We compiled the most complete public analysis of who's winning the MYGA sales race includingn everyone who rode that wave and everyone that didn't.
Our research inludes 220 carrier year records from an 11-year period, including every top 20 ranking .
The MYGA market has been one of the great growth stories in American financial services. In 2015, total industry sales sat at $49.2 billion, a number that ballooned to $165.3 billion by the end of 2025. But the growth was not a straight line.
Sales more than doubled in a single year, jumping from $53.1B in 2021 to $113B in 2022. By 2023, the industry hit $164.9B, a record just barely surpassed in 2025. What follows is a complete breakdown of who sold what, who rose, who fell, and which ones remain standing on top of the heap in 2026.
This chart shows total fixed-rate deferred annuity sales across the entire U.S. market alongside the combined sales of the Top 20 carriers. The gap between the two bars represents the remaining market held by hundreds of smaller carriers.
From 2015 through 2021, the MYGA market hovered between $49B and $66B. Rates were low and consumers had little incentive to lock in long-term guaranteed yields. The 10-year Treasury spent most of that stretch below 2.5%, and MYGA rates reflected it. Everything changed in March 2022 when the Federal Reserve began its most aggressive rate-hiking cycle in 40 years. Suddenly, carriers could offer 4%, 5%, even 6%+ guaranteed rates on multi-year products.
Consumers responded with their wallets:
MYGA sales are directly tied to the interest rate environment. When rates are attractive, Americans flock to guaranteed income products.
MYGA sales are directly tied to the interest rate environment. When rates are attractive, Americans flock to guaranteed income products.
Select a preset view or toggle individual carriers by clicking the legend. This chart reveals how dramatically the competitive landscape has shifted in just a few years.
No carrier’s trajectory tells the MYGA story better than Athene Annuity & Life. In 2015, Athene did not crack the Top 20. By 2018, they appeared at #16 with just under $1B in sales. Then came the rocket ship:
Athene, backed by Apollo Global Management, leveraged its private equity capital structure to offer aggressively competitive rates. Their rise from obscurity to market dominance in under five years is unprecedented in the annuity industry.
For the first seven years of this dataset (2015 through 2021), New York Life was the undisputed MYGA champion. They held the #1 spot every single year, peaking at a 21.2% market share in 2017 when they sold $10.7B against a $50.3B industry.
But the rate-driven boom changed the game. As PE-backed carriers like Athene and Corebridge flooded the market with aggressive pricing, New York Life’s share compressed. They dropped to #4 in 2024 with $9.5B in sales, their lowest ranking in the dataset.
The 2025 data shows a strong comeback. NYL surged back to #2 with $17.0B in sales, a 79% year-over-year increase. The message: the legacy carriers are not going quietly.
Massachusetts Mutual Life has been remarkably consistent. They have appeared in the Top 6 every single year since 2015, and in the Top 2 for three straight years (2022 through 2024):
2015: $1.4B (#9)
2019: $3.9B (#4)
2023: $17.2B (#2)
2025: $12.2B (#3)
MassMutual’s mutual ownership structure means they are not chasing quarterly earnings for shareholders. They can afford to be patient and disciplined, which has served them well across multiple rate cycles.
236%
Explore the full Top 20 annuity companies in US annuity sales by year for the last decade. The rank change column compares each carrier’s position to the prior year. Use the search box to find a specific carrier across any year.
| Rank | Carrier | Sales | Mkt Share | Relative Size | vs Prior Yr |
|---|
One of the defining trends of the past decade is the emergence of private equity-backed carriers as dominant MYGA players. Athene (Apollo), Corebridge Financial (formerly AIG), Global Atlantic (KKR), and Fidelity & Guaranty Life have all climbed the rankings rapidly.
In 2015, these four carriers combined for roughly $9.6 billion in MYGA sales. By 2025, their combined total exceeded $37 billion — nearly a 4x increase.
PE-backed carriers typically invest policyholder premiums in higher-yielding alternative assets, allowing them to offer more competitive guaranteed rates. This has been a boon for consumers but has raised questions among regulators about risk management and asset quality.
Not every story in this data is a growth story. Several carriers prominent in 2015–2016 have since fallen off the Top 20 entirely:
This deconcentration means more competition, which translates directly into better rates for consumers. When 20+ carriers are fighting for market share, they compete on price. That is exactly the rate environment where a multi-carrier platform like My Annuity Store delivers the most value — compare today’s best fixed annuity rates from all of them side by side.
The Top 20 share og overall myga market has also compressed slightly, down to 77% in 2025. The remaining 23% is spread across dozens of smaller carriers, many of which offer niche products or serve specific distribution channels.
Each carrier’s rank position for every year they appeared in the Top 20. Blank cells mean not ranked that year. Blue shading indicates a top-3 finish; yellow and red indicate lower rankings.
Shows rank position each year. Blank = not in Top 20. Blue = top 3, light blue = top 10, yellow = 11-15, red = 16-20.
7 companies made it in the Top 20 all 10 years:
That consistency across rate cycles, regulatory changes, and market disruptions speaks to the strength of their distribution and balance sheets.
The Newcomers:
The Volatility: These swings reflect how quickly the competitive dynamics shift when carriers adjust their pricing strategies.
This data makes one thing clear: the MYGA market is not a one-carrier game. The #1 carrier changes. Pricing leadership shifts. A carrier that was aggressive last quarter might pull back this quarter as they hit their capital targets.
At My Annuity Store, we work with carriers across the Top 20 and beyond, so you are never stuck with just one option. Check out the top fixed annuity companies we work with, or browse our full annuity company directory. Whether Athene, New York Life, MassMutual, or a carrier you have never heard of is offering the best rate today, we will help you find it.
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