The MYGA Annuity Market Grew 236% in a Decade
We compiled the most complete public analysis of who is winning the MYGA sales race, including everyone who rode that wave and everyone who did not.
Our research covers 220 carrier-year records from an 11-year period, drawing on LIMRA U.S. Individual Annuity Sales data and 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.
Total Industry MYGA Sales (2015–2025)
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.
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 (click legend to toggle)
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.
236%
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
| Rank | Carrier | Sales | Mkt Share | Relative Size | vs Prior Yr |
|---|
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:
-
Peak
#4Principal Financial Group Ranked #4 in 2016 with $2.5B. Not in the Top 20 since 2020. -
Peak
#5MetLife Ranked #5 in 2015 with $2.1B. Disappeared from the MYGA rankings after 2019. -
Peak
#9Berkshire Hathaway Peaked at #9 in 2017, then vanished after 2019. -
Peak
#13State Farm Life Appeared in 2015 and 2016, then exited the Top 20 for good. -
→AIG Companies → Corebridge Financial 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 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 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)
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.
Reading the Heatmap: Patterns Worth Noting
7 companies made it in the Top 20 all 10 years:
- New York Life,
- MassMutual,
- Western Southern Group,
- Symetra Financial,
- Pacific Life,
- USAA Life, and
- 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
