Total Industry FIA Sales vs Top 20 (2015–2025)
This chart shows total fixed indexed annuity sales across the U.S. market alongside the combined sales of the Top 20 carriers. The gap between the two bars represents hundreds of smaller carriers.How PE-Backed Carriers Took Over the FIA Market
The FIA market grew from $54.5 billion in 2015 to $127.9 billion in 2025, a 135% increase over the decade. That growth was not evenly distributed. The biggest winners were carriers backed by private equity firms: Athene (Apollo Global Management), Corebridge Financial (formerly AIG), Fidelity & Guaranty Life (now part of Fidelity National Financial), and Global Atlantic (KKR). In 2015, Allianz Life held the #1 spot with $8.7 billion. By 2020, Athene overtook Allianz for the first time with $5.8 billion vs. Allianz's $5.0 billion. The industry dipped to $55.5 billion in total FIA sales that year as the pandemic disrupted distribution channels and face-to-face sales. But Athene's Apollo-backed balance sheet and aggressive independent distribution strategy carried them through the downturn and cemented their lead. By 2021, Athene posted $7.7 billion and has held the #1 position every year since, reaching $15.0 billion in 2025. Allianz remains a close second at $11.7 billion, but the PE-backed model, deploy institutional capital through independent distribution channels at aggressive crediting rates, has reshaped the competitive landscape. The breakout year was 2024: industry sales hit $126.9 billion, a 32% jump from 2023's $95.9 billion. The momentum carried into 2025 with $127.9 billion, a modest 0.8% gain that signals a market plateauing at historically high levels rather than retreating. Independent marketing organizations (IMOs) and broker-dealers now account for the vast majority of FIA distribution, which is why carriers with the widest independent channel access dominate the rankings.Carrier Sales Trends Over Time
Select a preset view or toggle individual carriers by clicking the legend.The carrier trends chart tells the story that the industry totals can't. Start with the Top 5 (2025) preset: you'll see two dominant lines pulling away from the pack, Athene climbing steeply from 2021 onward, and Allianz holding a relatively flat plateau before its own post-2022 surge. The gap between those two lines and everyone else is the visual signature of a market that rewards scale at the very top.
Switch to the PE-Backed Carriers preset and the story sharpens. Athene, Corebridge, Fidelity & Guaranty, and Global Atlantic all accelerated simultaneously starting in 2022, reflecting the structural advantage these carriers had when the rate environment shifted. Their parent firms' alternative credit portfolios allowed them to increase crediting rates faster and more aggressively than mutual or publicly-traded competitors.Key Findings (2015–2025)
- $15.0B, Athene 2025 Record. Highest single-year FIA sales by any carrier in the dataset. Apollo-backed Athene has been #1 since 2020.
- 6 Years at #1. Athene took the top spot in 2020 and has held it every year since, dethroning Allianz after years of dominance.
- 135% Decade Growth. Industry FIA sales grew from $54.5B to $127.9B over the 2015–2025 period.
The Athene-Allianz Rivalry
For the first five years of this dataset (2015–2019), Allianz Life of North America was the undisputed FIA leader, posting $8.7B to $10.2B annually. Athene, meanwhile, climbed from #6 in 2015 ($2.4B) to #2 in 2016 ($4.5B) and stayed in the top three through 2019. The turning point was 2020. Despite the pandemic dragging total industry sales down to $55.5 billion, Athene overtook Allianz for the first time with $5.8 billion vs. Allianz's $5.0 billion. Athene's Apollo-backed balance sheet and aggressive independent distribution strategy cemented the lead in 2021 at $7.7 billion, and Allianz has remained at #2 since. By 2025, Athene posted $15.0 billion vs. Allianz's $11.7 billion, a $3.3 billion gap that reflects the structural advantage of PE-backed capital deployment. But Allianz's consistency across all measured years should not be underestimated: they have never fallen below #2.The mechanisms behind Athene's ascent go deeper than marketing. Apollo Global Management built Athene's general account around alternative credit, private loans, asset-backed securities, and middle-market debt that generate meaningfully higher yields than the investment-grade corporate bonds that dominate traditional insurer portfolios. That spread is passed through, in part, to policyholders as higher S&P 500 cap rates and participation rates.
