10 Years of Fixed Annuity Sales Research

10 Years of Fixed Annuity Sales Examined

I started my career in the annuity industry as a college intern at New York Life in 2005. Working with annuities has always been great, but they have blown up in popularity over the last 10 years.

$165.3B

2025 Industry Sales

▲ 7.9% vs 2024

Athene

#1 Carrier (2025)

$17.6B · 10.62%

77.2%

Top 20 Concentration

of total industry

$987.8B

Decade Total Sales

2015–2025 cumulative

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.

Total Industry MYGA Sales (2015–2025)

Data table: industry total vs. Top 20 combined, by year

Year	Industry Total ($B)	Top 20 Total ($B)
2015	$49.2B	$38.3B
2016	$56.5B	$42.6B
2017	$50.3B	$38.3B
2018	$63.9B	$48.7B
2019	$66.3B	$49.8B
2020	$52.1B	$41.5B
2021	$53.1B	$40.6B
2022	$113.0B	$84.8B
2023	$164.9B	$118.5B
2024	$153.2B	$120.6B
2025	$165.3B	$127.7B

The Rate Effect: How the Fed Rewrote the Annuity Playbook

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:

• 2021 to 2022: Industry sales jumped from $53.1B to $113.0B (+113%)
• 2022 to 2023: Another massive leap to $164.9B (+46%)
• 2023 to 2024: A slight pullback to $153.2B as rate-cut expectations grew
• 2024 to 2025: A rebound to $165.3B (+7.9%) as rates held higher for longer

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.

Carrier Sales Trends Over Time

Carrier Sales Trends

Annual MYGA sales in $ billions for the carriers tracked in this analysis. A dash means the carrier was not in that year’s Top 20. Preset views: Top 5 All-Time, Top 10 All-Time, Biggest Risers, Fallen Giants, Steady Performers.

Data table: carrier sales by year

Carrier	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Athene Annuity & Life	–	$0.8B	–	$1.0B	–	$1.8B	$0.6B	$9.7B	$23.9B	$21.2B	$17.6B
New York Life	$8.6B	$10.0B	$10.7B	$11.3B	$9.9B	$6.8B	$6.2B	$14.9B	$9.3B	$9.5B	$17.0B
Massachusetts Mutual Life	$1.4B	$1.9B	$1.8B	$3.4B	$3.9B	$5.4B	$6.0B	$11.9B	$17.2B	$16.1B	$12.2B
Corebridge Financial	–	–	–	–	–	–	–	$7.1B	$10.1B	$13.0B	$10.5B
Global Atlantic Financial Group	–	$3.0B	$3.8B	$5.3B	$4.7B	$3.4B	$4.2B	$5.2B	$7.4B	$7.6B	$5.1B
Western Southern Group	$0.9B	$1.0B	$1.2B	$2.0B	$2.5B	$2.0B	$2.5B	$6.2B	$6.4B	$4.8B	$5.4B
Pacific Life	$1.6B	$2.2B	$2.2B	$2.5B	$2.9B	$1.2B	$1.3B	$4.5B	$4.1B	$2.7B	$5.4B
Symetra Financial	$1.7B	$1.8B	$1.3B	$1.8B	$2.1B	$1.9B	$2.6B	$3.0B	$5.7B	$3.7B	$5.1B
USAA Life	$1.0B	$1.2B	$1.0B	$1.2B	$1.4B	$0.9B	$1.9B	$4.2B	$3.9B	$3.8B	$7.6B
Fidelity & Guaranty Life	–	–	$0.6B	$0.8B	–	$0.8B	$1.8B	$3.7B	$5.1B	$5.1B	$3.8B
American National Insurance	–	–	$0.9B	–	$1.1B	–	$0.9B	$0.9B	$4.1B	$4.8B	$5.2B
Protective Life	–	–	–	$1.3B	$1.1B	$0.9B	$0.5B	–	–	$3.8B	$4.5B
Nationwide	$0.8B	–	–	–	$0.8B	–	–	$1.3B	$2.8B	–	$7.2B
AIG Companies	$5.2B	$5.6B	$4.5B	$6.7B	$7.2B	$3.6B	$4.3B	–	–	–	–
MetLife	$2.1B	$1.7B	$0.9B	$1.1B	$1.4B	–	–	–	–	–	–
Berkshire Hathaway	$1.3B	$1.5B	$1.3B	$1.5B	$1.1B	–	–	–	–	–	–
Delaware Life	$1.1B	$1.0B	$1.0B	$1.1B	$1.2B	$1.1B	$0.8B	$1.1B	$4.4B	$4.7B	$4.7B

The Athene Phenomenon

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:

• 2020: $1.8B (ranked #9)
• 2021: $602M (dropped to #16 during the low-rate trough)
• 2022: $9.7B (exploded to #3)
• 2023: $23.9B (claimed #1, the single largest MYGA sales year by any carrier in this dataset)
• 2024: $21.2B (still #1)
• 2025: $17.6B (held #1 but pulled back as competition intensified)

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.

