-year surrender
Strengths
- 130+ year operating history, the longest in the top 10
- Strong allocation choices including proprietary engineered indices
- Eldridge backing brought capital and distribution upgrades over the past 5 years
- Held position despite intense PE-backed competition in 2025
Considerations
- Lowest Comdex score in our top 10
- Smaller brand footprint than mass-market peers
- Proprietary indices have shorter back-tested histories than S&P 500-linked strategies
Best for: Buyers who want exposure to engineered proprietary indices and value a long operating history, while accepting a slightly lower financial-strength composite than the top 5.
Best Fixed Index Annuity Companies For:
Different buyers want different things from an FIA. The list below names the carrier or specific product we rank highest for each common buyer profile, based on product-specific cap, par, and rider data current through April 2026.Best Overall
Highest composite score across financial strength, product breadth, and renewal-rate consistency. Apollo-backed investment capability funds the most aggressive cap rates in the top 10.
Best for Accumulation
5-year surrender, strong participation rates, top-decile cap on S&P 500 annual point-to-point. Built for buyers who want growth without paying for income they may never use.
Best for Lifetime Income
One of the highest income payout factors at age 65 in the top 10 for 2026, with a compounding roll-up on the income base rather than simple interest.
Best ETF / Uncapped Growth
Allocation to ETF-linked volatility-controlled indices with participation-rate-based crediting and no cap. Higher ceiling, more variability.
Best Dual-Strategy Design
Allows simultaneous allocation to a capped traditional index and an uncapped volatility-controlled index in the same contract. Lets buyers split risk and ceiling.
Best for Conservative Buyers
Highest financial-strength composite (A+ AM Best, AA S&P, Comdex 95) of any top 10 FIA carrier. Mutual-style discipline on renewal rates and rider guarantees.
Current FIA Cap Rates and Index Strategies
Cap rates, participation rates, and spreads change frequently as carriers respond to interest-rate moves and competitive pressure. The live data below is pulled from AnnuityRateWatch, our industry data partner, showing the highest-yielding fixed index annuity strategies currently available across all carriers (not just our top 10). Use this as a real-time snapshot. The carriers ranked above are the ones we recommend buying from, but the rate data here is the broad industry view.
Cap and participation rates above are current as of the date the page was loaded. For a deeper dive into how each crediting method works, read our FIA crediting methods explained guide.
Financial Strength Ratings and 10-Year Sales Trends
Financial strength is the floor of any FIA decision. The general account assets that back the contract guarantees are only as good as the carrier holding them. The table below shows current ratings from the four major rating agencies plus the Comdex composite (a 0-100 percentile score that converts agency ratings into a single comparable number).| Carrier | AM Best | S&P | Moody's | Fitch | Comdex |
|---|---|---|---|---|---|
| Athene Annuity & Life | A+ | A+ | A1 | A+ | 91 |
| Allianz Life | A+ | AA | A1 | AA− | 95 |
| Corebridge Financial | A | A+ | A2 | A+ | 88 |
| Sammons Financial | A+ | A+ | N/R | N/R | 92 |
| American Equity | A− | A− | A3 | A− | 84 |
| Fidelity & Guaranty Life | A− | A− | Baa1 | A− | 82 |
| Nationwide | A+ | A+ | A1 | AA− | 96 |
| Global Atlantic | A | A | A3 | A | 86 |
| Delaware Life | A− | BBB+ | A3 | N/R | 80 |
| Security Benefit Life | A− | A− | A3 | N/R | 78 |
How Much Does a Fixed Index Annuity Cost?