Allianz's persistence at #2 deserves its own explanation. Unlike the PE-backed carriers, Allianz Life competes primarily on product sophistication rather than raw rate. The Minnesota-based insurer pioneered the use of proprietary index strategies, blended volatility-controlled indices that allow higher participation rates than straight S&P 500 caps, and has maintained deep relationships with the wirehouse and regional broker-dealer channels that some PE-backed carriers underserve.PE-Backed Carriers vs. Traditional Mutuals
The FIA market is increasingly dominated by carriers backed by private equity or alternative asset managers. In 2025, the top 5 includes Athene (Apollo), Corebridge (Brookfield, formerly AIG), and Fidelity & Guaranty Life, all PE-affiliated. Sammons Financial Companies and American Equity round out the top 5. The PE-backed model works in FIA for the same reason it works in MYGA: these firms generate investment returns on the float (the premiums they hold) using alternative credit and private asset strategies that mutual carriers cannot easily replicate. The result is more competitive crediting rates, which drive agent placement. Traditional mutuals like Massachusetts Mutual Life ($4.5B, #11) remain significant players but have ceded the top positions. The exception is Nationwide ($6.1B, #7), a mutual that has invested heavily in FIA product development and maintained a strong IMO presence.For buyers, the relevant question is not whether PE involvement is good or bad, it is whether the carrier's financial strength ratings are solid and whether the product terms are competitive at the time of purchase. Athene, Corebridge, and Global Atlantic all carry A-rated paper from A.M. Best. The annuity itself is a general account obligation, protected by state guaranty associations up to the applicable state limit (typically $250,000–$500,000).
Carriers That Disappeared
The FIA Top 20 has seen more turnover than you might expect. Several carriers that were once major players have vanished from the rankings entirely:- AIG Companies → Corebridge Financial, AIG was a perennial top-5 player through 2020 (#3 with $4.5B). Rebranded as Corebridge Financial in 2022. Now #3 with $10.0B.
- Voya Financial (Peak #12), Ranked #12 in 2015 ($1.7B) and #14 in 2017. Exited the annuity business entirely as part of corporate restructuring.
- Forethought Annuity (Peak #13), Ranked #13 in 2015 with $1.5B. Acquired by Global Atlantic, absorbed into their book.
- Brighthouse Financial (Peak #7), Spun out of MetLife. Appeared at #7 in 2017 ($2.5B) but has not been in the Top 20 since.
- Midland National (Peak #8), Consistently ranked #6–#11 from 2015–2019, peaking at $2.9B in 2016. Sammons Financial (parent company) is now reported as a combined entity, ranking #4.
- Jackson (Peak #7), Ranked #7 in 2019 ($3.7B) and #19 in 2020 ($1.0B). Shifted focus to variable annuities and RILAs after going public.
Reading the 2025 Rankings
The 2025 data confirms a market structure that has been forming since 2020: a hard top-5 consisting of Athene, Allianz, Corebridge, Sammons, and American Equity, with meaningful separation from the rest of the field. Athene's $15.0 billion represents a 7.9% gain from 2024's $13.9 billion. Allianz grew more modestly to $11.7 billion. The bottom half of the Top 20 is where the competition is most fluid. Carriers ranked 11 through 20 typically hold their positions by a margin of $200–$500 million in annual sales, and a single product launch or distribution partnership can move a carrier three or four places in a year.Annual Top 20 FIA Rankings
Explore the full Top 20 indexed annuity companies by year. The rank change column compares each carrier's position to the prior available year.| Rank | Carrier | Sales ($M) | Mkt Share | Relative Size | vs Prior Yr |
|---|
Rank Movement, Top FIA Carriers Across Years
Shows rank position each year. Blank = not in Top 20. Dark blue = top 3, light blue = top 10, yellow = 11–15, red = 16–20.The darkest cells, top-3 finishes, cluster almost exclusively around three names across the full decade: Allianz, Athene, and AIG/Corebridge. That trio held the top three positions, in varying order, from 2015 through 2020. What changed after 2021 is not the identity of the leaders but the margin between them.
