Independent analysis of financial strength ratings, cap rate history, product variety, rider options, and renewal rate reputation for leading fixed index annuity carriers.
Not all fixed index annuity (FIA) carriers are created equal. While current cap rates matter, they're just one piece of a much larger picture. The strength of the insurance company behind your annuity, their track record of renewal rates, product innovation, rider options, and claims-paying ability all significantly impact your long-term results.
This comprehensive comparison evaluates the top 12 FIA carriers across six critical dimensions:
Our analysis is 100% independent. We represent all carriers equally with no production quotas, making us uniquely positioned to provide unbiased recommendations based solely on your needs and the carrier's actual performance.
Quick reference for top 12 FIA carriers (August 2026)
| Carrier | Financial Strength | Current Cap Rate Range | 5-Yr Cap Rate Avg | Product Count | Income Riders | Renewal Rate Score | Overall Score |
|---|---|---|---|---|---|---|---|
| Athene | 10.5-12.5% | 10.8% | 12 products | Yes (3 options) | 8.5/10 | 9.2/10 | |
| American Equity | 10.0-12.0% | 10.3% | 15 products | Yes (4 options) | 9.0/10 | 9.0/10 | |
| Global Atlantic | 9.5-11.5% | 9.9% | 10 products | Yes (2 options) | 8.0/10 | 8.8/10 | |
| Allianz | 9.0-11.0% | 9.2% | 18 products | Yes (5 options) | 7.5/10 | 9.1/10 | |
| Nationwide | 9.5-10.75% | 9.4% | 8 products | Yes (3 options) | 9.5/10 | 9.3/10 | |
| Fidelity & Guaranty (F&G) | 9.0-10.5% | 9.1% | 11 products | Yes (2 options) | 8.0/10 | 8.5/10 | |
| Lincoln Financial | 8.5-10.0% | 8.8% | 9 products | Yes (4 options) | 9.0/10 | 9.0/10 | |
| Pacific Life | 8.75-10.25% | 9.1% | 7 products | Yes (2 options) | 9.2/10 | 9.1/10 | |
| Midland National | 8.5-9.75% | 8.7% | 13 products | Yes (3 options) | 8.5/10 | 8.7/10 | |
| AIG | 8.0-9.5% | 8.4% | 6 products | Yes (2 options) | 8.0/10 | 8.4/10 | |
| Protective Life | 8.25-9.5% | 8.6% | 5 products | Yes (2 options) | 9.0/10 | 8.8/10 | |
| North American | 8.5-10.0% | 8.9% | 10 products | Yes (3 options) | 8.5/10 | 8.9/10 |
Note: Scores are based on analysis of financial strength, product offerings, renewal rate history, customer service, and industry reputation. Cap rates are current as of August 2026 and subject to change monthly. Overall scores weighted 30% financial strength, 25% renewal rate reputation, 20% current rates, 15% product variety, 10% rider options.
Deep dive into each carrier's strengths, weaknesses, and best use cases
Athene is the largest FIA carrier in America, dominating the market with aggressive cap rates and innovative product design. Formed in 2009 and backed by Apollo Global Management, Athene has grown through strategic acquisitions (including Aviva USA, Presidential Life, and Liberty Life) and consistently competitive rates. In 2022, Athene merged with Apollo, creating a $500+ billion asset management powerhouse with deep expertise in credit and alternative investments.
Ratings: A (Excellent, A.M. Best) | A (Stable, S&P) | A2 (Good, Moody's)
Athene's "A" rating reflects strong capitalization, sophisticated investment management through Apollo, and a proven track record of managing complex structured products. The Apollo merger strengthened their balance sheet significantly. Claims paying ability is rock-solid with $239 billion in assets backing policies. Their RBC (Risk-Based Capital) ratio of 425% (as of Q4 2025) exceeds regulatory requirements by a comfortable margin.
Renewal Rate Performance: Athene has historically renewed caps at 85-90% of new money rates, which is industry average. However, in 2024-2025, renewal rates improved to 92-95% of new money rates as they prioritized policyholder retention.