New York Life: The Former King Adapts

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.

MassMutual: The Quiet Powerhouse

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.

Top 20 MYGA Companies by Year

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.

Annual Top 20 Rankings

2025 Top 20 MYGA Carriers

Rank	Carrier	Sales	Mkt Share	vs Prior Yr
1	Athene Annuity & Life	$17.6B	10.62%	–
2	New York Life	$17.0B	10.26%	▲2
3	Massachusetts Mutual Life	$12.2B	7.39%	▼1
4	Corebridge Financial	$10.5B	6.35%	▼1
5	USAA Life	$7.6B	4.61%	▲6
6	Nationwide	$7.2B	4.34%	NEW
7	Pacific Life	$5.4B	3.28%	▲9
8	Western Southern Group	$5.4B	3.27%	–
9	American National Insurance	$5.2B	3.12%	▼2
10	Symetra Financial	$5.1B	3.08%	▲3
11	Global Atlantic Financial Group	$5.1B	3.07%	▼6
12	Delaware Life	$4.7B	2.84%	▼3
13	Protective Life	$4.5B	2.74%	▼1
14	Fidelity & Guaranty Life	$3.8B	2.29%	▼8
15	Guardian Life of America	$3.4B	2.04%	▼1
16	TIAA	$3.2B	1.93%	NEW
17	Prudential	$2.7B	1.64%	–
18	Reliance Standard Life Insurance	$2.4B	1.48%	▼8
19	Lincoln Financial Group	$2.4B	1.47%	–
20	Sammons Financial Companies	$2.3B	1.41%	▼2

2024 Top 20 MYGA Carriers

Rank	Carrier	Sales	Mkt Share	vs Prior Yr
1	Athene Annuity & Life	$21.2B	13.81%	–
2	Massachusetts Mutual Life	$16.1B	10.49%	–
3	Corebridge Financial	$13.0B	8.51%	–
4	New York Life	$9.5B	6.18%	–
5	Global Atlantic Financial Group	$7.6B	4.96%	–
6	Fidelity & Guaranty Life	$5.1B	3.30%	▲2
7	American National Insurance	$4.8B	3.12%	▲4
8	Western Southern Group	$4.8B	3.11%	▼2
9	Delaware Life	$4.7B	3.09%	–
10	Reliance Standard Life Insurance	$4.0B	2.63%	▲6
11	USAA Life	$3.8B	2.50%	▲1
12	Protective Life	$3.8B	2.47%	NEW
13	Symetra Financial	$3.7B	2.44%	▼6
14	Guardian Life of America	$3.2B	2.10%	NEW
15	EquiTrust Life	$3.0B	1.95%	▲3
16	Pacific Life	$2.7B	1.77%	▼6
17	Prudential	$2.6B	1.71%	NEW
18	Sammons Financial Companies	$2.4B	1.55%	▲2
19	Lincoln Financial Group	$2.3B	1.51%	▼4
20	Thrivent Financial for Lutherans	$2.3B	1.48%	▼3

2023 Top 20 MYGA Carriers

Rank	Carrier	Sales	Mkt Share	vs Prior Yr
1	Athene Annuity & Life	$23.9B	14.49%	▲2
2	Massachusetts Mutual Life	$17.2B	10.44%	–
3	Corebridge Financial	$10.1B	6.13%	▲1
4	New York Life	$9.3B	5.64%	▼3
5	Global Atlantic Financial Group	$7.4B	4.49%	▲1
6	Western Southern Group	$6.4B	3.86%	▼1
7	Symetra Financial	$5.7B	3.45%	▲4
8	Fidelity & Guaranty Life	$5.1B	3.07%	▲1
9	Delaware Life	$4.4B	2.70%	▲6
10	Pacific Life	$4.1B	2.50%	▼3
11	American National Insurance	$4.1B	2.47%	▲5
12	USAA Life	$3.9B	2.36%	▼4
13	Nationwide	$2.8B	1.70%	▲1
14	Brighthouse Financial	$2.7B	1.64%	▼4
15	Lincoln Financial Group	$2.3B	1.42%	NEW
16	Reliance Standard Life Insurance	$2.2B	1.35%	▼3
17	Thrivent Financial for Lutherans	$1.8B	1.07%	▲2
18	EquiTrust Life	$1.7B	1.06%	NEW
19	Security Benefit Life	$1.7B	1.01%	▼2
20	Sammons Financial Companies	$1.6B	1.00%	▼8

