Who are the Best Fixed Index Annuity Companies?
Fixed Index Annuities have increased in popularity over the last five years, resulting in many more top-rated annuity companies entering the market. In this article, we’ll list the top ten best fixed indexed annuity companies based on total sales in 2024.
So, without further ado, let’s get started.
The Top 10 Fixed Indexed Annuity Companies
Best Fixed Indexed Annuity Companies by the Numbers
Each year, the Secure Retirement Institute publishes total U.S. Individual Fixed Annuity Sales and breaks out the results for the top 20 Annuity Companies.
In addition to overall annuity sales, they also break out the results into variable annuity, fixed annuity, and fixed index annuity sales. Total US fixed index annuity sales were $110.2 billion in 2024. (Source: LIMRA U.S. Individual Annuities Sales Survey)
The table below lists the 10 best-fixed index annuity companies based on U.S. Individual Fixed Index Annuity Sales (sales results are in Billions).
| Rank (2024) | Annuity Company | Indexed |
|---|---|---|
| 1 | Athene | $13,620,533 |
| 2 | Allianz | $12,809,835 |
| 3 | Sammons Financial | $12,143,103 |
| 4 | Corebridge Financial | $9,233,332 |
| 5 | American Equity | $7,425,474 |
| 6 | Nationwide | $6,949,000 |
| 7 | Fidelity & Guaranty | $6,560,016 |
| 8 | Global Atlantic | $6,402,201 |
| 9 | Massachusetts Mutual | $5,185,663 |
| 10 | Security Benefit Life | $4,701,020 |
Source: Secure Retirement Institute* U.S. Individual Annuities Sales Survey
Best Fixed Index Annuity Companies Since 2015
Allianz Life, Athene, and Corebridge (formerly AIG) have been the best fixed index annuity companies for the last decade. As you can see below, they have each been in the top 3 in fixed index annuity sales until 2024, when Corebridge dropped down to the number four spot.
If you are considering a fixed index annuity, I would say that each of these annuity companies warrants your consideration.
| Annuity Company | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|
| Allianz | 2 | 1 | 2 | 2 | 2 | 1 | 1 | 1 | 1 |
| Athene | 1 | 2 | 1 | 1 | 1 | 2 | 2 | 2 | 3 |
| Corebridge (formerly AIG) | 4 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 5 |
The best annuity for you will be determined by your individual goals and objectives, but generally speaking, Allianz, Athene and AIG are the best fixed index annuity companies.
10 Best Fixed Index Annuity Companies
#1. Athene
| Athene Financial Ratings | Rating |
|---|---|
| 7700 Mills Civic Parkway, West Des Moines, IA 50266 | |
| A.M. Best Rating (15 possible ratings) | A (3) |
| Fitch Ratings (21 possible) | A (6) |
| Comdex (percentile of all rating companies) | 78 |
| Standard & Poor's (20 possible ratings) | A (6) |
#2. Allianz Life
| Allianz Life | Rating |
|---|---|
| 5701 Golden Hills Dr., Minneapolis, MN 55416 | |
| A.M. Best Rating | A+ |
| Moody's (21 rankings) | A1 (5) |
| Comdex (percentile of all rated companies) | 94 |
| Standard & Poor's (20 Possible Ratings) | AA (3) |
#3. Sammons Financial
| North American Company | Versa Choice 10 |
|---|---|
| Product Type | Fixed Index Annuity |
| Duration | 10 Years |
| Free Look Period | 20 Days |
| Maximum Issue Age | 79 |
| Minimum Purchase Premium | $20,000 |
| Free Withdrawal Provisions | 10% annually beginning year 1 |
#4. Corebridge
| American General Life Insurance Company | Rating |
|---|---|
| A.M. Best Company (Best's Ratings, 15 Ratings) | A (3) |
| Moody's (Financial Strength, 21 Ratings) | A2 (6) |
| Standard & Poor's (Financial Strength, 20 Ratings) | A+ (5) |
| Fitch Ratings (Financial Strength, 21 Ratings) | A+ (5) |
| Weiss (Safety Rating, 16 Ratings) | B (5) |
| Comdex Ranking (Percentile in Rated Companies) | 82 |
#5. American Equity
| American Equity | Rating |
|---|---|
| 6000 Westown Pkwy, West Des Moines, IA 50266 | |
| A.M. Best Rating (15 possible ratings) | A- (4) |
| Fitch (21 possible ratings) | A- (7) |
| Standard & Poor's (Financial Strength, 20 Ratings) | A- (7) |
| Comdex (percentile of all rating companies) | 60 |
