Equitable Annuity Review (2026)

Equitable, reviewed

Equitable Financial Life Insurance Company has been writing policies since 1859, back when it operated as The Equitable Life Assurance Society. It spent well over a century as a mutual insurer before demutualizing in 1992, then came under French insurer AXA's majority ownership as AXA Equitable. AXA fully exited through a 2018 public offering, and the company now trades on the NYSE as Equitable Holdings under the ticker EQH. Along the way it built a second major business line, majority ownership of the asset manager AllianceBernstein, alongside its insurance operations.

Equitable is best known today for something it invented rather than inherited: the registered index-linked annuity, or RILA, a product category it launched in 2010 and has led in sales every year since.

Equitable's history: from AXA Equitable to RILA leader

Most people still associate this carrier with its old French parent, but the fuller story runs further. Founded in 1859, spun out from AXA through a 2018 IPO, and fully independent since AXA's exit, Equitable Holdings is now a U.S.-listed company in its own right. On March 26, 2026 it announced an all-stock combination with Corebridge, the former AIG annuity business, in a deal valued near $22 billion and targeted to close before year-end; both companies' stockholders approved the deal on July 30, 2026. That announcement is why AM Best currently lists Equitable's rating as under review with developing implications rather than stable, a status that should resolve once the transaction concludes or falls through.

Equitable financial strength ratings

An A from AM Best keeps Equitable in the Excellent tier, one step below the very top A+ grade, while S&P actually scores it a notch higher. With close to $1 trillion in total assets, Equitable ranks among the largest financial services companies in the country by that measure alone.

A rating measures the company, not the product. It tells you how likely the insurer is to pay its obligations, not whether a particular annuity fits your plan.

One thing worth flagging before you dig further: in 2022, Equitable paid a $50 million penalty to settle SEC charges that it sent account statements understating fees to roughly 1.4 million variable annuity investors, many of them public school teachers, for conduct going back to at least 2016. No policyholder funds were lost, and Equitable has since revised how it reports fees, but it is a fair data point to weigh alongside the financial strength ratings.

What annuities does Equitable sell?

Equitable's lineup is built around securities-registered products, which means a licensed financial professional has to be the one presenting them to you:

• Structured Capital Strategies PLUS: Equitable's flagship RILA, pairing a partial buffer against losses with market-linked upside capped at a declared rate. There is no separate annual fee; the cost sits inside the cap. Both commission and fee-based versions are available, and it is the top-selling RILA in the country.
• Structured Capital Strategies Income: a RILA built around income distribution for buyers closer to or already in retirement.
• Investment Edge Variable Annuity: a growth-oriented variable annuity with more than 100 fund choices and a 5-year declining surrender schedule.
• Retirement Cornerstone Variable Annuity: an income-focused variable annuity with an optional guaranteed minimum income benefit rider and a 7-year surrender schedule.
• Guaranteed Growth Strategies: a traditional fixed annuity available for 3, 5 or 7 years, built for buyers who would rather take a simple guaranteed rate than accept any market exposure.
• EQUI-VEST: a group variable annuity built for 403(b) workplace retirement plans, widely distributed to K-12 school employees.

Who is Equitable best for?

• Pre-retirees roughly 50 to 65 who want equity market upside with a defined buffer against loss and are comfortable trading some gain for that protection.
• Teachers, nurses and other public employees with a 403(b) plan through their employer; Equitable serves more than 820,000 K-12 plan participants.
• Fee-based advisory clients who can access commission-free RILA share classes through a registered investment adviser.
• Buyers who want guaranteed lifetime income built into a variable annuity, through the Retirement Cornerstone GMIB rider.

Equitable is not the right fit if you want a simple guaranteed rate with zero market exposure, prefer a mutual company over a publicly traded one, or want to buy without a licensed professional's involvement; RILA and variable annuity contracts do not allow a self-directed purchase.

Other annuity companies to consider

• Corebridge: Equitable's announced merger partner, also A rated
• Allianz: a large FIA carrier for buyers who want indexed growth without securities registration
• American Equity: another major carrier worth comparing for fixed and index annuities
• Jackson National: a leading variable and RILA competitor