Should I buy Global Atlantic or American Equity annuities?
Choose Global Atlantic if a one-notch stronger AM Best rating matters to you, or if you want the option of a registered index-linked annuity alongside a fixed index annuity. Choose American Equity if you are buying specifically for a lifetime income rider, since the company has built its business around guaranteed withdrawal benefits for more than two decades. Both carriers sit in AM Best's A range rather than the top A+ tier, so neither fits a buyer who requires the highest possible rating.
Global Atlantic vs American Equity at a glance
| AM Best rating | Global Atlantic: A (Excellent). American Equity: A- (Excellent) |
|---|---|
| Founded | Global Atlantic: 2004. American Equity: 1995 |
| Owner | Global Atlantic: KKR & Co. American Equity: Brookfield Reinsurance |
| Headquarters | Global Atlantic: New York, New York. American Equity: West Des Moines, Iowa |
| Product focus | Global Atlantic: FIA, fixed and RILA. American Equity: FIA specialist, income riders |
Carrier background
An annuity is only as good as the company standing behind it, and since these are contracts that can run for decades, a carrier's history and capital base matter as much as anything printed on the illustration.
Global Atlantic launched in 2004 and is headquartered in New York. American Equity has been around since 1995 and runs out of West Des Moines, Iowa. Both are large by any normal measure. Global Atlantic reports assets north of $150 billion; American Equity reports assets north of $75 billion. Both are licensed to sell in every state.
The bigger shift for both companies came through ownership. KKR, the global alternative investment firm, bought Global Atlantic in 2021. Brookfield Reinsurance finished its purchase of American Equity in 2024. Both carriers are now backed, and in part managed, by firms whose core business is credit and alternative investing rather than traditional insurance portfolio management. That is a meaningful shift in how their reserves are invested, and it is part of what each carrier's AM Best rating already accounts for.
| Global Atlantic | American Equity | |
|---|---|---|
| Founded | 2004 | 1995 |
| Headquarters | New York, New York | West Des Moines, Iowa |
| Parent company | KKR & Co. Inc. | Brookfield Reinsurance Ltd. |
| Total assets | $150 billion or more | $75 billion or more |
| States served | All 50 states plus DC | All 50 states plus DC |
Financial strength ratings
Global Atlantic edges American Equity by a single notch. AM Best rates Global Atlantic A (Excellent) and American Equity A- (Excellent). On S&P's scale, Global Atlantic sits at A- while American Equity carries BBB+.
Neither company reaches the A+ or A++ tier occupied by carriers like Nationwide, New York Life or MassMutual. That does not disqualify either one; it just means a buyer who insists on the top tier of AM Best's scale should look elsewhere. For everyone else, both carriers clear a reasonable bar for claims-paying ability.
| Rating agency | Global Atlantic | American Equity |
|---|---|---|
| AM Best | A | A- |
| S&P | A- | BBB+ |
| Moody's | Not rated | Not rated |
| Fitch | Not rated | Not rated |
A rating measures the company, not the product. It tells you how likely the insurer is to meet its obligations, not whether a specific annuity fits your plan.
Product lineups
Global Atlantic's shelf centers on fixed index annuities, most notably its ForeAccumulation and ForeIncome product families, alongside traditional fixed annuities and registered index-linked annuities. Its crediting menu spans S&P 500 point-to-point strategies, multi-year term options and blended-index approaches, and the ForeIncome line has become a go-to pick for buyers who want accumulation with an income rider attached.
American Equity has spent three decades as one of the highest-volume FIA writers in the country. Its lineup runs through AssetShield for accumulation, IncomeShield for income, and its Integrity series, all built on the company's long history designing guaranteed lifetime withdrawal benefits. Its MYGA presence is thinner by comparison. A buyer set on an FIA built specifically around an income rider will find American Equity's depth in that niche hard to match.
| Global Atlantic | American Equity | |
|---|---|---|
| Annuity types | MYGA, fixed index, immediate income (SPIA), RILA | MYGA, fixed index |
| Flagship line | ForeIncome | IncomeShield |
| Known for | Multi-index crediting, RILA access | FIA income rider depth |
How the two carriers compare beyond rates
Rates on any FIA move constantly with hedging costs and carrier pricing decisions, so a snapshot number goes stale fast. The more durable comparison is structural: Global Atlantic has historically been competitive at the shorter MYGA terms, though it is not typically the outright rate leader, while American Equity has built its reputation more around FIA volume than MYGA pricing.
