5 Best Annuity Companies of November 2024

Five Best Annuity Companies for November 2024

• Lincoln Financial Group: Best Overall Annuity Company
• Allianz: Best Company for Fixed Index Annuities
• F&G: Best Company for MYGAs
• MassMutual: Best Company for Strong Financial Strength
• Nationwide: Best Company for Variable Annuities

Editor’s Choice: Best Overall Annuity Company of 2024

Best Fixed Index Annuity Company

Best MYGA Company

Best Company for Strong Financial Strength

Best Variable Annuity Company

Choosing an Annuity Provider

Annuities can provide significant value to potential customers. Whether you want to generate income in retirement, grow your money without a lot of risk or take advantage of high rates, an annuity can effectively achieve your goals.

But finding the right product for you can involve a lot, including choosing a company to work with. Annuity.org set out to identify the top annuity companies in the industry.

To achieve this, we designed, tested and implemented a fact-based methodology based on key industry factors. These include a company’s financial strength, availability and standing with customers.

We also contacted multiple industry professionals to get their takes on different companies.

Annuity.org does not receive compensation or incentives from any annuity companies listed on this page. 

Purchasing an annuity is a significant financial decision and should not be rushed. As time consuming as the process may be, shopping for an annuity should be separate from buying. Before you buy, make sure you have a complete understanding of the options and tradeoffs for each aspect of the available products. Any new financial product should complement your financial strategy and your goals. Review the financial standing of any company under consideration and seek confirmation from independent sources.

Stephen Kates, CFP®Principal Financial Analyst for Annuity.org

Stephen Kates, CFP® is a personal finance expert specializing in financial planning and education. He serves as the Principal Financial Analyst for Annuity.org, where he delves into industry trends to support consumers and financial advisors on wealth management, annuities, retirement planning, and investing.

Quick Review of Our Top Picks

Annuity Company	Superlative	Star Rating
Lincoln Financial	Best Overall	4.7
Allianz	Best Fixed Index	4.7
F&G	Best MYGA	4.0
MassMutual	Best Financial Strength	5.0
Nationwide	Best Variable	4.6

Other Annuity Companies We Considered

There are more than just five great annuity companies. In the process of selecting the top-tier providers, we encountered many excellent companies. Every investor has different goals and needs, and both regional and national providers offer unique product features that may meet specific requirements.

American Equity Investment Life Insurance Company

American Equity is an industry leader in developing and selling fixed index and fixed-rate annuity products. It is licensed to sell in all 50 states and Washington, D.C. The company’s primary focus is annuities, but it also manages investment spreads and risk to earn predictable returns.

• AM Best Financial Strength Rating: A-
• Products Available: Fixed index annuities, Fixed annuities, Immediate annuities

American National Insurance Company

Texas-based American National was founded in 1905. A major provider of insurance and annuities, its products are distributed through career agents, independent marketing organizations and multiple line-exclusive agents, as well as direct distribution channels.

• AM Best Financial Strength Rating: A
• Products Available: Fixed deferred annuities, Single premium immediate annuities, Indexed deferred annuities

Athene

Athene is a new company — established in 2009 — but quickly became a major player in the annuity space. The company’s premiums sold exceed $20 billion, and it sells several products.

• AM Best Financial Strength Rating: A
• Products Available: Fixed index annuities, Fixed annuities, RILAs, Immediate Annuities

MetLife

MetLife is among the world’s largest issuers of insurance, annuities and employee benefit programs, with 90 million customers in more than 60 countries. It was founded in 1868 and is based in New York City.

• AM Best Financial Rating: A+
• Products Available: Variable annuities, single premium deferred annuities

Midland National Life Insurance Company

Founded as the Dakota Mutual Life Insurance Company in 1906, Midland National now services more than 1 million life and annuity policies. It also has an A+ rating from S&P Global Ratings.

• AM Best Financial Strength Rating: A+
• Products Available: Fixed index annuities, Multi-year guaranteed annuities, Single premium immediate annuities

Mutual of Omaha

Founded in 1909 and made famous by its long-time sponsorship of a popular Wild Kingdom television show, Mutual of Omaha offers deferred and immediate annuities.