Cost on an FIA is split across four components, and most buyers underestimate two of them. The base contract is essentially free, but riders and surrender schedules carry costs that compound over the life of the contract.Base Contract: Typically $0 in Annual Fees
The carrier earns its margin from the spread between general-account investment yield and the index credit paid out, not from contract fees. Unlike variable annuities, there is no mortality and expense charge.Income Riders: 0.75% to 1.25% Per Year
Optional guaranteed lifetime income riders charge a fee deducted annually from the accumulation value. Allianz, Corebridge, and Sammons all sit near the top of this range. American Equity offers select riders at zero fee.Fee-Based FIA Strategies: 1.00% to 1.50% Per Year
Some carriers offer fee-based crediting options that trade a higher cap or participation rate for an explicit fee. These are typically only available through fiduciary advisors.Surrender Charges: 8 to 14 Years, Declining to Zero
Early withdrawals above the free-withdrawal corridor (usually 10% per year) trigger a surrender charge that starts at 8-12% and declines to zero by the end of the surrender schedule. This is the biggest hidden cost for buyers who do not plan to hold to maturity.How to Choose the Right Fixed Index Annuity Company
Picking the right FIA carrier is a five-step process. The 9-factor methodology in the collapsible box at the top of this page is how we score them in aggregate. The five steps below are how an individual buyer should sequence the decision.1. Set the financial-strength floor
Decide your minimum acceptable financial-strength composite and refuse to go below it. Our recommendation: AM Best A or higher and Comdex 80 or higher. That cutoff still leaves all 10 carriers above in the running but removes most of the second-tier names that compete on cap rate alone.2. Match the product to your goal, not the headline rate
If you want guaranteed lifetime income, rank carriers by income payout factor at your start age (we publish these on the carrier review pages). If you want pure accumulation, rank by cap rate plus renewal-rate history. The biggest mistake is buying an income-rider product when you actually wanted accumulation, because the rider fee silently drags down the accumulation value for years.3. Compare crediting methods, not just cap rates
A 10% cap on annual point-to-point is not the same product as a 60% participation rate on a 2-year volatility-controlled strategy. The latter could deliver more, less, or the same depending on the index path. Our FIA crediting methods guide walks through how each one calculates credit and which buyer profile each one fits.4. Understand the surrender schedule
The surrender period is the contract's mandatory hold period. A 10-year FIA is a 10-year asset. If there is any chance you need the principal sooner than that, choose a 5 or 7-year product (Athene Aviator 5, Delaware Life Retirement Stages 7, Global Atlantic ChoiceAccelerator 7) and accept the trade-off of a slightly lower cap rate.5. Review the renewal-rate history before signing
Cap rates and participation rates reset annually after year 1. Some carriers honor in-force contracts at near-original terms. Others slash renewal rates aggressively. Athene, Allianz, Sammons, American Equity, and Nationwide have the most consistent in-force track records in our top 10. Ask your advisor for the carrier's renewal-rate history before you sign anything.Fixed Index Annuity vs MYGA vs Variable Annuity
Buyers shopping FIAs are usually also looking at multi-year guaranteed annuities (MYGAs) and variable annuities (VAs). The three products solve different problems.| Feature | Fixed Index Annuity | MYGA | Variable Annuity |
|---|---|---|---|
| Principal protection | Yes (0% floor) | Yes (0% floor) | No (subaccount risk) |
| Upside potential | Capped/participated index credit | Fixed rate, no upside | Full market exposure |
| Annual fees | $0 base, 0.75-1.25% with rider | $0 | 2-4% all-in |
| Best for | Growth potential with floor | Highest guaranteed yield | Tax-deferred equity exposure |
| Surrender period | 5-14 years | 2-10 years | 4-10 years |
Frequently Asked Questions
What is the best fixed index annuity company in 2026?
Athene Annuity & Life ranks #1 in our composite scoring for 2026. Athene led 2025 FIA sales at $15.0B (11.7% market share), holds an A+ AM Best rating with a Comdex of 91, and has the most consistent renewal-rate track record among PE-backed carriers. Allianz Life is a close #2 if you weight financial strength most heavily and want the deepest income-rider menu in the industry.
Are fixed index annuities safe?