For an FIA purchase specifically, the number that matters is the current cap or participation rate on the exact strategy you are considering, not a headline carrier reputation. Both companies run S&P 500 point-to-point options, and American Equity in particular has a track record of pricing aggressively at points in its history, which helped build its volume lead. Compare live numbers on the products you are actually looking at before deciding.
Customer service and complaints
American Equity's NAIC complaint index has historically run above the industry average, a byproduct of both high premium volume and the added complexity of FIA income riders, though the most recent figures show improvement. Global Atlantic's complaint index sits closer to the industry baseline, reflecting a book of business that is smaller but growing.
Both carriers have modernized their back-office operations since their respective ownership changes. American Equity's service team has deep, specific experience with income rider questions and multi-contract situations. Global Atlantic benefits from the systems investment that came with KKR's ownership. For routine issue and servicing needs, either carrier performs adequately; for complicated income rider cases, American Equity's specialization gives it an edge.
Should you choose Global Atlantic or American Equity?
Choose Global Atlantic if a higher AM Best rating matters to you, you want the option to add a RILA alongside your FIA, or you specifically want a carrier invested under KKR's institutional model with access to multi-index, volatility-controlled crediting strategies.
Choose American Equity if you want the most experienced pure FIA specialist by volume, you are buying primarily for an income rider and want a company with two-plus decades of guaranteed lifetime withdrawal benefit history, or the AssetShield or IncomeShield product design fits what you are trying to accomplish.
Look elsewhere if the top AM Best tier is a requirement. Both carriers sit in the A range, one notch or more below A+. Midland National and other A+ carriers offer competing FIA lineups with a higher rating floor.
Which is better: Global Atlantic or American Equity?
There is no clean winner here, only a tradeoff. Global Atlantic carries the stronger rating and the wider product menu, including RILA access American Equity does not have. American Equity counters with unmatched depth in FIA income rider design and three decades of specialization in that exact niche.
If you have already settled on a fixed index annuity and are down to these two names, the real decision point is the specific product: the current cap and participation rate, the income rider's roll-up percentage and payout factors, and the crediting strategy attached to the contract you are actually considering. With both carriers rated in the A range, financial strength should not be the deciding factor between them; the product design should be.
Other carriers to consider
- Midland National: A+ rated, with a broad MYGA and FIA lineup
- Athene: a large, rate-competitive FIA and MYGA issuer
- Nationwide: higher-rated FIA options with broad distribution
- Aspida: a newer, rate-focused carrier in a similar ownership mold
Frequently asked questions
Is Global Atlantic or American Equity the stronger carrier?
Global Atlantic holds an A (Excellent) from AM Best, one notch above American Equity's A- (Excellent). Both are legitimate, claims-paying carriers, and neither reaches the A+ or A++ tier held by carriers such as Nationwide or New York Life.
What companies own these two carriers now?
Global Atlantic became part of KKR, the large alternative asset manager, in 2021. American Equity finished its sale to Brookfield Asset Management in 2024. Reserves at both carriers are now steered by institutional investment firms rather than a traditional in-house insurance portfolio team.
Which carrier is the stronger choice for an income rider?
American Equity has the longer résumé here, with over twenty years building guaranteed lifetime withdrawal benefits and enough premium volume to rank among the largest FIA writers in the country. Its IncomeShield line is purpose-built for income. Global Atlantic also sells income riders, but its lineup leans more evenly between accumulation and income.
Does Global Atlantic sell a RILA?
It does. Global Atlantic offers registered index-linked annuities in addition to its fixed index and fixed annuity products, which lets a buyer accept some downside exposure in exchange for a higher potential ceiling than a standard FIA allows. American Equity does not currently offer a RILA.
How do I compare FIA cap rates between these two carriers?
Cap and participation rates shift often as hedging costs and carrier pricing change, so the only reliable method is pulling current illustrations from both carriers for the same index strategy, typically an annual S&P 500 point-to-point. A licensed strategist can request both at once so you are looking at numbers from the same day.
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.
