Which company sells the most MYGAs?
Athene Annuity & Life has held the top spot every year since 2023, closing out 2025 with roughly $17.6 billion in sales and a 10.62% share of the market, based on the year's industry data. That said, the throne has changed hands more than once in the last decade. New York Life ran the table from 2015 through 2021 before Athene overtook it, and New York Life clawed its way back to second place in 2025. The bigger lesson in the numbers is that leadership shifts fast in this market, which is exactly why pricing your MYGA across several carriers, not just the current leader, tends to pay off.
MYGA industry sales history at a glance
| 2025 total industry MYGA sales | $165.3 billion, up 7.9% from 2024 |
|---|---|
| 2025 leading carrier | Athene Annuity & Life, $17.6B, 10.62% share |
| 2025 Top 20 concentration | 77.2% of total industry sales |
| Cumulative sales, 2015 to 2025 | $987.8 billion |
| Compound annual growth rate | 12.9% over the decade |
A market that tripled in a decade
Multi-year guaranteed annuities went from a niche corner of the fixed annuity world to one of the fastest-growing products in American retirement planning over the past ten years. Total industry sales sat at $49.2 billion in 2015. By the end of 2025, that figure had climbed to $165.3 billion, based on annual industry sales data. The path between those two numbers was anything but a straight line, and the carriers standing at the top of the leaderboard today are, in several cases, not the same ones that held those spots a decade ago.
Some of that growth reflects more households discovering the product for the first time. A larger piece of it traces directly back to interest rates, since a MYGA is only as attractive as the guaranteed rate a carrier can afford to offer against its own investment returns. When rates climbed, MYGAs stopped being a niche fixed-income alternative and became a mainstream retirement savings tool almost overnight.
What follows is the full breakdown, year by year: how big the market got, which carriers rode the wave, which ones fell behind, and what any of it means if you are shopping for a MYGA today. Every figure below reflects industry-wide sales data rather than any single carrier's or platform's own book of business.
Total MYGA sales, 2015 through 2025
| Year | Industry Total ($B) | Top 20 Total ($B) |
|---|---|---|
| 2015 | $49.2B | $38.3B |
| 2016 | $56.5B | $42.6B |
| 2017 | $50.3B | $38.3B |
| 2018 | $63.9B | $48.7B |
| 2019 | $66.3B | $49.8B |
| 2020 | $52.1B | $41.5B |
| 2021 | $53.1B | $40.6B |
| 2022 | $113.0B | $84.8B |
| 2023 | $164.9B | $118.5B |
| 2024 | $153.2B | $120.6B |
| 2025 | $165.3B | $127.7B |
The gap between the two columns is the piece of the market held by the hundreds of smaller carriers outside the Top 20. That gap has stayed fairly consistent as a share of the total, even as both numbers have grown many times over.
How rising rates rewrote the MYGA market
Between 2015 and 2021, MYGA sales stayed in a narrow band, never dropping below $49 billion and never climbing past $66 billion. Rates were low across that whole stretch, the 10-year Treasury spent most of it under 2.5%, and a locked-in fixed annuity rate simply was not competing hard against other places to park cash. Then the Federal Reserve launched its steepest rate-hiking campaign in four decades starting in March 2022, and carriers responded by pushing guaranteed rates up toward 4%, 5% and even past 6% on multi-year contracts.
The sales data shows exactly how consumers reacted:
- 2021 to 2022: sales jumped from $53.1B to $113.0B, a gain of about 113%.
- 2022 to 2023: another sharp climb to $164.9B, up roughly 46%.
- 2023 to 2024: a modest pullback to $153.2B as the market began pricing in future rate cuts.
- 2024 to 2025: a rebound to $165.3B, up 7.9%, as rates held higher for longer than many expected.
The pattern is straightforward: MYGA demand tracks the rate environment closely. When guaranteed rates look attractive next to bank and bond alternatives, buyers show up in force, and when the rate advantage narrows, growth slows or reverses even if it never fully retreats to where it started.
How individual carriers performed over time
Annual MYGA sales, in billions, for the carriers that have appeared in the Top 20 across this period. A carrier marked unranked simply did not crack the Top 20 that particular year, which does not necessarily mean it sold nothing, only that its total fell outside the leading pack.
