Looking for the best annuity provider in 2025? Here’s a quick guide to help you choose the right company for your retirement needs. Annuities can provide guaranteed income, but not all providers are equal. This review ranks the top 10 annuity companies based on financial stability, product variety, customer service, and fees.
Highlights:
- Allianz Life leads with strong financial ratings and diverse products.
- Athene offers competitive rates and modern tools for account management.
- Corebridge Financial benefits from strategic restructuring efforts.
- Sammons Financial focuses on personalized service and reliability.
- American Equity specializes in simple, fixed indexed annuities.
- Nationwide stands out for its broad product range and trusted reputation.
- Fidelity & Guaranty excels with straightforward, low-fee products.
- Global Atlantic combines tech-driven tools with competitive rates.
- MassMutual emphasizes mutual ownership benefits and long-term stability.
- Security Benefit Life prioritizes transparency and dependable returns.
Quick Comparison Table:
| Company | Strengths | Weaknesses | Best For |
|---|---|---|---|
| Allianz Life | Financial strength, product variety | Higher fees, complex products | Broad retirement needs |
| Athene | Competitive rates, digital tools | Shorter history, limited network | Conservative investors |
| Corebridge Financial | Strategic restructuring, global backing | Recent changes, complex offerings | Diversified retirement plans |
| Sammons Financial | Reliable performance, personal service | Limited national presence | Regional customers |
| American Equity | Simple indexed annuities, good rates | Smaller company, fewer options | Fixed indexed annuity seekers |
| Nationwide | Trusted brand, wide product range | Higher costs | Comprehensive retirement planning |
| Fidelity & Guaranty | Low fees, efficient operations | Limited product variety | Predictable income needs |
| Global Atlantic | Competitive rates, tech tools | Building brand awareness | Market-linked growth seekers |
| MassMutual | Long-term stability, mutual benefits | Limited focus on annuities | Risk-averse investors |
| Security Benefit Life | Transparent fees, steady performance | Moderate growth | Clear, low-fee annuities |
Key Takeaway:
The right company depends on your financial goals, risk tolerance, and preferred service style. Whether you prioritize strong financial backing, low fees, or a wide range of products, this list offers options for every type of retiree.
Best Annuity Companies of 2025
1. Allianz Life of North America
Allianz Life of North America has built a reputation as a trusted provider of annuities, offering retirement income solutions backed by years of experience and financial strength. Headquartered in Minneapolis, the company is known for its dependable approach to helping individuals plan for their retirement.
Financial Stability
When it comes to financial stability, Allianz Life earns high marks from top rating agencies. Its strong performance in managing assets and fulfilling policyholder commitments makes it a reliable choice for those preparing for their retirement years. As part of Allianz SE, a global insurance powerhouse, the company benefits from additional financial backing, ensuring it can meet future annuity obligations with confidence.
Product Variety
Allianz Life offers a wide selection of annuities tailored to different retirement needs. Their fixed index annuities provide a balance of growth opportunities and downside protection, while other options focus on immediate income or market-linked returns. Many of these products include income riders, which guarantee minimum withdrawals – helping address the risk of outliving one’s savings.
Customer Satisfaction
To enhance the customer experience, Allianz Life has upgraded its online tools, making it easier for policyholders to monitor account balances, process withdrawals, and retrieve important documents. Dedicated support teams are also available to provide advice on withdrawal strategies, tax considerations, and other benefits. While some customers have expressed concerns about product complexity and sales practices, the company has taken steps to improve transparency by updating disclosure protocols and refining agent training.
Fees and Payout Options
The cost structure for Allianz Life products depends on the type of annuity and any optional features selected. Fees for fixed index annuities are competitive within the industry, though adding features like income riders can increase overall costs. The company offers a variety of payout options to suit different retirement plans, including lifetime income, joint and survivor benefits, and fixed-period payments. Many products also allow systematic withdrawals under specific conditions. However, early withdrawals beyond allowed limits may incur surrender charges, which typically decrease over time and vary by product.
With its strong financial foundation, diverse product offerings, and commitment to improving customer service, Allianz Life remains a dependable option for retirees looking for steady income solutions. Up next, we’ll take a closer look at what Athene has to offer.