Related Resources
Fixed Index Annuity Guides
- Fixed Index Annuity (FIA): Complete Guide for 2026
- Fixed Index Annuity Guide for Beginners
- Fixed Index Annuity Pros and Cons
- The Drawbacks of Fixed Index Annuities
- Best Fixed Index Annuity Cap Rates (March 2026)
- GLWB Income Riders Explained
- Annuity Surrender Charges
- Free Withdrawals in Annuities
- Guaranteed Minimum Interest Rate in Fixed Annuities
Comparisons & Alternatives
- Fixed Annuity vs. Fixed Index Annuity
- Fixed Indexed Annuity vs. Fixed Annuity
- Registered Index-Linked Annuity (RILA) Guide
- What Is a Variable Annuity?
- Fixed Annuities: Complete Guide
- Multi-Year Guaranteed Annuity (MYGA) Guide
- Fixed Annuity vs. CD: What Pays More?
Top FIA Product Reviews
- Allianz 222 Annuity Review
- Allianz Benefit Control Annuity Review
- Allianz Accumulation Advantage+ Review
- Allianz Core Income 7 Review
- Athene Performance Elite 7 Review
- Athene Ascent Pro 10 Review
- Athene Aviator 5 Review
- Nationwide Peak 10 Review
- American Equity IncomeShield 10 Review
- NAC BenefitSolutions 10 Review
- Security Benefit Strategic Growth Review
- F&G Power Accumulator 7 Review
- Browse All Fixed & Fixed Index Annuity Reviews →
Market Data & Rates
- MYGA Industry Sales History (2015–2025)
- Best Fixed Index Annuity Companies
- Compare All Annuity Rates (March 2026)
- Best Fixed Annuity Rates
- Top 20 Best Bonus Annuity Rates
- How Are Annuity Rates Set?
- Compare Annuity Rates by State
- Annuity Company Directory (60+ Carriers)
- Life Insurance Company Ratings Charts
Tools & Next Steps
- Annuity Calculators Hub
- Income Rider Calculator
- Fixed Annuity Growth Calculator
- How to Buy an Annuity: A Common Sense Guide
- Get a Free Annuity Quote
External Sources & Industry Data
- LIMRA, Source for all sales data and carrier rankings cited in this report
- NAIC, Annuities Topic Page, Regulatory guidance and consumer resources
- Insurance Information Institute, Annuity Types
- Apollo Global Management, Parent company of Athene, the #1 FIA carrier since 2020
- KKR, Owner of Global Atlantic, a top-10 FIA carrier
- Brookfield Asset Management, Majority owner of Corebridge Financial
- AM Best, Leading insurance company ratings agency
Data Sources & Methodology
All sales figures and carrier rankings in this report are sourced from LIMRA (Life Insurance and Market Research Association), the insurance industry's primary research organization. LIMRA collects sales data directly from participating carriers and publishes annual and quarterly reports on annuity market activity. This dataset covers the Top 20 fixed indexed annuity carriers by premium volume for each year from 2015 through 2025. Total industry figures represent all FIA sales reported to LIMRA, including carriers outside the Top 20. The 2020 FIA breakout data is sourced from LIMRA's U.S. Individual Fixed Annuity Sales Breakout report (year-end 2020). Market share percentages are calculated against each year's total industry sales figure. Carrier rankings may differ from other industry reports that use different product classification methods or reporting periods.Carrier Reviews Mentioned in This Report
Click any carrier below to read our independent review covering financial ratings, product lineup, and who they are best suited for.- Athene Annuity & Life
- Allianz Life
- American Equity
- Corebridge Financial
- F&G Annuities & Life
- Global Atlantic
- Jackson National Life
- MassMutual Ascend
- Nationwide
- New York Life
- North American Company
- Pacific Life
- Protective Life
- Transamerica
- Lincoln Financial
- Midland National
- Symetra Life
- Great American Life
- Gainbridge
- Prudential