| Carrier | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Athene Annuity & Life | unranked | $0.8B | unranked | $1.0B | unranked | $1.8B | $0.6B | $9.7B | $23.9B | $21.2B | $17.6B |
| New York Life | $8.6B | $10.0B | $10.7B | $11.3B | $9.9B | $6.8B | $6.2B | $14.9B | $9.3B | $9.5B | $17.0B |
| Massachusetts Mutual Life | $1.4B | $1.9B | $1.8B | $3.4B | $3.9B | $5.4B | $6.0B | $11.9B | $17.2B | $16.1B | $12.2B |
| Corebridge Financial | unranked | unranked | unranked | unranked | unranked | unranked | unranked | $7.1B | $10.1B | $13.0B | $10.5B |
| Global Atlantic Financial Group | unranked | $3.0B | $3.8B | $5.3B | $4.7B | $3.4B | $4.2B | $5.2B | $7.4B | $7.6B | $5.1B |
| Western Southern Group | $0.9B | $1.0B | $1.2B | $2.0B | $2.5B | $2.0B | $2.5B | $6.2B | $6.4B | $4.8B | $5.4B |
| Pacific Life | $1.6B | $2.2B | $2.2B | $2.5B | $2.9B | $1.2B | $1.3B | $4.5B | $4.1B | $2.7B | $5.4B |
| Symetra Financial | $1.7B | $1.8B | $1.3B | $1.8B | $2.1B | $1.9B | $2.6B | $3.0B | $5.7B | $3.7B | $5.1B |
| USAA Life | $1.0B | $1.2B | $1.0B | $1.2B | $1.4B | $0.9B | $1.9B | $4.2B | $3.9B | $3.8B | $7.6B |
| Fidelity & Guaranty Life | unranked | unranked | $0.6B | $0.8B | unranked | $0.8B | $1.8B | $3.7B | $5.1B | $5.1B | $3.8B |
| American National Insurance | unranked | unranked | $0.9B | unranked | $1.1B | unranked | $0.9B | $0.9B | $4.1B | $4.8B | $5.2B |
| Protective Life | unranked | unranked | unranked | $1.3B | $1.1B | $0.9B | $0.5B | unranked | unranked | $3.8B | $4.5B |
| Nationwide | $0.8B | unranked | unranked | unranked | $0.8B | unranked | unranked | $1.3B | $2.8B | unranked | $7.2B |
| AIG Companies | $5.2B | $5.6B | $4.5B | $6.7B | $7.2B | $3.6B | $4.3B | unranked | unranked | unranked | unranked |
| MetLife | $2.1B | $1.7B | $0.9B | $1.1B | $1.4B | unranked | unranked | unranked | unranked | unranked | unranked |
| Berkshire Hathaway | $1.3B | $1.5B | $1.3B | $1.5B | $1.1B | unranked | unranked | unranked | unranked | unranked | unranked |
| Delaware Life | $1.1B | $1.0B | $1.0B | $1.1B | $1.2B | $1.1B | $0.8B | $1.1B | $4.4B | $4.7B | $4.7B |
The Athene story
No carrier's climb tells this decade's story better than Athene. It did not even crack the Top 20 in 2015. By 2018 it showed up at #16 with just under $1 billion in sales, still a minor player. From there the trajectory turned sharply upward: $1.8B in 2020 at rank #9, a dip to $602 million and rank #16 in 2021 during the low-rate trough, then an explosion to $9.7B and rank #3 in 2022. In 2023 Athene claimed the top spot outright with $23.9B, the single biggest annual total any carrier in this dataset has posted, and it held #1 through 2024 ($21.2B) and 2025 ($17.6B), even as the 2025 figure pulled back somewhat under heavier competition.
Athene is backed by Apollo Global Management, and its private equity ownership structure let it price aggressively as rates rose, fueling a rise from a company barely on the radar to the largest MYGA seller in the country in under five years. For a buyer, the lesson is not that Athene is automatically the right choice today, but that a carrier's current market share says more about pricing strategy in a given year than about the strength of the company issuing your contract.
Athene's own ratings still deserve the same scrutiny you would apply to any carrier: check its current AM Best standing before assuming that sales volume alone tells you everything you need to know about financial strength.
New York Life adapts to a new market
For the first seven years covered here, 2015 through 2021, New York Life held the #1 spot outright, peaking at a 21.2% share of the entire market in 2017 on $10.7B in sales against a $50.3B industry total. The rate-driven surge that followed changed the competitive picture. As capital-backed carriers like Athene and Corebridge priced aggressively, New York Life's share compressed, and the carrier slipped to #4 in 2024 with $9.5B, its weakest showing in the dataset.
2025 told a different story. New York Life rebounded to #2 with $17.0B, a 79% jump from the year before, proof that the legacy mutual carriers are not simply fading from the picture. That kind of swing in either direction is a useful reminder that a single down year does not necessarily signal a carrier walking away from the MYGA business altogether, and a single up year does not guarantee it stays there.
MassMutual's steady climb
Massachusetts Mutual has been the model of consistency across this whole period, staying in the Top 6 every single year since 2015 and holding a Top 2 spot for three consecutive years, 2022 through 2024. Its trajectory moved from $1.4B and rank #9 in 2015, up to $3.9B and rank #4 in 2019, then $17.2B and rank #2 in 2023, before settling at $12.2B and rank #3 in 2025.
