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10 Best Fixed Index Annuity Companies of 2023

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    Who are the Best Fixed Index Annuity Companies?

    Fixed Index Annuities have increased in popularity over the last five years resulting in many more top-rated annuity companies entering the market. In this article, we’ll list the top ten best ixed indexed annuity companies based on total sales in 2022.

    So without further ado let’s get started.

    The Top 10 Fixed Indexed Annuity Companies

     
    1. Athene Annuity & Life
    2. Allianz Life of North America
    3. AIG Companies (American General Life Insurance)
    4. Nationwide Life Insurance Company
    5. American Equity Investment Life
    6. Lincoln Financial Group (LFG)
    7. Jackson National
    8. Global Atlantic Financial Group
    9. Pacific Life
    10. Great American Life Insurance Company

    Best Fixed Indexed Annuity Companies by the Numbers

    Each year the Secure Retirement Institute publishes total U.S. Individual Fixed Annuity Sales and breaks out the results for the top 20 Annuity Companies.

    In addition to overall annuity sales they also break out the results into variable annuity, fixed annuity, and fixed index annuity sales.

    UPDATED 3/18/23: Athene Life and Annuity Company was the number one fixed-indexed annuity company in 2022 for the third consecutive year; based on total U.S Individual Fixed Index Annuity Sales. 

    Total fixed index annuity sales were $79.4 billion in 2022, up 25% from 2021, and 8% higher than the record set in 2019.  

    The table below lists the 10 best-fixed index annuity companies based on U.S. Individual Fixed Index Annuity Sales (sales results are in Billions).

    RankCompany nameIndexed
    1Athene Annuity and Life $10,069,119
    2Allianz Life $8,193,195
    3Corebridge Financial $6,689,473
    4Sammons Financial Companies $5,567,141
    5Fidelity & Guaranty Life $4,550,211
    6Mass Mutual $4,375,100
    7Global Atlantic Financial Group $4,151,070
    8Nationwide $3,984,900
    9Security Benefit Life $3,373,386
    10American Equity $3,164,399

    Source: Secure Retirement Institute* U.S. Individual Annuities Sales Survey

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    Best Fixed Index Annuity Companies Since 2015

    Allianz Life, Athene, and AIG are the best-fixed index annuity companies. What I think is quite telling is each of these three has been in the top five each of the last five years, as you see in the table below.

    Annuity Company20202019 20182017 2016
    Allianz21111
    Athene12223
    AIG33445
    Nationwide74337
    American Equity95662

    While I realize making a blanket statement that the annuity companies with the most fixed index annuity sales are the best annuity companies; in this case, it is my belief the numbers don’t lie. At least for the top four out of five spots.

    The best annuity for you will be determined by your individual goals and objectives, but generally speaking, Allianz, Athene and AIG are the best fixed index annuity companies. 

    10 Best Fixed Index Annuity Companies

    Allianz annuity logo - best fixed index annuity company 2016-2020

    #1. Allianz Life

    Allianz LifeRating
    5701 Golden Hills Dr., Minneapolis, MN 55416
    A.M. Best RatingA+
    Moody's (21 rankings)A1 (5)
    Comdex (percentile of all rated companies)94
    Standard & Poor's (20 Possible Ratings)AA (3)
    Athene annuity logo

    #2. Athene

    Athene Financial RatingsRating
    7700 Mills Civic Parkway, West Des Moines, IA 50266
    A.M. Best Rating (15 possible ratings)A (3)
    Fitch Ratings (21 possible)A (6)
    Comdex (percentile of all rating companies)78
    Standard & Poor's (20 possible ratings)A (6)
    Aig logo

    #3. AIG

    American General Life Insurance CompanyRating
    A.M. Best Company (Best's Ratings, 15 Ratings)A (3)
    Moody's (Financial Strength, 21 Ratings)A2 (6)
    Standard & Poor's (Financial Strength, 20 Ratings)A+ (5)
    Fitch Ratings (Financial Strength, 21 Ratings)A+ (5)
    Weiss (Safety Rating, 16 Ratings)B (5)
    Comdex Ranking (Percentile in Rated Companies)82
    American equity investment life insurance company logo