2022 Top 20 MYGA Carriers

Rank	Carrier	Sales	Mkt Share	vs Prior Yr
1	New York Life	$14.9B	13.15%	–
2	Massachusetts Mutual Life	$11.9B	10.53%	–
3	Athene Annuity & Life	$9.7B	8.60%	▲13
4	Corebridge Financial	$7.1B	6.32%	NEW
5	Western Southern Group	$6.2B	5.51%	▲1
6	Global Atlantic Financial Group	$5.2B	4.57%	▼2
7	Pacific Life	$4.5B	3.99%	▲3
8	USAA Life	$4.2B	3.68%	–
9	Fidelity & Guaranty Life	$3.7B	3.31%	–
10	Brighthouse Financial	$3.7B	3.28%	NEW
11	Symetra Financial	$3.0B	2.61%	▼6
12	Sammons Financial Companies	$2.7B	2.43%	▼1
13	Reliance Standard Life Insurance	$1.5B	1.29%	▲1
14	Nationwide	$1.3B	1.15%	NEW
15	Delaware Life	$1.1B	1.02%	–
16	American National Insurance	$938M	0.83%	▼3
17	Security Benefit Life	$926M	0.82%	▲2
18	The Standard	$750M	0.66%	▲2
19	Thrivent Financial for Lutherans	$745M	0.66%	NEW
20	Mutual of Omaha	$688M	0.61%	NEW

2021 Top 20 MYGA Carriers

Rank	Carrier	Sales	Mkt Share	vs Prior Yr
1	New York Life	$6.2B	11.60%	–
2	Massachusetts Mutual Life	$6.0B	11.35%	–
3	AIG Companies	$4.3B	8.03%	▲1
4	Global Atlantic Financial Group	$4.2B	8.00%	▲1
5	Symetra Financial	$2.6B	4.97%	▲3
6	Western Southern Group	$2.5B	4.75%	–
7	American Equity Investment Life	$2.5B	4.63%	▲4
8	USAA Life	$1.9B	3.63%	▲9
9	Fidelity & Guaranty Life	$1.8B	3.40%	▲9
10	Pacific Life	$1.3B	2.37%	▲2
11	Sammons Financial Companies	$1.2B	2.34%	▼8
12	Great American	$974M	1.83%	▲2
13	American National Insurance	$907M	1.71%	NEW
14	Reliance Standard Life Insurance	$859M	1.62%	▲2
15	Delaware Life	$763M	1.44%	▼2
16	Athene Annuity & Life	$602M	1.13%	▼7
17	Protective Life	$539M	1.01%	▼2
18	Knights of Columbus	$506M	0.95%	▲2
19	Security Benefit Life	$477M	0.90%	▼9
20	The Standard	$433M	0.82%	NEW

2020 Top 20 MYGA Carriers

Rank	Carrier	Sales	Mkt Share	vs Prior Yr
1	New York Life	$6.8B	13.03%	–
2	Massachusetts Mutual Life	$5.4B	10.35%	▲2
3	Sammons Financial Companies	$4.3B	8.20%	NEW
4	AIG Companies	$3.6B	6.84%	▼2
5	Global Atlantic Financial Group	$3.4B	6.59%	▼2
6	Western Southern Group	$2.0B	3.91%	▲1
7	Brighthouse Financial	$2.0B	3.86%	NEW
8	Symetra Financial	$1.9B	3.71%	–
9	Athene Annuity & Life	$1.8B	3.45%	NEW
10	Security Benefit Life	$1.3B	2.52%	▲4
11	American Equity Investment Life	$1.3B	2.52%	NEW
12	Pacific Life	$1.2B	2.27%	▼7
13	Delaware Life	$1.1B	2.05%	▼1
14	Great American	$996M	1.91%	▼4
15	Protective Life	$938M	1.80%	–
16	Reliance Standard Life Insurance	$912M	1.75%	NEW
17	USAA Life	$858M	1.65%	▼6
18	Fidelity & Guaranty Life	$775M	1.49%	NEW
19	Principal Financial Group	$511M	0.98%	▼13
20	Knights of Columbus	$385M	0.74%	NEW