2. Athene
Athene specializes in the annuity market, offering retirement income solutions tailored for individuals looking for steady, predictable income. Headquartered in West Des Moines, Iowa, this company has made a name for itself since its start in 2009, focusing on fixed and fixed index annuities.
Financial Stability
Athene is known for its strong financial ratings, which stem from a disciplined approach to asset management and maintaining ample reserves to meet policyholder commitments. The company also benefits from partnerships with top-tier investment managers, ensuring reliable returns on its investment portfolio. This emphasis on risk management and maintaining healthy capital ratios builds trust in its ability to honor long-term annuity obligations.
Product Variety
The company offers a range of fixed and fixed index annuities, designed to provide a mix of growth potential and protection for principal investments. Its lineup includes immediate annuities for those needing income right away and deferred annuities for those focused on accumulating savings. Many of these products come with income riders that guarantee minimum withdrawals, helping retirees manage longevity risk.
Customer Satisfaction
Athene has invested in an enhanced digital platform that makes it easy for customers to access account information and manage their annuities. On top of that, its dedicated customer service teams are well-versed in annuity products and retirement planning, ensuring clients receive knowledgeable support.
Fees and Payout Options
The fees for Athene’s annuities depend on the specific product and any optional features chosen. Fixed index annuities usually don’t have direct annual fees, but costs are often embedded in the crediting methods and surrender charge schedules. Optional benefits, like income riders, can add to the overall cost. Athene provides flexible payout options, such as lifetime income guarantees, joint and survivor benefits for couples, and systematic withdrawal programs. However, early withdrawals beyond the penalty-free amount may incur surrender charges, which typically start higher and decrease over time.
Athene combines a straightforward approach to annuities with strong financial backing, making it an appealing choice for conservative investors seeking reliable retirement income. Next, let’s explore the annuity options offered by Corebridge Financial.
3. Corebridge Financial (formerly AIG)
Financial Stability
Corebridge Financial has taken a major step toward reducing risk and strengthening its financial position by partnering with Venerable Holdings, Inc. Through this agreement, Corebridge will reinsure its Individual Retirement variable annuity portfolio, valued at $51 billion as of March 31, 2025, for $2.8 billion. This decision aims to phase out Individual Retirement variable annuities, allowing the company to better align with its financial goals. The deal is expected to generate about $2.1 billion in net distributable after-tax proceeds, which will be used for capital management, share buybacks, and organic growth initiatives. This strategic move highlights Corebridge Financial’s focus on achieving long-term stability and growth.
4. Sammons Financial
Financial Stability
Sammons Financial prioritizes long-term security by maintaining a well-diversified portfolio across its insurance and financial services. By operating through multiple subsidiaries, the company spreads risk across different business areas, reinforcing its commitment to providing reliable financial protection for annuity holders.
Product Variety
The company offers a broad selection of annuity products tailored to various retirement goals. These include fixed annuities, which provide guaranteed interest rates, and indexed annuities that combine market-linked growth potential with protection against losses.
Customer Satisfaction
Sammons Financial places a strong focus on personalized service. Through its network of independent agents and dedicated customer support representatives, the company ensures that customers receive tailored assistance. Additionally, online account management tools make it easy for annuity holders to monitor their account performance and handle routine transactions at their convenience.
Fees and Payout Options
Transparency is a key focus when it comes to fees. While early withdrawals during the surrender period incur penalties, the terms are clearly outlined to avoid surprises. Sammons Financial also offers flexible payout options, including immediate and deferred annuities, with some contracts providing joint-life benefits for added flexibility.
Next, we’ll take a closer look at American Equity’s offerings to continue the comparison.
5. American Equity
Financial Stability
American Equity takes a measured approach to business, emphasizing conservative strategies and disciplined risk management. Their primary focus is on fixed indexed annuities, which are designed to combine capital preservation with growth opportunities linked to market indices. This approach makes them particularly appealing to retirement-focused investors.
By concentrating on the annuity sector, American Equity maintains a streamlined and efficient business model. This specialization allows them to uphold high underwriting standards and navigate market fluctuations effectively, ensuring steady performance for their annuity holders.
Product Variety
American Equity offers a range of fixed indexed annuities tailored to different customer needs. These products include options tied to market indices like the S&P 500, enabling customers to benefit from market gains while being shielded from losses.