As a mutual company, MassMutual answers to policyholders rather than outside shareholders chasing quarterly results, which has let it price patiently and consistently through multiple rate cycles rather than swinging aggressively in either direction. That steadiness is exactly the trait some buyers prioritize over chasing whichever carrier happens to be topping the chart in a given quarter.
Top 20 MYGA carriers, year by year
The full annual rankings below show each carrier's sales, market share and movement compared with the prior year across all eleven years of this dataset.
2025 Top 20 MYGA carriers
| Rank | Carrier | Sales | Mkt Share | vs Prior Yr |
|---|---|---|---|---|
| 1 | Athene Annuity & Life | $17.6B | 10.62% | flat |
| 2 | New York Life | $17.0B | 10.26% | up 2 |
| 3 | Massachusetts Mutual Life | $12.2B | 7.39% | down 1 |
| 4 | Corebridge Financial | $10.5B | 6.35% | down 1 |
| 5 | USAA Life | $7.6B | 4.61% | up 6 |
| 6 | Nationwide | $7.2B | 4.34% | new |
| 7 | Pacific Life | $5.4B | 3.28% | up 9 |
| 8 | Western Southern Group | $5.4B | 3.27% | flat |
| 9 | American National Insurance | $5.2B | 3.12% | down 2 |
| 10 | Symetra Financial | $5.1B | 3.08% | up 3 |
| 11 | Global Atlantic Financial Group | $5.1B | 3.07% | down 6 |
| 12 | Delaware Life | $4.7B | 2.84% | down 3 |
| 13 | Protective Life | $4.5B | 2.74% | down 1 |
| 14 | Fidelity & Guaranty Life | $3.8B | 2.29% | down 8 |
| 15 | Guardian Life of America | $3.4B | 2.04% | down 1 |
| 16 | TIAA | $3.2B | 1.93% | new |
| 17 | Prudential | $2.7B | 1.64% | flat |
| 18 | Reliance Standard Life Insurance | $2.4B | 1.48% | down 8 |
| 19 | Lincoln Financial Group | $2.4B | 1.47% | flat |
| 20 | Sammons Financial Companies | $2.3B | 1.41% | down 2 |
2024 Top 20 MYGA carriers
| Rank | Carrier | Sales | Mkt Share | vs Prior Yr |
|---|---|---|---|---|
| 1 | Athene Annuity & Life | $21.2B | 13.81% | flat |
| 2 | Massachusetts Mutual Life | $16.1B | 10.49% | flat |
| 3 | Corebridge Financial | $13.0B | 8.51% | flat |
| 4 | New York Life | $9.5B | 6.18% | flat |
| 5 | Global Atlantic Financial Group | $7.6B | 4.96% | flat |
| 6 | Fidelity & Guaranty Life | $5.1B | 3.30% | up 2 |
| 7 | American National Insurance | $4.8B | 3.12% | up 4 |
| 8 | Western Southern Group | $4.8B | 3.11% | down 2 |
| 9 | Delaware Life | $4.7B | 3.09% | flat |
| 10 | Reliance Standard Life Insurance | $4.0B | 2.63% | up 6 |
| 11 | USAA Life | $3.8B | 2.50% | up 1 |
| 12 | Protective Life | $3.8B | 2.47% | new |
| 13 | Symetra Financial | $3.7B | 2.44% | down 6 |
| 14 | Guardian Life of America | $3.2B | 2.10% | new |
| 15 | EquiTrust Life | $3.0B | 1.95% | up 3 |
| 16 | Pacific Life | $2.7B | 1.77% | down 6 |
| 17 | Prudential | $2.6B | 1.71% | new |
| 18 | Sammons Financial Companies | $2.4B | 1.55% | up 2 |
| 19 | Lincoln Financial Group | $2.3B | 1.51% | down 4 |
| 20 | Thrivent Financial for Lutherans | $2.3B | 1.48% | down 3 |
2023 Top 20 MYGA carriers
| Rank | Carrier | Sales | Mkt Share | vs Prior Yr |
|---|---|---|---|---|
| 1 | Athene Annuity & Life | $23.9B | 14.49% | up 2 |
| 2 | Massachusetts Mutual Life | $17.2B | 10.44% | flat |
| 3 | Corebridge Financial | $10.1B | 6.13% | up 1 |
| 4 | New York Life | $9.3B | 5.64% | down 3 |
| 5 | Global Atlantic Financial Group | $7.4B | 4.49% | up 1 |
| 6 | Western Southern Group | $6.4B | 3.86% | down 1 |
| 7 | Symetra Financial | $5.7B | 3.45% | up 4 |
| 8 | Fidelity & Guaranty Life | $5.1B | 3.07% | up 1 |
| 9 | Delaware Life | $4.4B | 2.70% | up 6 |