2019 Top 20 MYGA Carriers

Rank	Carrier	Sales	Mkt Share	vs Prior Yr
1	New York Life	$9.9B	14.87%	–
2	AIG Companies	$7.2B	10.91%	–
3	Global Atlantic Financial Group	$4.7B	7.06%	–
4	Massachusetts Mutual Life	$3.9B	5.81%	▲1
5	Pacific Life	$2.9B	4.33%	▲1
6	Principal Financial Group	$2.8B	4.29%	▼2
7	Western Southern Group	$2.5B	3.72%	–
8	Symetra Financial	$2.1B	3.17%	–
9	MetLife	$1.4B	2.18%	▲4
10	Great American	$1.4B	2.12%	▲10
11	USAA Life	$1.4B	2.06%	–
12	Delaware Life	$1.2B	1.85%	–
13	Jackson National Life	$1.2B	1.80%	NEW
14	Security Benefit Life	$1.1B	1.73%	NEW
15	Protective Life	$1.1B	1.70%	▼5
16	Berkshire Hathaway	$1.1B	1.61%	▼7
17	American National Insurance	$1.1B	1.60%	NEW
18	Prudential Annuities	$966M	1.46%	▼4
19	Lincoln Financial Group	$963M	1.45%	NEW
20	Northwestern Mutual Life	$938M	1.41%	▼3

2018 Top 20 MYGA Carriers

Rank	Carrier	Sales	Mkt Share	vs Prior Yr
1	New York Life	$11.3B	17.63%	–
2	AIG Companies	$6.7B	10.52%	–
3	Global Atlantic Financial Group	$5.3B	8.30%	–
4	Principal Financial Group	$3.6B	5.66%	▲1
5	Massachusetts Mutual Life	$3.4B	5.33%	▲1
6	Pacific Life	$2.5B	3.84%	▼2
7	Western Southern Group	$2.0B	3.17%	▲3
8	Symetra Financial	$1.8B	2.87%	▼1
9	Berkshire Hathaway	$1.5B	2.36%	–
10	Protective Life	$1.3B	2.05%	NEW
11	USAA Life	$1.2B	1.94%	▲2
12	Delaware Life	$1.1B	1.76%	▼1
13	MetLife	$1.1B	1.66%	▲2
14	Prudential Annuities	$996M	1.56%	NEW
15	Reliance Standard Life Insurance	$984M	1.54%	NEW
16	Athene Annuity & Life	$978M	1.53%	NEW
17	Northwestern Mutual Life	$856M	1.34%	▼1
18	Fidelity & Guaranty Life	$759M	1.19%	–
19	The Standard	$680M	1.06%	NEW
20	Great American	$623M	0.97%	▼3

2017 Top 20 MYGA Carriers

Rank	Carrier	Sales	Mkt Share	vs Prior Yr
1	New York Life	$10.7B	21.22%	–
2	AIG Companies	$4.5B	8.92%	–
3	Global Atlantic Financial Group	$3.8B	7.45%	–
4	Pacific Life	$2.2B	4.43%	▲1
5	Principal Financial Group	$2.2B	4.42%	▼1
6	Massachusetts Mutual Life	$1.8B	3.50%	–
7	Symetra Financial	$1.3B	2.66%	▲1
8	Security Benefit Life	$1.3B	2.61%	▲2
9	Berkshire Hathaway	$1.3B	2.54%	▲2
10	Western Southern Group	$1.2B	2.34%	▲5
11	Delaware Life	$1.0B	2.08%	▲3
12	Liberty Life Assurance Company of Boston	$968M	1.92%	▲6
13	USAA Life	$952M	1.89%	–
14	American National Insurance	$918M	1.82%	NEW
15	MetLife	$897M	1.78%	▼6
16	Northwestern Mutual Life	$750M	1.49%	▲1
17	Great American	$739M	1.47%	NEW
18	Fidelity & Guaranty Life	$611M	1.21%	NEW
19	Modern Woodmen	$602M	1.20%	NEW
20	Jackson National Life	$585M	1.16%	–

