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Best Annuity Companies of 2024

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    The Best Annuity Companies in 2023

    Annuity products are very customizable which is likely why they’ve gotten a reputation for being too complicated over the years.

    While the best annuity company for you will be determined by your individual goals and objectives, our Best Annuity Companies of 2023 will compare and rank annuity companies based on a handful of variables.

    Each year the LIMRA Secure Retirement Institute publishes U.S. Individual Annuity Sales Rankings and breaks out the top 20 Annuity Companies. The results for 2022 have just been announced so let’s dive into the best annuity companies based on total individual U.S. Annuity sales in 2022.

    Best Fixed Annuity Companies Based on Total Sales

    Total annuity sales were $310.6 billion in 2022, beating the record set in 2008 by 17% according to preliminary results from LIMRA’s U.S. Individual Annuity Sales Survey.

    Here is the 2022 sales breakdown by type of annuity:

    The table below lists the 20 best annuity companies in order based on total annuity sales.

    Company name Total
    New York Life $23,244,645
    Athene Annuity and Life $20,689,767
    Corebridge Financial $20,161,494
    Mass Mutual $18,795,460
    Equitable Financial $15,158,901
    Jackson National Life $14,899,969
    Allianz Life $14,069,689
    Lincoln Financial Group $12,101,204
    Pacific Life $11,447,346
    Nationwide $11,140,200
    Brighthouse Financial $10,960,124
    Global Atlantic Financial Group $9,463,892
    Sammons Financial Companies $8,611,720
    Fidelity & Guaranty Life $8,294,766
    Western Southern Group $7,757,264
    TIAA $7,626,446
    Symetra Financial $6,123,094
    Prudential Annuities $6,116,206
    USAA Life $5,972,015
    Security Benefit Life $4,502,972

    Best Indexed Annuity Companies

    The table below lists the best-indexed annuity companies based on total sales in 2022. An interesting point to note is Athene, Allianz, and Corebridge (AIG) have finished in the exact 1,2,3 order for the last 3 years.

    If you are considering an indexed annuity all three of these annuity companies may warrant consideration.

    RankCompany nameIndexed
    1Athene Annuity and Life $10,069,119
    2Allianz Life $8,193,195
    3Corebridge Financial $6,689,473
    4Sammons Financial Companies $5,567,141
    5Fidelity & Guaranty Life $4,550,211
    6Mass Mutual $4,375,100
    7Global Atlantic Financial Group $4,151,070
    8Nationwide $3,984,900
    9Security Benefit Life $3,373,386
    10American Equity $3,164,399

    Safest Annuity Companies

    The table below lists the safest annuity companies based on their financial ratings. Each of these rating agencies is a Nationally Recognized Statistical Rating Organization (NRSRO)

    The SEC allows NRSROs to offer ratings to insurers that demonstrate the strength of the various insurance companies’ reserves. The letter grades can get a little confusing since each agency has its own scale; I personally find the Comdex Score the easiest to compare.

    The Comdex Score is an aggregate of all the other agencies and the rating represents what percentile an annuity company is in among all rated insurers. 

    There are only 3 insurance companies that have attained a Comdex Score of 100:

    1. New York Life
    2. Northwestern Mutual
    3. General Re Life insurance Company

    You can search our financial ratings database to learn the ratings of more than 550 insurance companies.

    Insurance Co.AM BestS&PMoody'sFitchWeissComdex
    Massachusetts Mutual Life InsA++ (1)AA+ (2)Aa3 (4)AA+ (2)A- (3)98
    MML Bay State Life Ins CoA++ (1)AA+ (2)Aa3 (4)AA+ (2)B (5)98
    State Farm Life & Acc Assur CoA++ (1)AA (3)Aa1 (2)A+ (1)98
    State Farm Life Ins CoA++ (1)AA (3)Aa1 (2)A+ (1)98
    Berkshire Life Ins Co of AmerA++ (1)AA+ (2)AA+ (2)B (5)99
    Guardian Ins & Ann Co IncA++ (1)AA+ (2)Aa2 (3)AA+ (2)B (5)99
    Guardian Life Ins Co of AmerA++ (1)AA+ (2)Aa2 (3)AA+ (2)A (2)99
    Teachers Ins & Ann AssocA++ (1)AA+ (2)Aa1 (2)AAA (1)A+ (1)99
    Thrivent Finl for LutheransA++ (1)AA+ (2)99
    TIAA-CREF Life Ins CoA++ (1)AA+ (2)Aa1 (2)AAA (1)B (5)99
    USAA Life Ins CoA++ (1)AA+ (2)Aa1 (2)A (2)99
    USAA Life Ins Co of NYA++ (1)AA+ (2)Aa1 (2)B+ (4)99
    Berkshire Hathaway Life of NEA++ (1)AA+ (2)C+ (7)100
    General Re Life CorporationA++ (1)AA+ (2)C (8)100
    New York Life Ins & AnnA++ (1)AA+ (2)Aaa (1)AAA (1)B+ (4)100
    New York Life Ins CoA++ (1)AA+ (2)Aaa (1)AAA (1)A- (3)100
    Northwestern Long Term CareA++ (1)AA+ (2)Aaa (1)AAA (1)B (5)100
    Northwestern Mutual Life InsA++ (1)AA+ (2)Aaa (1)AAA (1)B+ (4)100

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