Their portfolio features both immediate and deferred annuities, with flexible crediting methods such as annual point-to-point, monthly averaging, and performance-triggered strategies. Customers can also enhance their annuities with optional riders, such as guaranteed lifetime withdrawals or enhanced death benefits, providing more choices to structure their retirement income.
Customer Satisfaction
To ensure a personalized experience, American Equity works with independent agents who guide customers through the annuity selection process. This face-to-face approach helps individuals make informed decisions about their retirement plans.
For added convenience, the company offers robust online tools for account management and monitoring. Their customer service team is available through multiple channels to assist with policy updates, beneficiary changes, and withdrawal requests, ensuring a smooth experience for their clients.
Fees and Payout Options
American Equity is transparent about their fee structure, including surrender charges that gradually decrease over the initial contract period. Many of their fixed indexed annuities allow penalty-free withdrawals of up to 10% annually after the first contract year.
Customers can choose from a variety of payout options, including systematic withdrawal plans and annuitization, which provide guaranteed income for life. For married couples, joint-life payout options ensure income continues for the surviving spouse. Additionally, certain contracts include market value adjustments, which can benefit customers depending on interest rate conditions.
Next, we examine Nationwide’s approach to annuities.
6. Nationwide
Financial Stability
Nationwide, a Fortune 100 company based in the U.S., has been a cornerstone of the insurance and financial services industry for nearly a century. Its long-standing presence highlights a proven ability to navigate economic ups and downs, thanks to careful asset management and a diversified portfolio that minimizes risks tied to any single sector. Even during periods of economic turbulence, Nationwide has maintained its strength and reliability.
The company’s life insurance operations adhere to stringent regulatory standards and uphold rigorous capital requirements, ensuring sufficient reserves to meet policyholder commitments. Annuity guarantees and protections are backed by the claims-paying ability of Nationwide Life and Annuity Insurance Company. This financial stability is further underscored by strong credit ratings: A.M. Best rates Nationwide A+ (Superior) as of November 7, 2024, while Moody’s and S&P have assigned ratings of A1 (November 10, 2023) and A+ (April 30, 2024), respectively. Both Moody’s and S&P ratings rank as the fifth highest on their scales. These ratings reflect Nationwide’s solid financial footing and its dedication to policyholders.
Customer Satisfaction
Nationwide takes pride in its mutual heritage, which reinforces its focus on serving policyholders.
"Our proud mutual heritage and ongoing commitment to our communities help us continue to put customers first."
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7. Fidelity & Guaranty
Financial Stability
Fidelity & Guaranty Life Insurance Company (FGL) brings decades of expertise to the table, relying on conservative investment strategies to ensure financial security. By focusing on high-quality corporate bonds and government securities, the company maintains strong capital reserves and adheres to regulatory standards. This approach provides the stability that annuity holders expect and need.
Product Variety
FGL offers a targeted selection of annuity products designed for those seeking financial security. Their fixed annuities and multi-year guaranteed annuities (MYGAs) protect your principal while locking in interest rates for a predetermined period – an excellent choice for retirees who value predictability.
For those seeking immediate income, FGL’s immediate annuities transform a lump-sum payment into guaranteed payouts that begin within a year. Options include life-only, joint-life, or period-certain coverage, catering to various financial goals and needs.
Customer Satisfaction
With its roots in mutual heritage, Fidelity & Guaranty places a strong emphasis on serving policyholders. The company prides itself on personalized service, supported by dedicated teams ready to assist with policy management and retirement planning questions. This commitment to customer care helps build trust and long-term relationships.
Fees and Payout Options
FGL keeps its fee structure straightforward. Fixed annuities come with minimal fees, typically embedded in the interest rate spreads. Immediate annuities provide flexible payout schedules – monthly, quarterly, semi-annually, or annually – and some even include cost-of-living adjustment (COLA) riders to help counter inflation. Multi-year guaranteed annuities feature surrender charges that decrease over time and often allow penalty-free annual withdrawals, offering some financial flexibility.
Next, we’ll see how Global Atlantic performs in these same areas.