#6. Nationwide
| Nationwide Life & Annuity Company | Rating |
|---|---|
| One Nationwide Plaza, Columbus, OH 43215 | |
| A.M. Best Rating (15 possible ratings) | A+ (2) |
| Moody's (21 possible ratings) | A1 (5) |
| Standard & Poor's (Financial Strength, 20 Ratings) | A+ (5) |
| Comdex (percentile of all rating companies) | 90 |
#7. Fidelity & Guaranty Life
| Fidelity & Guaranty Life Annuity Ratings | Rating |
|---|---|
| A.M. Best Company (Best's Ratings, 15 Ratings) | A- (4) |
| Moody's (Financial Strength, 21 Ratings) | Baa1 (8) |
| Standard & Poor's (Financial Strength, 20 Ratings) | A- (7) |
| Fitch Ratings (Financial Strength, 21 Ratings) | A- (7) |
| Comdex Ranking (Percentile in Rated Companies) | 62 |
#1 Annuity:
#8. Global Atlantic
| Global Atlantic Financial Group | Rating |
|---|---|
| A.M. Best Rating (15 possible ratings) | A (3) |
| Moody's (21 possible ratings) | A3 (7) |
| Fitch (21 possible ratings) | A (6) |
| Standard & Poor's (Financial Strength, 20 Ratings) | A- (7) |
| Comdex (percentile of all rating companies) | 75 |
#1 Annuity: Global Atlantic 150+SE
#9. Mass Mutual
| Massachusetts Mutual | Ratings |
|---|---|
| A.M. Best Rating (15 possible) | A++ (1) |
| Fitch (21 possible) | AA+ (2) |
| Standard & Poor's (20 possible) | AA+ (2) |
| Moody's (21 possible) | Aa3 (4) |
| Comdex | 98 |
#1 Annuity:
#10. Security Benefit
| Security Benefit Life | Rating |
|---|---|
| A.M. Best Rating (15 possible ratings) | A- |
| Standard & Poor's | A- |
| Standard & Poor's (Financial Strength, 20 Ratings) | A- |
| Comdex (percentile of all rating companies) | 57 |
#1 Annuity: Great American Legend 7
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Best Fixed Index Annuity Rates 2025
This list of best fixed index annuity rates is based on the highest S&P 500 annual point-to-point with a cap crediting strategy.
There are many other indexes and crediting options available; too many to list them here in a single table.
Visit our index annuity online store to view more best fixed index annuity rates for 2023.
| Insurer | Annuity | Rating | Cap | Term | |
|---|---|---|---|---|---|
| American Equity | FlexShield 10 | A- | 17% | 10 Years |
| SILAC | Denali 14 | B+ | 15.00% | 14 Years |
|
| SILAC | Denali 10 | B+ | 15.00% | 10 Years |
| GILICO | WealthChoice 10 | B+ | 12.00% | 10 Years |
| Nassau | Growth Annuity 10 | B+ | 11.25% | 10 Yrs |
|
| SILAC | Denali 7 | B+ | 11.00% | 7 Years |
| AIG | Power 7 Protector | A | 10.75% | 7 Years |
| Athene | Performance Elite 7 | A | 10.00% | 7 Years |
What is a Fixed Index Annuity?
A fixed index annuity is a type of fixed annuity that credits interest based on the performance of an external market index rather than a guaranteed annuity rate.
An indexed annuity offers an opportunity to earn more interest when the markets perform and provide downside protection from a potential market downturn.
NOTE: You may also hear fixed index annuities referred to as:
- FIA
- Equity Indexed Annuity
- EIA
- Hybrid Annuity
- Indexed Annuity
The below infographic illustrates where a fixed index annuity falls between a fixed annuity and variable annuity as well as other investment vehicles on the investment continuum.
Indexed annuities have increased in popularity largely because they offer the most growth potential of any investment that provides principal protection; especially where today’s CD rates are at.
How Do Fixed Index Annuities Credit Interest?
The amount of interest you will earn in a fixed index annuity is based on the performance of an external stock market index. You are not directly investing in the stock market, and you can not lose money in a fixed index annuity due to stock market declines.
If the index goes down, you earn zero percent, and if the index goes up, your annuity will earn a portion of the increase. The amount of interest a fixed index annuity earns is determined by crediting methods. Some of the crediting methods are a little tricky at first; I’ll explain each briefly below.