    #5. American Equity

    American EquityRating
    6000 Westown Pkwy, West Des Moines, IA 50266
    A.M. Best Rating (15 possible ratings)A- (4)
    Fitch (21 possible ratings)A- (7)
    Standard & Poor's (Financial Strength, 20 Ratings)A- (7)
    Comdex (percentile of all rating companies)60
    Lincoln financial group annuity logo

    #6. Lincoln Financial

    Lincoln Financial GroupRating
    1300 South Clinton St., Fort Wayne, IN 46802
    A.M. Best Rating (15 possible ratings)A+ (2)
    Moody's (21 possible ratings)A1 (5)
    Fitch (21 possible ratings)A+ (5)
    Standard & Poor's (Financial Strength, 20 Ratings)AA- (4)
    Comdex (percentile of all rating companies)90
    Jackson national annuity logo

    #7. Jackson National

    Jackson National Life Insurance CompanyRating
    1 Corporate Way, Lansing, MI 48951
    A.M. Best Rating (15 possible ratings)A (3)
    Moody's (21 possible ratings)A1 (5)
    Fitch (21 possible ratings)A+ (5)
    Standard & Poor's (Financial Strength, 20 Ratings)A+ (5)
    Comdex (percentile of all rating companies)84
    Global atlantic logo

    #8. Global Atlantic

    Global Atlantic Financial Group Rating
    A.M. Best Rating (15 possible ratings)A (3)
    Moody's (21 possible ratings)A3 (7)
    Fitch (21 possible ratings)A (6)
    Standard & Poor's (Financial Strength, 20 Ratings)A- (7)
    Comdex (percentile of all rating companies)75
    Pacific life insurance company annuity logo

    #9. Pacific Life

    Pacific Life Insurance Company Rating
    700 Newport Center Dr, Newport Beach, CA 92660
    A.M. Best Rating (15 possible ratings)A+ (2)
    Moody's (21 possible ratings)A1 (5)
    Fitch (21 possible ratings)AA- (4)
    Standard & Poor's (Financial Strength, 20 Ratings)AA- (4)
    Comdex (percentile of all rating companies)93

    #1 Annuity: Pacific Index Edge

    Great american annuity logo

    #10. Great American

    Great American Life Insurance CompanyRating
    301 E Fourth St., Cincinnati, OH 45202
    A.M. Best Rating (15 possible ratings)A+ (2)
    Moody's (21 possible ratings)A2 (6)
    Standard & Poor's (20 possible ratings)A+ (5)
    Comdex (percentile of all rated companies)82

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    Best Fixed Index Annuity Rates 2023

    This list of best fixed index annuity rates is based on the highest S&P 500 annual point-to-point with a cap crediting strategy.

    There are many other indexes and crediting options available; too many to list them here in a single table.

    Visit our index annuity online store to view more best fixed index annuity rates for 2023.

    InsurerAnnuityRatingCapTerm
    American equity annuity logo American EquityFlexShield 10A-17%10 Years
    Silac insurance company SILACDenali 14B+15.00%14 Years
    Silac insurance company SILACDenali 10B+15.00%10 Years
    Gilico logo GILICOWealthChoice 10B+12.00%10 Years
    Nassau logo NassauGrowth Annuity 10 B+11.25%10 Yrs
    Silac insurance company SILACDenali 7B+11.00%7 Years
    Aig annuity logo AIGPower 7 ProtectorA10.75%7 Years
    Athene annuity logo AthenePerformance Elite 7A10.00%7 Years

    Best Annuity Companies

    RankCompany nameTotal
    1New York Life23,244,645
    2Athene20,689,767
    3AIG Companies20,161,494
    4Massachusetts Mutual Life18,795,460
    5Equitable Financial15,158,901
    6Jackson National14,899,969
    7Allianz Life Insurance Company14,069,689
    8Lincoln Financial Group12,101,204
    9Pacific Life11,447,346
    10Nationwide11,140,200
    11Brighthouse10,960,124
    12Global Atlantic Financial Group9,463,892
    13Sammons Financial Companies8,611,720
    14Fidelity & Guaranty Life8,294,766
    15Western Southern Group7,757,264
    16TIAA7,626,446
    17Symetra Financial6,123,094
    18Prudential Annuities6,116,206
    19USAA Life5,972,015
    20Security Benefit Life4,502,972

    What is a Fixed Index Annuity?