8. Global Atlantic
Financial Stability
Global Atlantic is built on a solid financial foundation, thanks to its cautious approach to capital management and risk practices. By prioritizing these strategies, the company ensures it can meet its long-term commitments to policyholders. This careful planning has also helped safeguard annuity values during times of market volatility.
Product Variety
Global Atlantic offers a diverse range of annuity products tailored to different financial needs:
- Fixed Annuities: Guarantee interest and protect your principal.
- Multi-Year Guaranteed Annuities (MYGAs): Offer competitive rates for terms ranging from three to ten years.
- Fixed Indexed Annuities: Link returns to market indices while protecting against downturns.
- Immediate Annuities: Convert a lump sum into a steady income stream for life.
- Deferred Income Annuities: Lock in future income at today’s rates.
Many of these products include flexible crediting methods, giving policyholders more control over their returns.
Customer Satisfaction
Global Atlantic emphasizes personalized service through dedicated support teams and user-friendly online tools. These resources make it easier for policyholders to manage their policies and track accounts. By focusing on clear communication and education, the company helps customers fully understand the features and benefits of their annuities.
Fees and Payout Options
Global Atlantic’s fee structures are designed to remain competitive. For fixed annuities, fees are built into the interest spreads, while indexed annuities clearly outline participation rates, caps, or spreads upfront. Surrender charges decrease over time, and many products allow penalty-free partial withdrawals after the first year. Payouts are flexible – offered monthly, quarterly, or annually – and often include cost-of-living adjustments. Immediate annuities, in particular, provide attractive payout rates for those seeking guaranteed income.
Next, we’ll take a closer look at how Massachusetts Mutual addresses these same key areas.
9. Massachusetts Mutual
Financial Stability
Massachusetts Mutual has built its reputation on strong financial foundations, thanks to a disciplined approach to risk management. As a mutual company, its priority is the well-being of its policyholders rather than shareholders, which allows it to focus on long-term stability instead of chasing short-term profits. This philosophy has helped the company maintain steady performance through various economic ups and downs, supporting a robust and diverse annuity portfolio.
Product Variety
MassMutual offers a range of retirement income solutions tailored to different financial needs and timelines:
- Immediate Income Annuities: Designed for those seeking income within the next 13 months.
- Deferred Income Annuities (DIAs): Ideal for individuals planning for future income needs.
- Deferred Fixed Annuities: Provide a guaranteed interest rate and principal protection, ensuring steady tax-deferred growth.
- Fixed Index Annuities: Offer a blend of market-linked growth and protection against losses, with interest credited based on the performance of an external index.
- Registered Index-Linked Annuities (RILAs): These allow for controlled market participation, offering growth potential while limiting downside risk with partial protection against market losses.
- Variable Annuities: Provide a wide selection of investment options for those looking for maximum growth potential. These products often include death benefits and lifetime income options but come with the risk of value fluctuations tied to market performance.
Here’s a quick comparison of the key features of MassMutual’s annuity options:
| Annuity Type | Key Features | Primary Focus | Death Benefit | Lifetime Income |
|---|---|---|---|---|
| Deferred Fixed | Guaranteed rate, principal protection | Tax-deferred accumulation | Varies | Available |
| Fixed Index | Market-linked growth, loss protection | Tax-deferred accumulation | Varies | Available |
| Variable | Investment choices, growth potential | Tax-deferred growth | Typically included | Yes |
| Immediate Income | Income within 13 months | Immediate income needs | Depends on option | Yes |
| Deferred Income | Future guaranteed income | Future income planning | Most options included | Yes |
| RILAs | Market participation, partial protection | Growth with limited risk | Varies | Available |
Customer Satisfaction
MassMutual takes a personalized approach to customer service, helping clients choose annuity products that align with their specific retirement goals. Instead of offering a generic solution, the company focuses on tailoring options to individual needs.
The company’s customer support team is trained to simplify complex topics like crediting methods, surrender schedules, and payout options. Additionally, MassMutual provides online tools that allow policyholders to track their annuity performance and make adjustments as needed, ensuring convenience and transparency.
Fees and Payout Options
MassMutual maintains clear and upfront fee structures. For fixed annuities, fees are built into the interest rate spreads, while variable annuities disclose management fees and optional rider costs upfront. Surrender charges decrease over time, and many products include the option for penalty-free partial withdrawals after the first year.