Point-to-Point
- This is the simplest and most common method.
- It compares the index value at the beginning of a period (e.g., one year) to the index value at the end of that period.
- If the index has increased, you receive a percentage of that increase, subject to caps, spreads, or participation rates.
- If the index decreases, you typically receive 0% interest for that period, protecting your principal.
- Multi-year point-to-point options are also available (e.g., two-year or five-year), comparing values over a longer period.
Annual reset (Annual point to point or less often, multi-year point to point)
- This method assesses the index’s performance annually and credits interest each year there’s a gain.
- Any interest earned is “locked in” and won’t be lost due to future market downturns.
- If the index goes down, you would earn zero percent, but your starting point for the upcoming year will be lower.
Monthly sum (or monthly point-to-point)
- This method looks at the index value each month, comparing it to the prior month.
- Monthly increases are capped, and the changes (positive and negative) are added up at the end of the year. A monthly decrease is not capped.
- If the final sum is positive, you receive that amount as interest.
- This method is more sensitive to monthly fluctuations than point-to-point methods.
Monthly average
- This method aims to smooth out volatility by averaging the index’s value over a year.
- The average is then compared to the starting index value, and a spread may be applied to determine the interest credited.
- It can be beneficial in volatile markets.
Performance-Triggered
- This method credits your annuity with a predetermined interest rate if the index change is equal to or greater than zero.
- This provides a guaranteed interest rate in flat or positive market conditions.
- Performance-triggered rates are usually lower than annual point-to-point caps.
Crediting Factors
One of these options is applied to the crediting methods above to determine the interest credited. An annual point-to-point with a cap is the most common.
- Caps: A maximum interest rate that can be credited. For example, if the index rises 7% but the cap is 1%, you only get 1%.
- Participation rates: Determine what percentage of the index increase will be used to calculate your interest. If the index gains 7% and the participation rate is 50%, you get 3.5%.
- Spreads (or index margins): A percentage subtracted from any index gain before interest is credited. If the index gains 7% and the spread is 5%, you get 2%.
Point to Point Crediting Example
Annual point to point uses the index value from only two points in time making it simple and straightforward to calculate.
Calculating index performance using the annual point-to-point method:
- Subtract the index at the end of the term from the value at the beginning of the term.
- If you have a positive number then the index has performed and you divide it by the starting value to get the percent increase.
Step #1: 107,000(end) – 100,000(initial) = 7,000 positive changes in the index value.
Step #2: 7,000 (end) / 100,000(initial) = 7% index performance.
Applying the Crediting Factors
There is three fixed index annuity crediting methods available in index annuities:
- Spread (Assume 2%)- index’s increase (7%) – spread (2%) = 5% interest earned.
- Cap – (Assume 5%) 100% of the index’s increase (7%) up to the cap(5%) = 5% interest earned.
- Participation Rate – (Assume 50%) The index’s increase 7% X (50%) = 3.50% (the participation rate) = interest earned.
Fixed Index Annuity vs. Variable Annuity
The line chart below compares the sales of variable annuities (VA) and fixed index annuities (FIA) in the United States from 2006 to 2020.
Variable annuities are represented by the blue line while the red line represents fixed indexed annuity sales.
As you can see, variable annuities have decreased in popularity significantly, while fixed index annuities are becoming increasingly popular.
VA sales decreased from approximately $185 billion in 2006 to ~$100 billion in 2020, while FIA sales increased from ~$75 billion to ~$120 billion during the same timeframe.
This is due in large part to the high cost and fees associated with variable annuities.
Typical Variable Annuity Fees
- M&E (mortality and expense) – average around .50%
- Sub-Account Fees – average 1.00%
- Optional Rider Fees (income rider or death benefit rider) – Average 1.00% each
Fixed Index Annuity Fees
- No Sub-Account Fees
- No M&E Fees
- Death Benefit is Full Account Value – No Fee
- Optional Income Riders – Typically .95% to 1.25% annually
Best Uncapped Fixed Index Annuities
Allianz, AIG, and Athene have all been innovators in the indexed annuity space, and I would attribute much of their success to that fact.
Specifically, they all have uncapped crediting strategies and offer proprietary volatility-managed indexes.
For more comprehensive information, read our best stock market index options available in an index annuity guide which ranks the top indexes and crediting strategies based on historical hypothetical returns.
Best Indexes Available in an Index Annuity
Based on historical back-testing, I’ve compiled a list of what I believe to be the best stock market indices available in a fixed index annuity with uncapped crediting options.
