Which fixed index annuity company should you look at first?
No single carrier wins for every buyer. Athene has led the market in fixed index annuity sales for three years running and offers some of the deepest index menus available, which suits buyers focused on growth. Allianz Life is the strongest choice if guaranteed lifetime income is your priority, thanks to its long track record with income riders. Corebridge Financial and Nationwide are worth a look if you want a broad product lineup from a household name. The right pick depends on whether you value growth, income, financial strength or simplicity most, so compare at least two or three carriers against your own goals before choosing.
The 10 largest fixed index annuity carriers
Every year, LIMRA tracks how much fixed index annuity premium each carrier sells through its individual annuity sales survey, and 2025 set a new record at $127.9 billion industrywide. Ranked by that sales figure, here are the 10 largest FIA carriers. Tap through any name below for our full carrier review:
- Athene Annuity & Life
- Allianz Life of North America
- Corebridge Financial
- Sammons Financial Companies
- American Equity Investment Life
- Fidelity & Guaranty Life
- Nationwide
- Global Atlantic Financial Group
- Delaware Life
- Security Benefit Life
| Rank | Carrier | 2025 sales | Market share | vs. 2024 |
|---|---|---|---|---|
| 1 | Athene Annuity & Life | $15.0B | 11.7% | No change |
| 2 | Allianz Life of North America | $11.7B | 9.1% | No change |
| 3 | Corebridge Financial | $10.0B | 7.8% | Up 1 |
| 4 | Sammons Financial Companies | $9.5B | 7.5% | Down 1 |
| 5 | American Equity Investment Life | $7.2B | 5.6% | No change |
| 6 | Fidelity & Guaranty Life | $6.7B | 5.2% | Up 1 |
| 7 | Nationwide | $6.1B | 4.8% | Down 1 |
| 8 | Global Atlantic Financial Group | $5.7B | 4.5% | No change |
| 9 | Delaware Life | $5.6B | 4.4% | Up 8 |
| 10 | Security Benefit Life | $5.0B | 3.9% | No change |
Figures are rounded to the nearest $100 million and come from LIMRA's Secure Retirement Institute survey of 2025 individual FIA sales.
Athene held the top spot for a third year in a row. The biggest mover was Delaware Life, which jumped 8 spots to crack the top 10 for the very first time.
Something else is worth flagging here: carriers with private equity ownership, namely Athene, Corebridge, F&G, Global Atlantic and Security Benefit, together control a share of FIA sales that has climbed sharply over the past several years as that ownership structure has become far more common in the industry. The other five names on the list, American Equity, Delaware Life, Nationwide, Sammons and Allianz, are traditional mutual or stock insurers, and they still lead among buyers whose main goal is guaranteed income rather than growth.
Which carrier fits which goal
No single company wins across every category. Based on current product lineups and general market reputation, here is where a few of the top carriers tend to stand out:
| Category | Carrier | Why it stands out |
|---|---|---|
| Overall growth potential | Athene | Broad index menu and consistently competitive participation rates; the top seller in the category for 2025 |
| Income riders | Allianz Life | A long track record of guaranteed lifetime withdrawal benefit riders with competitive terms across age bands |
| Accumulation-focused product | Athene Aviator 5 | A 5-year surrender aimed at growth, without an income rider fee working against your credits |
| Financial strength | Allianz Life | A+ (Superior) from AM Best, backed by the global reach of its parent company |
| Cap rates | Nationwide | Regularly competitive S&P 500 crediting, with a return-of-premium option on select contracts |
| Simplicity for first-time buyers | MassMutual Ascend | Straightforward product design and an A++ (Superior) AM Best rating, the highest tier available |
Treat this table as a starting point, not a personal recommendation. The right carrier for you depends on your own age, goals and risk tolerance, so get a quote to see how a handful of these carriers price out for your situation specifically.
A closer look at the top 10
Athene Annuity & Life, founded in 2009 and backed by Apollo Global Management, holds the number one spot in FIA sales for the third straight year. Its lineup spans roughly a dozen crediting strategies across indices like the S&P 500, PIMCO Tactical Balanced and several proprietary volatility-controlled benchmarks, with participation rates on some uncapped strategies that price well above 100% in a strong index year. Athene also carries one of the widest surrender-term ranges in the market, from 5 years up to 14. It tends to suit accumulation-focused buyers age 55 to 65 who want maximum upside and are comfortable with private-equity ownership; buyers who specifically want the strongest income rider terms may find better numbers at Corebridge or Allianz.
Allianz Life of North America, the number two seller, holds an A+ (Superior) AM Best rating and is affiliated with the German insurer Allianz SE. It is best known for the strength and flexibility of its income riders, making it a common pick for buyers who know they want guaranteed lifetime income eventually.
Corebridge Financial, previously part of AIG and now an independent public company, ranks third and offers one of the broadest FIA product lineups of any carrier on this list, spanning both growth-focused and income-focused contracts.
Sammons Financial Companies, parent to more than one well-known annuity brand, holds the fourth spot with a diverse product shelf spanning several surrender lengths and crediting approaches.
American Equity Investment Life, one of the longer-standing dedicated FIA carriers, ranks fifth and is known for income riders with contractually fixed payout structures that are simple to project.
Fidelity & Guaranty Life climbed one spot to sixth, with a lineup that spans both accumulation and income-focused contracts at competitive pricing.