Yes, principal in a fixed index annuity is protected from market loss. The carrier guarantees a 0% floor, meaning your accumulation value cannot decline due to negative index performance. The contract is backed by the carrier's general account assets and your state guaranty association covers up to a state-specific limit (typically $250,000) if the carrier becomes insolvent. The 10 carriers we rank are all rated A- or better by AM Best, the standard floor for an investable insurance carrier.
How much do fixed index annuities cost?
The base contract has no annual fee. Optional income riders cost 0.75% to 1.25% per year, deducted from the accumulation value. Fee-based crediting strategies (offered by some carriers through fiduciary advisors) cost 1.00% to 1.50% per year. The biggest hidden cost is the surrender charge, which starts at 8-12% in year one and declines to zero by the end of the surrender period (typically 5 to 14 years). Plan to hold the contract for the full surrender period.
What is the average return on a fixed index annuity?
Industry studies of in-force FIAs from 2010-2024 (Wink, Inc., Cannex, and academic research) put average annualized FIA returns in the 3.5% to 5.5% range, depending on crediting method, carrier, and index. That sits between bank CD rates and a 60/40 stock-bond portfolio over the same period. Returns vary widely by carrier and product. Athene, Allianz, and Nationwide have published in-force renewal-rate histories that buyers can review before purchase.
Can I lose money in a fixed index annuity?
You cannot lose money to negative index performance. Your principal is protected by a 0% floor. You can lose money in two other ways: surrender charges if you withdraw above the free-withdrawal corridor before the surrender period ends, and rider fees that deduct from the accumulation value if the index credit is zero in a given year. Holding to maturity and not over-electing riders eliminates both risks.
What are the disadvantages of fixed index annuities?
The main disadvantages are: long surrender periods (5 to 14 years) limit liquidity, cap and participation rates limit upside relative to direct equity exposure, gains are taxed as ordinary income (not capital gains) when withdrawn from non-qualified accounts, and renewal rates can decline after year 1 (which is why renewal-rate history matters). FIAs are not the right product for buyers who need short-horizon liquidity or who can tolerate full market risk.
How are fixed index annuities taxed?
FIAs are tax-deferred. You do not owe tax on index credits until you withdraw them. Withdrawals from non-qualified contracts are taxed as ordinary income on the gain portion under last-in-first-out rules. Withdrawals from qualified contracts (IRA money) are fully taxable as ordinary income. Withdrawals before age 59-1/2 may trigger a 10% early-withdrawal penalty. See our complete annuity tax guide.
Who should not buy a fixed index annuity?
FIAs are not the right fit for buyers who need access to principal within the surrender period, buyers under age 50 with a multi-decade equity horizon (the cap limits long-term upside), buyers in low tax brackets who would benefit more from capital-gains treatment outside an annuity, and buyers who cannot tolerate the complexity of cap, participation, and spread mechanics. The 0% floor is valuable, but only if the trade-off matches your goals.
How do I choose between fixed index annuity companies?
Set a financial-strength floor (we recommend A or higher AM Best, Comdex 80 or higher), define your goal (income, accumulation, or both), shortlist the carriers that excel at that goal (Allianz/Corebridge for income, Athene/F&G for accumulation), then compare cap rates, participation rates, surrender schedules, and rider fees side by side. The 10 carriers ranked above are the starting universe for almost every buyer. Request a quote to compare specific products against your situation.
Sources and Citations
- FIA Sales Leaders 2015-2025, MyAnnuityStore industry sales report (year-end 2025 data).
- LIMRA Secure Retirement Institute, U.S. Individual Annuities Sales Survey, Q4 2025 release: limra.com/en/newsroom.
- AM Best Insurance Information, Insurer Financial Strength Ratings (Q1 2026): ambest.com/ratings-services.
- S&P Global Ratings, Insurer Financial Strength Ratings: spglobal.com/ratings.
- Wink, Inc., Sales & Market Report (FIA category): looktowink.com.
- AnnuityRateWatch, live cap-rate and participation-rate data feed (embedded above).
- Comdex Score methodology, EbixExchange / VitalSales Suite carrier ratings.