Payout options are flexible, offering monthly, quarterly, or annual payments. Clients can also choose joint-life or period-certain guarantees, as well as cost-of-living adjustments to help preserve purchasing power during long retirement periods. These features make MassMutual’s annuities adaptable to a variety of financial situations and retirement plans.
Security Benefit Life’s approach follows.
10. Security Benefit Life
Security Benefit Life secures its place in the top 10 with a reputation for steady performance and versatile annuity options.
Financial Stability
Security Benefit Life has built its financial strength by prioritizing disciplined risk management and a focus on long-term stability. Rather than chasing rapid growth, the company emphasizes creating lasting value, which has helped it navigate economic ups and downs. For annuity holders, this translates to dependable returns – a key factor for those relying on their annuities for retirement income.
The company’s careful underwriting practices and diversified investment portfolio ensure it maintains sufficient capital reserves. Combined with strict regulatory adherence, this approach provides policyholders with peace of mind that the company can meet its long-term commitments.
Product Variety
Security Benefit Life offers a range of annuity products designed to meet diverse retirement planning needs:
- Fixed Annuities: These provide guaranteed interest and principal protection, offering stable growth without exposure to market risks.
- Fixed Index Annuities: These combine the safety of fixed products with the potential for market-linked growth, allowing gains up to specified caps while shielding against market losses.
- Variable Annuities: Ideal for those comfortable with market risks, these products offer a range of investment options and the potential for higher returns.
- Immediate Annuities: Designed for individuals ready to turn their savings into guaranteed income streams.
- Deferred Annuities: Perfect for those still accumulating retirement savings, offering tax-deferred growth until income is needed.
This variety ensures that individuals can find a product tailored to their specific retirement goals and risk tolerance.
Customer Satisfaction
Security Benefit Life places a strong emphasis on customer service, aiming to simplify the complexities of annuity products. Their representatives are trained to explain features like surrender charges, crediting methods, and withdrawal options in clear, straightforward terms.
Policyholders can access their account information through user-friendly online portals, which display transaction history and contract details. Regular account statements and updates ensure customers stay informed about their annuities.
The company’s philosophy prioritizes long-term relationships over one-time transactions. Dedicated service teams are available to assist with questions and provide ongoing support throughout the life of the annuity contract, fostering trust and reliability.
Fees and Payout Options
Transparency is a hallmark of Security Benefit Life’s fee structure. For fixed annuities, costs are embedded in interest rate spreads, while variable annuities clearly outline management fees and charges for optional riders. Surrender charges decrease over time, and penalty-free partial withdrawals are typically allowed after the first year.
When it comes to payouts, the company offers flexibility to suit different retirement needs. Payment schedules can be monthly, quarterly, or annually, with options for single-life or joint-life coverage. Additional features include period-certain guarantees, which ensure payments for a set number of years, and lifetime income options for extended financial security.
To address inflation concerns, cost-of-living adjustments are available, allowing annuitants to customize their income to maintain purchasing power over time.
Company Comparison: Strengths and Weaknesses
This section brings together the strengths and weaknesses of the top 10 annuity providers, helping you identify what sets each apart. Every company has its own mix of advantages and challenges, so understanding these differences can guide your decision.
Financial stability is a major factor. Long-established companies often deliver consistent performance, while newer entrants may attract with competitive rates but lack the same track record.
Product variety is another critical point. Some providers focus on specific annuity types, which works well if you know exactly what you need. Others offer a broader range, giving you flexibility if your financial goals shift over time.
Customer service also varies widely. Digital platforms are great for speed and convenience, but companies with strong agent networks excel at providing personal guidance.