| 10 | Pacific Life | $4.1B | 2.50% | down 3 |
| 11 | American National Insurance | $4.1B | 2.47% | up 5 |
| 12 | USAA Life | $3.9B | 2.36% | down 4 |
| 13 | Nationwide | $2.8B | 1.70% | up 1 |
| 14 | Brighthouse Financial | $2.7B | 1.64% | down 4 |
| 15 | Lincoln Financial Group | $2.3B | 1.42% | new |
| 16 | Reliance Standard Life Insurance | $2.2B | 1.35% | down 3 |
| 17 | Thrivent Financial for Lutherans | $1.8B | 1.07% | up 2 |
| 18 | EquiTrust Life | $1.7B | 1.06% | new |
| 19 | Security Benefit Life | $1.7B | 1.01% | down 2 |
| 20 | Sammons Financial Companies | $1.6B | 1.00% | down 8 |
2022 Top 20 MYGA carriers
| Rank | Carrier | Sales | Mkt Share | vs Prior Yr |
|---|---|---|---|---|
| 1 | New York Life | $14.9B | 13.15% | flat |
| 2 | Massachusetts Mutual Life | $11.9B | 10.53% | flat |
| 3 | Athene Annuity & Life | $9.7B | 8.60% | up 13 |
| 4 | Corebridge Financial | $7.1B | 6.32% | new |
| 5 | Western Southern Group | $6.2B | 5.51% | up 1 |
| 6 | Global Atlantic Financial Group | $5.2B | 4.57% | down 2 |
| 7 | Pacific Life | $4.5B | 3.99% | up 3 |
| 8 | USAA Life | $4.2B | 3.68% | flat |
| 9 | Fidelity & Guaranty Life | $3.7B | 3.31% | flat |
| 10 | Brighthouse Financial | $3.7B | 3.28% | new |
| 11 | Symetra Financial | $3.0B | 2.61% | down 6 |
| 12 | Sammons Financial Companies | $2.7B | 2.43% | down 1 |
| 13 | Reliance Standard Life Insurance | $1.5B | 1.29% | up 1 |
| 14 | Nationwide | $1.3B | 1.15% | new |
| 15 | Delaware Life | $1.1B | 1.02% | flat |
| 16 | American National Insurance | $938M | 0.83% | down 3 |
| 17 | Security Benefit Life | $926M | 0.82% | up 2 |
| 18 | The Standard | $750M | 0.66% | up 2 |
| 19 | Thrivent Financial for Lutherans | $745M | 0.66% | new |
| 20 | Mutual of Omaha | $688M | 0.61% | new |
2021 Top 20 MYGA carriers
| Rank | Carrier | Sales | Mkt Share | vs Prior Yr |
|---|---|---|---|---|
| 1 | New York Life | $6.2B | 11.60% | flat |
| 2 | Massachusetts Mutual Life | $6.0B | 11.35% | flat |
| 3 | AIG Companies | $4.3B | 8.03% | up 1 |
| 4 | Global Atlantic Financial Group | $4.2B | 8.00% | up 1 |
| 5 | Symetra Financial | $2.6B | 4.97% | up 3 |
| 6 | Western Southern Group | $2.5B | 4.75% | flat |
| 7 | American Equity Investment Life | $2.5B | 4.63% | up 4 |
| 8 | USAA Life | $1.9B | 3.63% | up 9 |
| 9 | Fidelity & Guaranty Life | $1.8B | 3.40% | up 9 |
| 10 | Pacific Life | $1.3B | 2.37% | up 2 |
| 11 | Sammons Financial Companies | $1.2B | 2.34% | down 8 |
| 12 | Great American | $974M | 1.83% | up 2 |
| 13 | American National Insurance | $907M | 1.71% | new |
| 14 | Reliance Standard Life Insurance | $859M | 1.62% | up 2 |
| 15 | Delaware Life | $763M | 1.44% | down 2 |
| 16 | Athene Annuity & Life | $602M | 1.13% | down 7 |
| 17 | Protective Life | $539M | 1.01% | down 2 |
| 18 | Knights of Columbus | $506M | 0.95% | up 2 |
| 19 | Security Benefit Life | $477M | 0.90% | down 9 |
| 20 | The Standard | $433M | 0.82% | new |
2020 Top 20 MYGA carriers
| Rank | Carrier | Sales | Mkt Share | vs Prior Yr |
|---|---|---|---|---|
| 1 | New York Life | $6.8B | 13.03% | flat |
| 2 | Massachusetts Mutual Life | $5.4B | 10.35% | up 2 |
| 3 | Sammons Financial Companies | $4.3B | 8.20% | new |
| 4 | AIG Companies | $3.6B | 6.84% | down 2 |
| 5 | Global Atlantic Financial Group | $3.4B | 6.59% | down 2 |
| 6 | Western Southern Group | $2.0B | 3.91% | up 1 |
| 7 | Brighthouse Financial | $2.0B | 3.86% | new |
| 8 | Symetra Financial | $1.9B | 3.71% | flat |
