Sammons Financial Group is the private holding company behind two of the most recognized names in the annuity marketplace: Midland National Life Insurance Company and North American Company for Life and Health Insurance. If you have ever received a quote for a MYGA or FIA from either of those carriers, you were buying from a Sammons company. Understanding the parent helps you understand what both subsidiaries share – and why their financial strength profile is among the strongest in the industry.
Sammons Financial Group at a Glance
| Detail | Information |
|---|---|
| Full Legal Name | Sammons Financial Group, Inc. |
| Parent Company | Sammons Enterprises, Inc. (100% employee-owned ESOP) |
| Founded | 1938 (Sammons Enterprises) |
| Headquarters | Des Moines, Iowa |
| Ownership | Privately held – 100% employee-owned (ESOP), no public shareholders |
| Total Enterprise Assets | Over $143 billion |
| Key Subsidiaries (Annuities) | Midland National Life Insurance Company / North American Company for Life and Health Insurance |
| AM Best (Both Subsidiaries) | A+ (Superior) |
| S&P / Fitch (Both Subsidiaries) | A+ / A+ |
| State Availability | 49 states + DC (Midland National); All states with product variations (North American) |
Who Owns Sammons Financial Group?
Sammons Financial Group is the financial services arm of Sammons Enterprises, Inc. – a private holding company founded in 1938 by Charles Sammons. Sammons Enterprises is structured as a 100% employee-owned (ESOP) company with over $143 billion in total assets and $10 billion in annual revenues. There are no public shareholders, no quarterly earnings calls, and no private equity firm extracting returns. This ownership model is rare in the insurance industry and is a genuine differentiator: the financial incentives run toward long-term stability rather than short-term profit extraction.
The two primary annuity-writing subsidiaries both carry A+ from AM Best, A+ from S&P, and A+ from Fitch – one of the few triple-A+ combinations available in the market. Verify current ratings at ambest.com.
The Two Sammons Annuity Companies
Midland National Life Insurance Company
Founded in 1906 and headquartered in West Des Moines, Iowa, Midland National is the larger of the two subsidiaries with over $71 billion in total assets. Midland National is licensed in 49 states and DC. Their annuity lineup includes the MNL Guarantee Pro and Guarantee Platinum MYGA series – which consistently rank in the top 5 nationally for 3-, 5-, and 7-year terms – plus a broad FIA lineup including the income-focused IncomeVantage Pro with GLWB rider. The NAIC complaint index for Midland National is 0.35, well below the industry average of 1.0.
For full product details and current rates, see our Midland National Life Insurance Company Review.
North American Company for Life and Health Insurance
Founded in 1886 and headquartered in Sioux Falls, South Dakota, North American has been part of Sammons since 1996. Total assets exceed $22 billion. North American is best known for its FIA lineup featuring premium bonuses (BenefitSolutions and Charter Plus), its North American Income SPIA, and the NAC Guarantee Plus MYGA series. Their Comdex score is 89 and complaint volume runs below industry averages.
For full product details and current rates, see our North American Company Annuity Review.
Who Are Sammons Companies Best For?
- MYGA buyers who want top-tier financial strength with competitive rates – both carriers consistently appear in national rate comparison tables with A+ ratings.
- FIA buyers wanting income riders – Midland National’s IncomeVantage Pro and North American’s BenefitSolutions are well-established income-focused FIAs.
- Fee-based RIA clients – Midland National’s Midland Advisory channel offers institutional-quality products for registered investment advisors.
- Conservative long-term savers who value ESOP/private ownership over shareholder-driven or private equity-backed carriers.
Sammons Financial Group Pros and Cons
Pros
- Triple A+ ratings (AM Best, S&P, Fitch) on both subsidiaries
- 100% ESOP-owned – no public shareholders, no private equity, long-term orientation
- $143 billion in enterprise assets – substantial financial depth
- Midland National NAIC complaint index 0.35 – significantly below the industry average
- 100+ year operating history at both subsidiaries
- Broad product range covering MYGA, FIA, SPIA, and income rider options across two carriers
Cons
- J.D. Power 2025 rating: below average for Midland National (615 vs. industry average 639)
- Sammons is not itself an issuing entity – you buy from Midland National or North American, not from Sammons directly
- Some complaints about 1099-R tax reporting errors and slow processing at Midland National
- Higher minimum premiums ($20,000 for MYGA on both carriers) vs. carriers that accept $10,000 or less
- Best rates require $100,000+ deposits to unlock top rate bands on some products
Frequently Asked Questions About Sammons Financial Group
If I buy from Midland National, am I buying from Sammons?
Effectively yes – Midland National and North American are wholly owned subsidiaries of Sammons Financial Group, which itself is owned by Sammons Enterprises. Your contract is issued by either Midland National or North American. Sammons is the parent company that backs both. The A+ ratings apply to the issuing subsidiaries. See detailed reviews: Midland National and North American.
What makes ESOP ownership relevant to annuity buyers?
Employee-owned companies have no obligation to outside shareholders or private equity firms. Sammons Enterprises has operated under this model since 1938. In an industry where many carriers have been acquired by private equity or asset managers (Brookfield, Apollo, KKR), Sammons stands out as genuinely independent. This structure supports long-term pricing stability over short-term profit maximization – relevant when you are locking in a rate for 5 to 10 years. Review Sammons’ structure at sammonsfinancialgroup.com.
How do I buy an annuity from a Sammons company?
Both Midland National and North American sell through licensed independent agents and IMOs. My Annuity Store can compare both against 20+ other carriers side by side. Request a free quote or call 855-583-1104.
Other Annuity Companies to Consider
- Midland National Life Insurance Company Review
- North American Company Annuity Review
- Athene Annuity Review
- Browse All Annuity Insurance Companies
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