Nationwide, a familiar name well beyond annuities, dropped one spot to seventh but remains known for consistently competitive cap rates and a return-of-premium option on select products.
Global Atlantic Financial Group holds eighth place with a product shelf that includes some of the higher roll-up rates available on income riders in the current market.
Delaware Life was 2025's biggest riser, climbing 8 spots into ninth place and cracking the top 10 for the very first time, a sign of an aggressively growing FIA business.
Security Benefit Life, based in the Midwest, rounds out the list in tenth with a mixed lineup of accumulation and income products.
Ranking on sales volume alone does not tell you which carrier is right for your situation. A carrier can sell a huge amount of premium because its distribution reaches thousands of agents, not necessarily because its specific product beats every competitor on the terms that matter to you. Two contracts from carriers ranked fourth and ninth on this list can easily out-price a contract from the carrier ranked first, depending on the term, the deposit size and your state. Use this list to narrow down which carriers are worth a closer look, then compare actual product terms before deciding.
Rates, caps and rider terms shift often across every carrier on this list, and they vary by state and deposit size. Request a quote to compare current terms across two or three of these companies side by side before you decide.
Frequently asked questions
Which fixed index annuity company is the best?
Multiple carriers have a fair claim, and the right pick depends on what you value. Athene tends to lead for accumulation thanks to strong participation rates and a wide index selection. Allianz Life stands out for income riders. Corebridge Financial offers one of the broadest product lineups. Which one fits you depends on whether growth, guaranteed income or product variety matters most for your plan.
Are fixed index annuities considered a safe product?
Yes, in the sense that your principal cannot drop because of a bad index year. A built-in floor keeps your account value from falling due to market losses. That guarantee rests on the issuing insurer's financial strength and, as a backup, your state's guaranty association up to a set limit, so check the carrier's AM Best rating and your state's coverage before you buy.
What does a fixed index annuity typically cost?
Most base FIA contracts carry no annual fee at all. If you add an optional income rider, expect roughly 0.75% to 1.25% a year taken from your account value. Some enhanced crediting strategies built for higher participation rates charge separately, often 1.00% to 1.50% annually. Beyond that, only withdrawals above your penalty-free amount inside the surrender window trigger a charge.
What kind of average return does a fixed index annuity earn?
Illustrated results commonly show returns somewhere between 4% and 10% a year depending on the index and crediting method, though these figures are examples, not promises. In a flat or down market year, the floor keeps you from losing money, but you also will not earn a credit that year. Stretched over longer periods, many contracts have averaged closer to 5% or 6% a year.
Is it possible to lose money in a fixed index annuity?
The index-loss floor keeps your account value from dropping when the market has a bad year, which is the whole point of buying an FIA. What can reduce your value instead is an optional rider fee charged every year, or a surrender charge if you take out more than your free withdrawal amount while still inside the surrender window. Pick a term that matches how soon you might need the money.
What are the biggest downsides of a fixed index annuity?
The biggest drawbacks are the surrender period, often 7 to 10 years, during which early withdrawals beyond the free amount trigger a charge; caps and participation rates that limit how much of an index gain you actually receive; and crediting formulas that can be genuinely hard to compare across carriers. Treat it as one slice of a broader retirement plan, never the whole plan.
How is a fixed index annuity taxed?
Growth inside an FIA is tax-deferred until you take it out. Withdrawals from a qualified contract, one funded through an IRA or 401(k), are fully taxable as ordinary income. In a non-qualified contract, a last-in, first-out rule means the gain comes out and gets taxed first, and only after that is exhausted do you reach the money you already paid tax on.
Which fixed index annuity is strongest in today's market?
Among current market leaders, Athene, Allianz Life and Corebridge come up most often. Athene leads on participation rates and sales volume, Allianz Life on income rider strength, and Corebridge on the breadth of its product lineup. Which is actually best for you still comes down to your own timeline and goals.
Who should avoid buying a fixed index annuity?
Skip an FIA if you need full access to the money within the next 7 years, want unlimited upside with no cap on gains, are chasing a short-term trade, or do not already have other liquid savings outside the contract. An FIA fits best as a supporting piece of a wider retirement mix, not a stand-alone holding.
How should I compare fixed index annuity companies?
Weigh five things: the carrier's financial strength (AM Best A- or better), its current crediting rates and history of renewal rates, product features like free withdrawals and death benefits, how competitive its income rider is if you want one, and which indices are available to you. Line up three or four options against each other and check whether the term length still fits how much liquidity you need to keep.
Written and reviewed by
James Forren Warren
Licensed Retirement Income Strategist · License #20551202
James Forren Warren is a licensed Retirement Income Strategist with Tax Free Wealth Plan. For the past five years he has helped individuals and families turn their savings into retirement income they can count on. He writes and reviews the annuity research on this site and keeps it plain: what a product does, what it costs you, and who it actually fits.
Sources
Educational only, not investment, tax or legal advice. Tax Free Wealth Plan LLC is a licensed insurance agency, not a registered investment adviser or broker-dealer. Annuities are not bank deposits, are not FDIC insured and are not guaranteed by any government agency. Guarantees are backed solely by the claims-paying ability of the issuing insurance company. Features, rates and availability vary by state and change over time; the contract and disclosure documents govern.