| 9 | Athene Annuity & Life | $1.8B | 3.45% | new |
| 10 | Security Benefit Life | $1.3B | 2.52% | up 4 |
| 11 | American Equity Investment Life | $1.3B | 2.52% | new |
| 12 | Pacific Life | $1.2B | 2.27% | down 7 |
| 13 | Delaware Life | $1.1B | 2.05% | down 1 |
| 14 | Great American | $996M | 1.91% | down 4 |
| 15 | Protective Life | $938M | 1.80% | flat |
| 16 | Reliance Standard Life Insurance | $912M | 1.75% | new |
| 17 | USAA Life | $858M | 1.65% | down 6 |
| 18 | Fidelity & Guaranty Life | $775M | 1.49% | new |
| 19 | Principal Financial Group | $511M | 0.98% | down 13 |
| 20 | Knights of Columbus | $385M | 0.74% | new |
2019 Top 20 MYGA carriers
| Rank | Carrier | Sales | Mkt Share | vs Prior Yr |
|---|---|---|---|---|
| 1 | New York Life | $9.9B | 14.87% | flat |
| 2 | AIG Companies | $7.2B | 10.91% | flat |
| 3 | Global Atlantic Financial Group | $4.7B | 7.06% | flat |
| 4 | Massachusetts Mutual Life | $3.9B | 5.81% | up 1 |
| 5 | Pacific Life | $2.9B | 4.33% | up 1 |
| 6 | Principal Financial Group | $2.8B | 4.29% | down 2 |
| 7 | Western Southern Group | $2.5B | 3.72% | flat |
| 8 | Symetra Financial | $2.1B | 3.17% | flat |
| 9 | MetLife | $1.4B | 2.18% | up 4 |
| 10 | Great American | $1.4B | 2.12% | up 10 |
| 11 | USAA Life | $1.4B | 2.06% | flat |
| 12 | Delaware Life | $1.2B | 1.85% | flat |
| 13 | Jackson National Life | $1.2B | 1.80% | new |
| 14 | Security Benefit Life | $1.1B | 1.73% | new |
| 15 | Protective Life | $1.1B | 1.70% | down 5 |
| 16 | Berkshire Hathaway | $1.1B | 1.61% | down 7 |
| 17 | American National Insurance | $1.1B | 1.60% | new |
| 18 | Prudential Annuities | $966M | 1.46% | down 4 |
| 19 | Lincoln Financial Group | $963M | 1.45% | new |
| 20 | Northwestern Mutual Life | $938M | 1.41% | down 3 |
2018 Top 20 MYGA carriers
| Rank | Carrier | Sales | Mkt Share | vs Prior Yr |
|---|---|---|---|---|
| 1 | New York Life | $11.3B | 17.63% | flat |
| 2 | AIG Companies | $6.7B | 10.52% | flat |
| 3 | Global Atlantic Financial Group | $5.3B | 8.30% | flat |
| 4 | Principal Financial Group | $3.6B | 5.66% | up 1 |
| 5 | Massachusetts Mutual Life | $3.4B | 5.33% | up 1 |
| 6 | Pacific Life | $2.5B | 3.84% | down 2 |
| 7 | Western Southern Group | $2.0B | 3.17% | up 3 |
| 8 | Symetra Financial | $1.8B | 2.87% | down 1 |
| 9 | Berkshire Hathaway | $1.5B | 2.36% | flat |
| 10 | Protective Life | $1.3B | 2.05% | new |
| 11 | USAA Life | $1.2B | 1.94% | up 2 |
| 12 | Delaware Life | $1.1B | 1.76% | down 1 |
| 13 | MetLife | $1.1B | 1.66% | up 2 |
| 14 | Prudential Annuities | $996M | 1.56% | new |
| 15 | Reliance Standard Life Insurance | $984M | 1.54% | new |
| 16 | Athene Annuity & Life | $978M | 1.53% | new |
| 17 | Northwestern Mutual Life | $856M | 1.34% | down 1 |
| 18 | Fidelity & Guaranty Life | $759M | 1.19% | flat |
| 19 | The Standard | $680M | 1.06% | new |
| 20 | Great American | $623M | 0.97% | down 3 |
2017 Top 20 MYGA carriers
| Rank | Carrier | Sales | Mkt Share | vs Prior Yr |
|---|---|---|---|---|
| 1 | New York Life | $10.7B | 21.22% | flat |
| 2 | AIG Companies | $4.5B | 8.92% | flat |
| 3 | Global Atlantic Financial Group | $3.8B | 7.45% | flat |
| 4 | Pacific Life | $2.2B | 4.43% | up 1 |
| 5 | Principal Financial Group | $2.2B | 4.42% | down 1 |
| 6 | Massachusetts Mutual Life | $1.8B | 3.50% | flat |
| 7 | Symetra Financial | $1.3B | 2.66% | up 1 |
| 8 | Security Benefit Life | $1.3B | 2.61% | up 2 |
| 9 | Berkshire Hathaway | $1.3B | 2.54% | up 2 |
| 10 | Western Southern Group | $1.2B | 2.34% | up 5 |