• AM Best Financial Strength Rating: A+
• Products Available: Immediate annuities, Deferred annuities

New York Life

New York Life is one of the largest life insurance companies in the world and one of only three life insurers to hold the highest ratings from all four rating companies. Founded in 1845 as the Nautilus Insurance Company, New York Life sells annuities, long-term care insurance and mutual funds through its subsidiary NYLIFE Securities, a registered broker-dealer.

• AM Best Financial Strength Rating: A++
• Products Available: Fixed deferred annuities, Variable annuities

North American Company for Life and Health Insurance

With a superior A+ rating from AM Best, North American offers a holistic portfolio of annuity and life insurance products to meet a range of needs among diverse policyholders.

• AM Best Financial Strength Rating: A+
• Products Available: Fixed index annuities, Multi-year guaranteed annuities, Single premium immediate annuities

Pacific Life

California-based Pacific Life was founded in 1868. In 1955, it became the first company west of the Mississippi River to computerize its operations.

• AM Best Financial Strength Rating: A+
• Products Available: Fixed annuities, Fixed index annuities, Variable annuities

Prudential

Prudential sells life insurance, mutual funds, group insurance, retirement services, investment management services and variable annuities. The company was founded in 1876 and is based in New Jersey.

• AM Best Financial Strength Rating: A+
• Products Available: Variable annuities, Indexed variable annuities, Fixed annuities, Fixed index annuities

Understanding Our Methodology

To determine our picks for the best annuity companies of 2024, Annuity.org’s independent editorial team carefully considered insurance companies with licenses to issue annuity contracts across the country. Our superlatives are based on in-depth research into major purchase considerations from our readers’ perspectives.

Annuity.org uses a strict, fact-based methodology to determine which companies qualify for our rankings. Four key factors were taken into account before a company was even considered.

To be considered, a company must:

• Be licensed to sell annuities in all 50 states. 
• Have an A- or better Financial Strength Rating.
• Have sold over $5 billion in direct premiums in 2023.
• Rank above the industry average in at least one of the two most recent editions of the J.D. Power Overall Customer Satisfaction Index.

Annuity.org evaluated more than 60 annuity companies, assigning star ratings to each of them that were weighted based on their customer satisfaction, availability, financial strength and sales.

In addition to our criteria, Annuity.org also spoke to multiple agents to gather information on their experiences with different annuity issuers. Their real-world knowledge helped inform our superlatives and understand which companies best stand out for customers.

The National Association of Insurance Commissioners (NAIC) publishes its Complaint Index scores annually to compare an individual company’s performance to those in the insurance market. Our editorial team took the latest available NAIC Complaint Index scores into consideration when evaluating our featured companies.

We also considered other factors, including the number of annuity products the company offers and the strength of those products. Our featured companies are based on publicly available company information and nationwide feedback, not on any individual annuity product.

Because annuity plans and regulations vary by location, an independent insurance agent can best help you find a suitable plan in your area. Learn more about our broader Editorial Guidelines.

Purchasing an Annuity

Most annuity purchasers are either nearing retirement or in their mid-career planning for retirement and wish to protect their assets. Annuities are built to protect your money and secure future income for when you’ll need it most, so it’s important to purchase your annuity from a reputable company.

“I try only to deal with rated A and A+ companies,” Pangakis said.

Annuities are insurance products issued by insurance companies and sold by insurance agents and financial institutions. The same large corporations that sell life, home, automobile and other types of insurance in the United States also sell the majority of annuity contracts.

Hundreds of companies issue annuities in America, and it’s a growing business. Total annuity sales in 2023 topped $385 billion. While there are many providers, the largest firms tend to account for the vast majority of those sales.

Generally, each company sells at least one of the basic types of annuities:

• Fixed: Fixed annuities preset the principal and minimum interest rate.
• Variable: Payments change based on how investment options perform.
• Indexed: Combine features of fixed and variable annuities.

Each type of annuity can be further tailored to meet the purchaser’s needs with different variations, such as indexed and flexible premium annuities.