2016 Top 20 MYGA Carriers

Rank	Carrier	Sales	Mkt Share	vs Prior Yr
1	New York Life	$10.0B	17.62%	–
2	AIG Companies	$5.6B	9.99%	–
3	Global Atlantic Financial Group	$3.0B	5.26%	NEW
4	Principal Financial Group	$2.5B	4.43%	–
5	Pacific Life	$2.2B	3.92%	▲3
6	Massachusetts Mutual Life	$1.9B	3.37%	▲3
7	Midland National	$1.9B	3.35%	▲13
8	Symetra Financial	$1.8B	3.14%	▼1
9	MetLife	$1.7B	2.95%	▼4
10	Security Benefit Life	$1.6B	2.78%	NEW
11	Berkshire Hathaway	$1.5B	2.66%	▼1
12	American Equity Investment Life	$1.4B	2.48%	NEW
13	USAA Life	$1.2B	2.09%	▼1
14	Delaware Life	$1.0B	1.83%	▼3
15	Western Southern Group	$1.0B	1.79%	▼1
16	State Farm Life	$988M	1.75%	▼3
17	Northwestern Mutual Life	$947M	1.68%	▼1
18	Liberty Life Assurance Company of Boston	$907M	1.61%	▼3
19	Athene Annuity & Life	$779M	1.38%	NEW
20	Jackson National Life	$753M	1.33%	▼1

2015 Top 20 MYGA Carriers

Rank	Carrier	Sales	Mkt Share	vs Prior Yr
1	New York Life	$8.6B	17.58%	n/a
2	AIG Companies	$5.2B	10.60%	n/a
3	Forethought Annuity	$3.7B	7.58%	n/a
4	Principal Financial Group	$2.2B	4.58%	n/a
5	MetLife	$2.1B	4.21%	n/a
6	Lincoln Financial Group	$1.8B	3.64%	n/a
7	Symetra Financial	$1.7B	3.44%	n/a
8	Pacific Life	$1.6B	3.18%	n/a
9	Massachusetts Mutual Life	$1.4B	2.83%	n/a
10	Berkshire Hathaway	$1.3B	2.66%	n/a
11	Delaware Life	$1.1B	2.26%	n/a
12	USAA Life	$962M	1.96%	n/a
13	State Farm Life	$941M	1.91%	n/a
14	Western Southern Group	$920M	1.87%	n/a
15	Liberty Life Assurance Company of Boston	$881M	1.79%	n/a
16	Northwestern Mutual Life	$820M	1.67%	n/a
17	Prudential Annuities	$816M	1.66%	n/a
18	Nationwide	$800M	1.63%	n/a
19	Jackson National Life	$728M	1.48%	n/a
20	Midland National	$701M	1.43%	n/a

Industry Growth (2015 to 2025)

$23.9B

Single-Year Carrier Record

Athene’s 2023 sales figure is the highest single-year total by any carrier in the Top 20 across all 11 years.

7 Years

Consecutive #1 for NYL

New York Life held the top spot from 2015 through 2021 before Athene took the crown in 2022. NYL bounced back to #2 in 2025.

113%

Biggest Single-Year Jump

The industry grew 113% from 2021 ($53.1B) to 2022 ($113.0B) as the Fed’s rate hikes made MYGAs irresistible to consumers.

The Rise of PE-Backed Carriers

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.

Carriers That Disappeared from the Top 20

Not every story in this data is a growth story. Several carriers prominent in 2015–2016 have since fallen off the Top 20 entirely:

• Principal Financial Group (peak #4): Ranked #4 in 2016 with $2.5B. Not in the Top 20 since 2020.
• MetLife (peak #5): Ranked #5 in 2015 with $2.1B. Disappeared from the MYGA rankings after 2019.
• Berkshire Hathaway (peak #9): Peaked at #9 in 2017, then vanished after 2019.
• State Farm Life (peak #13): Appeared in 2015 and 2016, then exited the Top 20 for good.
• AIG Companies → Corebridge Financial (rebrand): Ranked #2 from 2015 through 2019, then rebranded as Corebridge Financial starting in 2022.

Concentration Is Declining: Good News for Consumers

• In 2017, the Top 5 carriers controlled over 46% of the entire MYGA market.
• New York Life alone held a 21% share.
• By 2025, the Top 5 share has dropped to around 35%, and no single carrier holds more than 11%.

This deconcentration means more competition, which translates directly into better rates for consumers. When 90+ top annuity companies 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 of the 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.