| 11 | Delaware Life | $1.0B | 2.08% | up 3 |
| 12 | Liberty Life Assurance Company of Boston | $968M | 1.92% | up 6 |
| 13 | USAA Life | $952M | 1.89% | flat |
| 14 | American National Insurance | $918M | 1.82% | new |
| 15 | MetLife | $897M | 1.78% | down 6 |
| 16 | Northwestern Mutual Life | $750M | 1.49% | up 1 |
| 17 | Great American | $739M | 1.47% | new |
| 18 | Fidelity & Guaranty Life | $611M | 1.21% | new |
| 19 | Modern Woodmen | $602M | 1.20% | new |
| 20 | Jackson National Life | $585M | 1.16% | flat |
2016 Top 20 MYGA carriers
| Rank | Carrier | Sales | Mkt Share | vs Prior Yr |
|---|---|---|---|---|
| 1 | New York Life | $10.0B | 17.62% | flat |
| 2 | AIG Companies | $5.6B | 9.99% | flat |
| 3 | Global Atlantic Financial Group | $3.0B | 5.26% | new |
| 4 | Principal Financial Group | $2.5B | 4.43% | flat |
| 5 | Pacific Life | $2.2B | 3.92% | up 3 |
| 6 | Massachusetts Mutual Life | $1.9B | 3.37% | up 3 |
| 7 | Midland National | $1.9B | 3.35% | up 13 |
| 8 | Symetra Financial | $1.8B | 3.14% | down 1 |
| 9 | MetLife | $1.7B | 2.95% | down 4 |
| 10 | Security Benefit Life | $1.6B | 2.78% | new |
| 11 | Berkshire Hathaway | $1.5B | 2.66% | down 1 |
| 12 | American Equity Investment Life | $1.4B | 2.48% | new |
| 13 | USAA Life | $1.2B | 2.09% | down 1 |
| 14 | Delaware Life | $1.0B | 1.83% | down 3 |
| 15 | Western Southern Group | $1.0B | 1.79% | down 1 |
| 16 | State Farm Life | $988M | 1.75% | down 3 |
| 17 | Northwestern Mutual Life | $947M | 1.68% | down 1 |
| 18 | Liberty Life Assurance Company of Boston | $907M | 1.61% | down 3 |
| 19 | Athene Annuity & Life | $779M | 1.38% | new |
| 20 | Jackson National Life | $753M | 1.33% | down 1 |
2015 Top 20 MYGA carriers
| Rank | Carrier | Sales | Mkt Share | vs Prior Yr |
|---|---|---|---|---|
| 1 | New York Life | $8.6B | 17.58% | n/a |
| 2 | AIG Companies | $5.2B | 10.60% | n/a |
| 3 | Forethought Annuity | $3.7B | 7.58% | n/a |
| 4 | Principal Financial Group | $2.2B | 4.58% | n/a |
| 5 | MetLife | $2.1B | 4.21% | n/a |
| 6 | Lincoln Financial Group | $1.8B | 3.64% | n/a |
| 7 | Symetra Financial | $1.7B | 3.44% | n/a |
| 8 | Pacific Life | $1.6B | 3.18% | n/a |
| 9 | Massachusetts Mutual Life | $1.4B | 2.83% | n/a |
| 10 | Berkshire Hathaway | $1.3B | 2.66% | n/a |
| 11 | Delaware Life | $1.1B | 2.26% | n/a |
| 12 | USAA Life | $962M | 1.96% | n/a |
| 13 | State Farm Life | $941M | 1.91% | n/a |
| 14 | Western Southern Group | $920M | 1.87% | n/a |
| 15 | Liberty Life Assurance Company of Boston | $881M | 1.79% | n/a |
| 16 | Northwestern Mutual Life | $820M | 1.67% | n/a |
| 17 | Prudential Annuities | $816M | 1.66% | n/a |
| 18 | Nationwide | $800M | 1.63% | n/a |
| 19 | Jackson National Life | $728M | 1.48% | n/a |
| 20 | Midland National | $701M | 1.43% | n/a |
Industry growth, 2015 to 2025
The market grew from $49.2 billion to $165.3 billion across the eleven years covered here, a compound annual growth rate of roughly 12.9%. A handful of records stand out inside that overall climb:
- Largest single carrier year: Athene's $23.9 billion in 2023 is the biggest annual total any carrier in this dataset has posted.
- Longest streak at #1: New York Life held the top spot for seven straight years, 2015 through 2021, before Athene took over in 2022. New York Life returned to #2 in 2025.
- Biggest single-year jump: the industry grew 113% from $53.1 billion in 2021 to $113.0 billion in 2022 as the Fed's rate hikes made MYGAs suddenly far more attractive.