    A fixed index annuity is a type of fixed annuity that credits interest based on the performance of an external market index rather than a guaranteed annuity rate.

    An indexed annuity offers an opportunity to earn more interest when the markets perform and provide downside protection from a potential market downturn.

    NOTE: You may also hear fixed index annuities referred to as:

    • FIA
    • Equity Indexed Annuity
    • EIA
    • Hybrid Annuity
    • Indexed Annuity

    The below infographic illustrates where a fixed index annuity falls between a fixed annuity and variable annuity as well as other investment vehicles on the investment continuum.

    Indexed annuities have increased in popularity largely because they offer the most growth potential of any investment that provides principal protection; especially where today’s CD rates are at.

    Investment continuum chart illustrating where a fixed index annuity falls relative to other investment vehicles.

    How Do Fixed Index Annuities Work?

    The amount of interest you will earn in a fixed index annuity is based on the performance of an external stock market index.

    You are not directly investing in the stock market and you can not lose money in a fixed index annuity due to stock market declines. 

    Crediting Methods and factors are then applied to the index performance to determine your interest rate.

    Annual Point to Point Crediting Method

    Annual point to point uses the index value from only two points in time making it simple and straightforward to calculate.

    Calculating index performance using the annual point-to-point method:

    1. Subtract the index at the end of the term from the value at the beginning of the term.
    2. If you have a positive number then the index has performed and you divide it by the starting value to get the percent increase.

    Annual point to point chart for index annuity crediting method

    Step #1: 107,000(end) – 100,000(initial) = 7,000 positive changes in the index value.

    Step #2: 7,000 (end) / 100,000(initial) = 7% index performance.

    Applying the Crediting Factors

    There is three fixed index annuity crediting methods available in index annuities:

    1. Spread (Assume 2%)- index’s increase (7%) – spread (2%) = 5% interest earned.
    2. Cap – (Assume 5%) 100% of the index’s increase (7%) up to the cap(5%) = 5% interest earned.
    3. Participation Rate – (Assume 50%) The index’s increase 7% X  (50%) = 3.50% (the participation rate) = interest earned.

    Recommended Reading

    Fixed Index Annuity vs. Variable Annuity

    The line chart below compares the sales of variable annuities (VA) and fixed index annuities (FIA) in the United States from 2006 to 2020. 

    Variable annuities are represented by the blue line while the red line represents fixed indexed annuity sales.

    Fixed index annuity sales vs variable annuity sales (2007 to 2020)line graph

    As you can see, variable annuities have decreased in popularity significantly while fixed index annuities are becoming increasingly popular. 

    VA sales decreased from approximately $185 Billion in 2006 to ~$100 Billion in 2020 while FIA sales increased from ~$75 Billion to ~$120 Billion during the same timeframe.

    This is due in large part to the high cost and fees associated with variable annuities.

    Typical Variable Annuity Fees

    1. M&E (mortality and expense) – average around .50%
    2. Sub-Account Fees – average 1.00%
    3. Optional Rider Fees (income rider or death benefit rider) – Average 1.00% each
    If you are considering purchasing a variable annuity you may want to visit U.S. Securities and Exchange Commission’s (SEC) Variable Annuities: What You Should Know investor tips.

    Fixed Index Annuity Fees

    1. No Sub-Account Fees
    2. No M&E Fees
    3. Death Benefit is Full Account Value – No Fee
    4. Optional Income Riders – Typically .95% to 1.25% annually

    Best Uncapped Fixed Index Annuities

    Allianz, AIG, and Athene have all been innovators in the indexed annuity space and I would attribute much of their success to that fact.

    Specifically, they all have uncapped crediting strategies and offer proprietary volatility-managed indexes.

    For more comprehensive information read our best stock market index options available in an index annuity guide which ranks the top indexes and crediting strategies based on historical hypothetical returns.

    Best Indexes Available in an Index Annuity

    Based on historical back-testing I’ve compiled a list of what I believe to be the best stock market indices available in a fixed index annuity with uncapped crediting options. 

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