Is Midland National a good annuity company?
Yes, Midland National is a solid, well capitalized carrier. It holds an A+ (Superior) rating from AM Best and sits inside Sammons Financial Group, a holding company that is entirely owned by its own employees through an ESOP rather than by public shareholders or private equity. Founded in 1906, Midland National is one of the larger writers of fixed index annuities in the country and prices its MYGAs competitively across most terms. A top tier rating paired with an ownership structure free of outside investors makes it a reasonable shortlist pick for a conservative buyer.
Midland National at a glance
| Legal name | Midland National Life Insurance Company |
|---|---|
| Parent company | Sammons Financial Group |
| Founded | 1906 |
| Headquarters | Sioux Falls, South Dakota, with administrative offices in West Des Moines, Iowa |
| AM Best rating | A+ (Superior) |
| S&P rating | A+ (Strong) |
| Moody's rating | A1 |
| Total assets | More than $65 billion |
| Products | MYGAs, fixed index annuities, single premium immediate annuities |
| States available | All 50 states plus D.C. |
Where Midland National sits on the AM Best scale
A+ is grade 2 of 13. Most buyers look for A- or better for a long-term contract.
- A++
- A+Midland National
- A
- A-
- B++
- B+
- B
- B-
- C++
- C+
- C
- C-
- D
Today's rates for Midland National
Rates change often and vary by state, term and deposit size. Get today's numbers for your state, side by side with other top-rated carriers. Free, with no obligation.
Midland National's financial strength
An A+ grade from AM Best puts Midland National one notch below the very top of the ratings scale, a tier only a handful of carriers, such as New York Life and Northwestern Mutual, manage to reach. S&P agrees, placing the company at A+ as well, and Moody's rates it A1.
| Rating agency | Rating | What it means | Outlook |
|---|---|---|---|
| AM Best | A+ | Superior | |
| S&P Global | A+ | Strong | |
| Moody's | A1 | Strong | |
| Fitch | Not rated |
Midland National sits under Sammons Financial Group, a privately held holding company based in Dallas that also controls North American, a sister carrier writing its own life insurance and annuity business. One parent, one balance sheet standing behind both names, even though the two sales forces compete for the same clients every day. Roughly $65 billion in assets and about a century and a quarter of continuous operation give Midland National a track record that includes the Depression era and several recessions since, without a break in paying claims, something worth weighing when you are locking money away for 5 or 7 years.
How Midland National is owned, and why it is unusual
What separates Midland National from most competitors, and what shorter reviews tend to skip, is who owns it. In 1978 Sammons Financial Group set up an Employee Stock Ownership Plan that today holds the entire company, ranking it among the largest employee-controlled financial firms anywhere in the country. No shares trade on any exchange, and no private equity sponsor is waiting to cash out. Supporters of that model point to a longer planning horizon and a more cautious approach overall, since leadership never has to satisfy a quarterly earnings call. Sioux Falls-born Midland National, chartered in 1906, and its Sammons sibling North American both land in AM Best's A+ tier as a result.
What annuities does Midland National sell?
Midland National focuses its shelf on three categories, with the deepest competitive strength in MYGAs and fixed index annuities:
- Multi-year guaranteed annuities. Midland's MYGA lineup fixes your rate for the entire term with zero market exposure, and its pricing regularly ranks among the strongest offers you will find once you line up several carriers' 3-year, 5-year and 7-year terms side by side.
- Fixed index annuities, split across two series aimed at different buyers. One is built for straightforward growth tied to benchmarks such as the S&P 500, and the other skips commissions entirely so fee-only advisors have an option to place for their clients. Neither lets your principal fall when the index drops.
- Single premium immediate annuities, aimed at anyone who would rather turn a lump sum into a paycheck now instead of waiting years for income to start. Deposit the premium, pick how long the payments run, and the checks begin.
Who is Midland National best for?
- Conservative accumulators placing $100,000 or more who insist on an A+ carrier and won't settle for A- or lower.
- Buyers cross-shopping North American's fixed index lineup, since the two companies answer to the same owner yet build genuinely different index and rider structures.
- MYGA shoppers anywhere in the country, since nationwide licensing means you won't hit a state roadblock mid-application.
- Anyone working with a fee-only advisor, thanks to the commission-free index annuity series built for that exact arrangement.
Other annuity companies to consider
- North American: Midland National's sister carrier under the same Sammons Financial parent
- Sammons Financial: the employee-owned holding company behind both carriers
Pros and cons
Pros
- A+ (Superior) rating from AM Best, one step below the highest grade available
- Owned by Sammons Financial Group, which is 100% employee owned through an ESOP with no outside shareholders
- Competitive MYGA pricing across most common terms
- A broad fixed index annuity shelf with several income rider options
- Available nationwide, in all 50 states plus D.C.
Cons
- Not every term leads the market when lined up against carriers willing to take on more investment risk
- Fixed index annuities with income riders take some explaining before a buyer can compare them fairly
- Shares a parent company with North American, so buyers sometimes need help telling the two apart
Frequently asked questions
How strong is Midland National's financial rating?
Solid. An A+ grade from AM Best puts the carrier in the second highest tier the agency assigns, one step below the small handful of A++ names in the industry. Beyond the company's own reserves, your state runs a guaranty fund that backstops annuity values up to a set dollar limit if a carrier were ever to fail; that figure differs from state to state, so check NOLHGA.com for your own state before you assume a specific number.
What kinds of annuity contracts can I get from Midland National?
Three categories: guaranteed rate multi-year contracts, index-linked growth contracts, and immediate income contracts that start paying right away. Term lengths, pricing tiers and even which products are approved shift by state, so a licensed strategist will need to confirm what is currently open where you live before quoting anything.
Can I purchase a Midland National annuity on my own?
No, not directly from the carrier. Midland National only distributes through licensed, appointed agents, and we can line up its current offerings against sister carrier North American plus other highly rated companies so you see the actual numbers before choosing a term.
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.