A near 13% compound annual growth rate over a full decade is a striking number for what used to be a fairly quiet corner of the insurance business, and it did not happen evenly. Most of that growth arrived in a concentrated three-year burst starting in 2022, which is worth remembering the next time a single strong year gets described as the new normal.
The rise of PE-backed carriers
One of the clearest patterns in this data is how far private equity-backed insurers have climbed. Athene (tied to Apollo), Corebridge Financial (formerly AIG), Global Atlantic (backed by KKR) and Fidelity & Guaranty Life together sold roughly $9.6 billion in MYGAs in 2015. By 2025, their combined sales topped $37 billion, nearly four times that starting point.
Carriers with this ownership structure often direct policyholder premium into higher-yielding, less liquid assets, which can support more competitive guaranteed rates. That has generally benefited buyers on price, though it has also drawn scrutiny from regulators focused on asset quality and risk management at these carriers. None of that scrutiny by itself should scare you away from a specific contract. It simply means the AM Best rating and any other independent financial strength check matter just as much, if not more, for this newer class of carrier as they do for a 150-year-old mutual company.
Carriers that fell out of the Top 20
Not every name in this dataset is a growth story. Several carriers that were prominent in 2015 and 2016 are no longer anywhere near the Top 20:
- Principal Financial Group peaked at #4 in 2016 with $2.5B and has not appeared in the Top 20 since 2020.
- MetLife peaked at #5 in 2015 with $2.1B and dropped off the rankings entirely after 2019.
- Berkshire Hathaway peaked at #9 in 2017 and disappeared from the Top 20 after 2019.
- State Farm Life appeared in 2015 and 2016, then exited for good.
- AIG Companies held #2 from 2015 through 2019, then rebranded as Corebridge Financial starting with the 2022 data.
Some of these exits reflect a deliberate move away from spread-based products. Others simply reflect a market that grew far more competitive, squeezing out carriers without the scale to keep pace. A carrier leaving the Top 20 is not automatically a red flag about its financial health; several on this list, including MetLife, remain large, well-rated insurers that simply chose to compete elsewhere.
Market concentration is easing
- In 2017, the five largest carriers controlled just over 46% of the entire MYGA market, with New York Life alone holding roughly a 21% share.
- By 2025, the Top 5 share had fallen to around 35%, and no single carrier controlled more than about 11% of total sales.
Less concentration generally means more head-to-head competition, which tends to show up as better pricing for buyers. The Top 20's overall share has also eased slightly, down to 77.2% in 2025, with the remaining 23% spread across dozens of smaller carriers, many focused on niche products or specific distribution channels. A market this spread out is one where the best rate on a given day genuinely could come from a name you have never heard of rather than the household brand at the top of the sales chart.
| Year | Industry ($B) | Top 20 ($B) | Top 20 Share | Top 5 ($B) | Top 5 Share |
|---|---|---|---|---|---|
| 2015 | $49.2B | $38.3B | 77.9% | $21.9B | 44.5% |
| 2016 | $56.5B | $42.6B | 75.4% | $23.3B | 41.2% |
| 2017 | $50.3B | $38.3B | 76.1% | $23.4B | 46.4% |
| 2018 | $63.9B | $48.7B | 76.3% | $30.3B | 47.4% |
| 2019 | $66.3B | $49.8B | 75.1% | $28.5B | 43.0% |
| 2020 | $52.1B | $41.5B | 79.6% | $23.5B | 45.0% |
| 2021 | $53.1B | $40.6B | 76.5% | $23.3B | 43.9% |
| 2022 | $113.0B | $84.8B | 75.0% | $49.9B | 44.1% |
| 2023 | $164.9B | $118.5B | 71.8% | $67.9B | 41.2% |
| 2024 | $153.2B | $120.6B | 78.7% | $67.3B | 44.0% |
| 2025 | $165.3B | $127.7B | 77.2% | $64.9B | 39.3% |
Which carriers stayed in the Top 20 the longest
Seven names never dropped out of the Top 20 across all eleven years: Western Southern Group, New York Life, Delaware Life, USAA Life, MassMutual, Pacific Life and Symetra Financial. Holding a Top 20 spot through that many rate cycles, and against a field that got far more crowded along the way, says something real about the strength of each one's distribution and balance sheet.