Where To Buy Annuities

Although insurance companies must issue an annuity, not all annuity contracts are sold to the public directly via the issuing company’s own agents.

In fact, most annuities in America are purchased from:

• Annuity distributors, including large brokerage firms known as wirehouses, like Merrill Lynch and Morgan Stanley.
• Independent broker-dealers, like Raymond James.
• Large banks, such as Bank of America.
• Mutual fund companies like Vanguard and T. Rowe Price, which are considered some of the most competitive companies because they offer lower fees.
• Thousands of independent agents, brokers and financial advisors across the country.

One advantage of working with a third party is that you may be exposed to an annuity option that is better suited for you than the one company you were focusing on.

“That’s where I feel my partner and I add the most value for the client,” Pangakis said. “We’re not just loyal to one company. We’re truly going out there and saying, ‘here’s the top five options out there.’”

If you purchase an annuity from a distributor or independent agent, you will typically continue to work with them directly as you manage your contract, even though you will also receive information from the insurance company from time to time.

For example, if you own a variable-rate annuity, you will receive quarterly statements from the insurance company regarding the contract’s underlying accounts. If you want to make changes to those accounts, though, you’d likely do it through the agent or company who sold you the contract.

Selecting the Right Annuity Company for You

Unlike the checking, savings and money market accounts at your bank or credit union, annuities are not guaranteed by the FDIC or SIPC. Instead, the insurance company that issues the annuity backs the asset.

Therefore, you should do considerable research about the company before choosing a provider.

“The security of your guarantee is only as good as the financial stability of the insurance company,” said Annuity.org Principal Financial Analyst Stephen Kates, CFP®. “It is important to review the quality of the independent ratings for the insurance companies you are considering.”

A good annuity company should have a strong rating from AM Best or one of the other credit rating agencies.

Another factor many people consider when choosing an annuity company is customer satisfaction. You can use third-party review sites such as Trustpilot or the Better Business Bureau to understand how well a company treats its customers.

The security of your guarantee is only as good as the financial stability of the insurance company. It is important to view the independent ratings of any companies you are considering.

Stephen Kates, CFP®Principal Financial Analyst for Annuity.org

Stephen Kates, CFP® is a personal finance expert specializing in financial planning and education. He serves as the Principal Financial Analyst for Annuity.org, where he delves into industry trends to support consumers and financial advisors on wealth management, annuities, retirement planning, and investing.

You can also check the company’s annual NAIC Complaint Index results. With 1.0 representing an average expected number of complaints, a score below 1.0 is preferable. A Complaint Index score of 0.1, for example, means the company receives one-tenth as many complaints as expected of the average provider in the insurance market.

When selecting an annuity provider, it’s important to think about your priorities. If you already know which type of annuity you want to buy, consider the companies that specialize in this type of annuity. Think about which features are most important to you and find out which providers offer those benefits.

It’s critical to remember that not all annuity companies are right for everyone, and the best option will depend largely on your circumstances. Agent Nick Pangakis recalled that two nearly identical clients each evaluated the same Nationwide annuity product. Based on the features and benefits available, one client found it to be exactly what he wanted. The other determined it was not a fit at all.

Questions To Ask Yourself When Choosing an Annuity Company

• Which type of annuity am I most interested in?
• How much do I want to invest in an annuity?
• How important is customizing my contract to me?
• Do I want to get lifetime income from my annuity?
• Do I want to add riders to my contract, such as death benefits or long-term care waivers?

Most annuity companies provide detailed information on their products on their websites. Some even allow prospective customers to download product brochures that list annuity rates, features and fees. A provider’s website can be a great resource, but you may also consider researching these companies on other independent sites like for a less biased perspective.

You may also solicit help from an expert who is independent of the annuity sales process when choosing which company to purchase from. Called independent fiduciaries, these experts will help you understand the entire annuity process and listen to your goals before recommending which insurance company to work with and what type of annuity to purchase.

This type of professional advice may be valuable to someone new to the annuity market because independent fiduciaries are not salespeople for insurance companies or banks and will put your needs first.

Frequently Asked Questions About Annuity Companies