Market Concentration (Top 5 & Top 20 Share)

Data table: Top 5 and Top 20 share of industry sales, by year

Year	Industry ($B)	Top 20 ($B)	Top 20 Share	Top 5 ($B)	Top 5 Share
2015	$49.2B	$38.3B	77.9%	$21.9B	44.5%
2016	$56.5B	$42.6B	75.4%	$23.3B	41.2%
2017	$50.3B	$38.3B	76.1%	$23.4B	46.4%
2018	$63.9B	$48.7B	76.3%	$30.3B	47.4%
2019	$66.3B	$49.8B	75.1%	$28.5B	43.0%
2020	$52.1B	$41.5B	79.6%	$23.5B	45.0%
2021	$53.1B	$40.6B	76.5%	$23.3B	43.9%
2022	$113.0B	$84.8B	75.0%	$49.9B	44.1%
2023	$164.9B	$118.5B	71.8%	$67.9B	41.2%
2024	$153.2B	$120.6B	78.7%	$67.3B	44.0%
2025	$165.3B	$127.7B	77.2%	$64.9B	39.3%

Consistent Sales Leaders

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.

Rank Movement: Top Carriers Across Years

Shows rank position each year. Blank = not in Top 20. Blue = top 3, light blue = top 10, yellow = 11-15, red = 16-20.

Carrier	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
New York Life	1	1	1	1	1	1	1	1	4	4	2
Massachusetts Mutual Life	9	6	6	5	4	2	2	2	2	2	3
Pacific Life	8	5	4	6	5	12	10	7	10	16	7
Western Southern Group	14	15	10	7	7	6	6	5	6	8	8
Symetra Financial	7	8	7	8	8	8	5	11	7	13	10
USAA Life	12	13	13	11	11	17	8	8	12	11	5
Delaware Life	11	14	11	12	12	13	15	15	9	9	12
Global Atlantic Financial Group	–	3	3	3	3	5	4	6	5	5	11
Athene Annuity & Life	–	19	–	16	–	9	16	3	1	1	1
Fidelity & Guaranty Life	–	–	18	18	–	18	9	9	8	6	14
AIG Companies	2	2	2	2	2	4	3	–	–	–	–
American National Insurance	–	–	14	–	17	–	13	16	11	7	9
Security Benefit Life	–	10	8	–	14	10	19	17	19	–	–
Reliance Standard Life Insurance	–	–	–	15	–	16	14	13	16	10	18
Principal Financial Group	4	4	5	4	6	19	–	–	–	–	–
Protective Life	–	–	–	10	15	15	17	–	–	12	13
Sammons Financial Companies	–	–	–	–	–	3	11	12	20	18	20
MetLife	5	9	15	13	9	–	–	–	–	–	–
Berkshire Hathaway	10	11	9	9	16	–	–	–	–	–	–
Great American	–	–	17	20	10	14	12	–	–	–	–
Lincoln Financial Group	6	–	–	–	19	–	–	–	15	19	19
Northwestern Mutual Life	16	17	16	17	20	–	–	–	–	–	–
Corebridge Financial	–	–	–	–	–	–	–	4	3	3	4
Nationwide	18	–	–	–	–	–	–	14	13	–	6
Jackson National Life	19	20	20	–	13	–	–	–	–	–	–

Reading the Heatmap: Patterns Worth Noting

7 companies made it in the Top 20 all 10 years:

1. New York Life,
2. MassMutual,
3. Western Southern Group,
4. Symetra Financial,
5. Pacific Life,
6. USAA Life, and
7. Delaware Life.

That consistency across rate cycles, regulatory changes, and market disruptions speaks to the strength of their distribution and balance sheets.

The Newcomers:

• Corebridge Financial first appears in 2022 after the AIG rebrand and immediately claimed #4.
• Protective Life has been in and out, but their 2024 (#12) and 2025 (#13) showings suggest building momentum.
• TIAA’s 2025 debut at #16 is one to watch.

The Volatility: These swings reflect how quickly the competitive dynamics shift when carriers adjust their pricing strategies.

• Athene went from #16 in 2021 to #3 in 2022 to #1 in 2023.
• Sammons Financial went from #3 in 2020 to #20 in 2025.

Why Multi-Carrier Matters More Than Ever

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.

Related Resources

• What Is a MYGA? Complete Guide
• Best Fixed Annuity Rates Today
• Top 10 Best Fixed Annuity Companies
• Annuity Company Directory
• Ready to See Today’s Best MYGA Rates?