The rank-by-year table below shows exactly where each carrier landed each year, with blank cells meaning the carrier fell out of the Top 20 that year.
| Carrier | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| New York Life | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 4 | 4 | 2 |
| Massachusetts Mutual Life | 9 | 6 | 6 | 5 | 4 | 2 | 2 | 2 | 2 | 2 | 3 |
| Pacific Life | 8 | 5 | 4 | 6 | 5 | 12 | 10 | 7 | 10 | 16 | 7 |
| Western Southern Group | 14 | 15 | 10 | 7 | 7 | 6 | 6 | 5 | 6 | 8 | 8 |
| Symetra Financial | 7 | 8 | 7 | 8 | 8 | 8 | 5 | 11 | 7 | 13 | 10 |
| USAA Life | 12 | 13 | 13 | 11 | 11 | 17 | 8 | 8 | 12 | 11 | 5 |
| Delaware Life | 11 | 14 | 11 | 12 | 12 | 13 | 15 | 15 | 9 | 9 | 12 |
| Global Atlantic Financial Group | unranked | 3 | 3 | 3 | 3 | 5 | 4 | 6 | 5 | 5 | 11 |
| Athene Annuity & Life | unranked | 19 | unranked | 16 | unranked | 9 | 16 | 3 | 1 | 1 | 1 |
| Fidelity & Guaranty Life | unranked | unranked | 18 | 18 | unranked | 18 | 9 | 9 | 8 | 6 | 14 |
| AIG Companies | 2 | 2 | 2 | 2 | 2 | 4 | 3 | unranked | unranked | unranked | unranked |
| American National Insurance | unranked | unranked | 14 | unranked | 17 | unranked | 13 | 16 | 11 | 7 | 9 |
| Security Benefit Life | unranked | 10 | 8 | unranked | 14 | 10 | 19 | 17 | 19 | unranked | unranked |
| Reliance Standard Life Insurance | unranked | unranked | unranked | 15 | unranked | 16 | 14 | 13 | 16 | 10 | 18 |
| Principal Financial Group | 4 | 4 | 5 | 4 | 6 | 19 | unranked | unranked | unranked | unranked | unranked |
| Protective Life | unranked | unranked | unranked | 10 | 15 | 15 | 17 | unranked | unranked | 12 | 13 |
| Sammons Financial Companies | unranked | unranked | unranked | unranked | unranked | 3 | 11 | 12 | 20 | 18 | 20 |
| MetLife | 5 | 9 | 15 | 13 | 9 | unranked | unranked | unranked | unranked | unranked | unranked |
| Berkshire Hathaway | 10 | 11 | 9 | 9 | 16 | unranked | unranked | unranked | unranked | unranked | unranked |
| Great American | unranked | unranked | 17 | 20 | 10 | 14 | 12 | unranked | unranked | unranked | unranked |
| Lincoln Financial Group | 6 | unranked | unranked | unranked | 19 | unranked | unranked | unranked | 15 | 19 | 19 |
| Northwestern Mutual Life | 16 | 17 | 16 | 17 | 20 | unranked | unranked | unranked | unranked | unranked | unranked |
| Corebridge Financial | unranked | unranked | unranked | unranked | unranked | unranked | unranked | 4 | 3 | 3 | 4 |
| Nationwide | 18 | unranked | unranked | unranked | unranked | unranked | unranked | 14 | 13 | unranked | 6 |
| Jackson National Life | 19 | 20 | 20 | unranked | 13 | unranked | unranked | unranked | unranked | unranked | unranked |
What the data means if you are shopping for a MYGA
New arrivals worth watching
Corebridge Financial made its first appearance in this dataset in 2022, right after the AIG rebrand, and jumped straight to #4. Protective Life has moved in and out of the rankings over the years, but its #12 finish in 2024 and #13 in 2025 hint at building momentum. TIAA's debut at #16 in 2025 is worth keeping an eye on going forward. None of these carriers needed decades of MYGA history to compete on rate, which is a good reminder that a shorter track record in this specific product does not automatically mean a weaker one.
How quickly rankings can flip
The swings in this data are the real headline. Athene moved from #16 in 2021 to #3 in 2022 to #1 in 2023, a three-year run from afterthought to market leader. Sammons Financial Companies went the opposite direction, from #3 in 2020 down to #20 in 2025. Rankings this volatile mean whoever is pricing most aggressively can change from one year to the next, sometimes from one quarter to the next. Buying based on last year's leaderboard alone is a little like driving by looking only in the rearview mirror: useful context, but not a substitute for checking what is actually in front of you today.
Why comparing more than one carrier matters
The single biggest takeaway from eleven years of data is that no one carrier stays on top forever. The #1 seller changes. Pricing leadership shifts as carriers hit their internal capital targets and pull back, then get aggressive again once conditions shift. A carrier that is not near the top of this list today could easily be leading it again within a few years, the way Athene and New York Life have both shown.
That is exactly why it rarely makes sense to shop just one name. A licensed independent strategist can compare current rates across a range of top-rated carriers side by side, rather than assuming whichever company sold the most last year is still the best deal this year. See our best fixed annuity companies list, or start with the MYGA guide if you are still deciding whether this product fits your plan. Sales volume is a useful signal of how competitively a carrier has been pricing, but it is not a substitute for checking its financial strength ratings, its surrender terms, and how its current rate stacks up against the rest of the field before you sign anything.
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.