| Company | Key Strengths | Main Weaknesses | Standout Features |
|---|---|---|---|
| Allianz Life | Market leader, broad product range, strong ratings | Higher fees on some products, complex structures | Innovative index crediting, extensive rider options |
| Athene | Competitive rates, modern tech, fast growth | Shorter history, smaller agent network | High cap rates on index products, streamlined digital tools |
| Corebridge Financial | Strong brand, diverse offerings, global backing | Challenges from recent restructuring | Established presence, robust financial planning tools |
| Sammons Financial | Conservative management, reliable performance | Limited national presence, fewer innovations | Strong regional ties, personalized service |
| American Equity | Attractive index annuity rates, simple products | Smaller company, limited variety | Straightforward designs, competitive crediting rates |
| Nationwide | Broad reach, trusted brand, comprehensive benefits | Higher costs, complex fee structures | Extensive rider options, integrated retirement planning |
| Fidelity & Guaranty | Competitive pricing, efficient operations | Limited brand recognition, narrow offerings | Streamlined processes, appealing rate options |
| Global Atlantic | Strong backing, growing presence, competitive rates | Building brand awareness, newer entrant | Technology-driven features, innovative products |
| Massachusetts Mutual | Long-term stability, mutual ownership benefits | Limited annuity focus, traditional approach | Dividend potential, conservative management |
| Security Benefit Life | Disciplined risk management, transparent fees | Moderate growth, limited marketing presence | Steady performance, clear fee structures |
Fee structures can also influence your choice. While low upfront fees may seem appealing, they often come with higher ongoing costs or stricter withdrawal terms. Providers with transparent fees might charge slightly more but offer clearer insight into long-term expenses.
When it comes to service models, digital-first companies shine in account management and speed, but traditional providers excel in personal service through agents and phone support. Your preference for convenience or personal interaction will shape your decision.
Lastly, the target market focus of each provider affects their approach. Companies catering to high-net-worth clients often offer sophisticated products with premium features. On the other hand, providers targeting broader markets tend to focus on simplicity and competitive pricing.
Ultimately, the right match depends on your priorities – whether it’s financial strength, product variety, customer service, or cost considerations. This comparison offers a clear snapshot to help you align your needs with the most suitable annuity provider for your retirement goals.
Conclusion
Choosing the right annuity provider for your retirement goals requires thoughtful evaluation of what each company brings to the table. The ten providers discussed here highlight a variety of approaches to delivering retirement income.
Some companies stand out for their wide range of products and competitive rates, while others excel in offering digital tools or personalized agent support. Key considerations like financial stability, fee structures, and company reputation should also weigh heavily in your decision.
Ultimately, the goal is to align a provider’s strengths – whether it’s stability, product variety, or service style – with your specific retirement priorities. By focusing on factors like your risk tolerance, preferred level of service, and budget, you can make a well-informed decision that supports your long-term financial security.
FAQs
What should I look for when selecting an annuity provider from the top 10 companies in 2025?
When choosing an annuity provider from the top 10 companies in 2025, it’s important to focus on a few essential factors to find the right fit for your retirement plans. Start with financial stability – this is key to ensuring the company can meet its long-term commitments and provide dependable payouts. Check ratings from independent agencies to gauge their reliability.
Next, consider customer satisfaction, which often reflects the quality of service and the company’s trustworthiness. It’s also smart to review the fees, payout options, and product features to confirm they match your retirement goals, like securing a steady income. Think about flexibility too – look for providers that offer options for accessing funds or adjusting plans if your financial situation changes.
Lastly, take the time to research the company’s reputation and track record. A provider with a history of successfully serving retirees can offer peace of mind as you plan for the years ahead.
How do annuity fees affect my retirement income over time?
Fees charged by annuity companies can take a noticeable bite out of your retirement savings, directly affecting how much money you have available to grow. Expenses like management fees, administrative costs, and surrender charges can gradually chip away at your investment, reducing the payouts you’ll receive over time. In some cases, these fees can climb above 3% annually, significantly diminishing the value of your hard-earned savings.
On the flip side, choosing companies with lower fees means more of your money stays invested, which could lead to higher payouts and a steadier income stream when you retire. That’s why it’s so important to dig into and compare fee structures – doing so ensures your savings are working as efficiently as possible to support your future.
Why is it important to choose an annuity company with strong financial stability?
Choosing an annuity company with solid financial strength is essential to ensure they can meet their long-term payment obligations. This provides reassurance that your income stream will remain secure over time. Providers with top-tier credit ratings, such as "AAA" or "A+++", are less likely to default, safeguarding both your investment and your retirement plans.
Moreover, companies with strong financial footing are better prepared to weather economic challenges, maintaining consistent payments throughout the life of your annuity. This stability is critical for retirees who rely on steady income to manage their day-to-day expenses.
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