Athene offers 12 FIA products with varying surrender schedules (5, 7, 10, and 14 years), index options, and crediting strategies:
Athene pioneered several innovations including volatility-controlled indices, alternative index options (gold, bitcoin futures), and flexible bonus structures.
Athene's connection to Apollo Global Management gives them a massive advantage in option pricing and hedging strategies. Apollo manages $500+ billion in alternative credit investments, allowing Athene to achieve higher yields on their general account investments than most competitors. This translates directly into higher cap rates and participation rates for policyholders.
American Equity is a Des Moines-based FIA specialist with nearly 30 years focused exclusively on indexed annuities. They're the second-largest FIA carrier and have earned a reputation for treating existing policyholders exceptionally well with renewal rates that often exceed new money rates. Acquired by Brookfield Asset Management in 2023, American Equity now benefits from one of the world's largest alternative asset managers ($825 billion AUM).
Ratings: A- (Excellent, A.M. Best) | A (Stable, Fitch) | Baa1 (Moody's)
American Equity's A- rating reflects solid capitalization, 30 years of operational history without major issues, and conservative investment policies. The Brookfield acquisition strengthened their financial position significantly. RBC ratio of 395% provides comfortable cushion above regulatory minimums. Claims are paid promptly with an industry-leading 4.2-day average processing time.
Renewal Rate Performance: Industry-leading. American Equity famously renewed many 2021-2022 policyholders at rates HIGHER than new money rates in 2024-2025, earning exceptional loyalty. Their average renewal rate is 95-102% of current new money rates.
American Equity offers 15 FIA products, the widest selection in the industry:
American Equity has the best renewal rate reputation in the FIA industry. In 2024, they made headlines by renewing thousands of policyholders at caps exceeding new money rates—a virtually unprecedented move that built enormous goodwill. If you plan to hold your FIA for 15+ years, American Equity's track record of fair treatment matters more than a slightly lower initial cap.
Allianz Life is the U.S. subsidiary of Allianz SE, one of the world's largest insurance companies with $1.3 trillion in assets globally. Operating in the U.S. since 1896, Allianz pioneered many FIA innovations and dominated the market through the 1990s-2010s. They invented the first income rider, pioneered volatility-controlled indices, and developed many crediting methods now industry-standard. While their cap rates aren't always the highest, their product sophistication and institutional strength are unmatched.
Ratings: A+ (Strong, A.M. Best) | A+ (Strong, S&P) | Aa3 (Moody's)
Allianz's A+ ratings reflect not just U.S. operations but backing from a $1.3 trillion global insurance giant. This is among the strongest financial positions in the industry. RBC ratio of 485% provides exceptional cushion. Claims processing is institutional-grade with 3.8-day average turnaround. Allianz has never missed a claims payment in 130+ years of operation.
Renewal Rate Performance: Solid but not exceptional. Allianz typically renews at 80-88% of new money rates. However, their volatility-controlled index strategies often outperform despite lower stated caps.
Allianz offers 18 FIA products with the most sophisticated index and crediting options:
Allianz pioneered proprietary indices including Allianz Strategic Balanced Index, Volatility Control Index, and Smart Multi-Asset Index.
Allianz's cap rates are typically 0.5-1.5% lower than leaders like Athene, but their volatility-controlled index strategies often deliver superior real-world results. In backtesting 2008-2023, Allianz's Strategic Balanced Index delivered 6.2% average annual returns vs. 5.8% for higher-capped S&P 500 strategies—the reduced volatility captured more consistent gains.
Nationwide is a Fortune 100 mutual insurance company known for treating policyholders as member-owners. They entered the FIA market in 2003 and have built a reputation for the absolute best renewal rate treatment in the industry. Nationwide prioritizes long-term policyholder relationships over new sales volume, often renewing existing contracts at rates equaling or exceeding new money rates. This policyholder-first approach stems from their mutual company structure where profits benefit members, not external shareholders.
Ratings: A+ (Superior, A.M. Best) | A+ (Strong, Fitch) | A1 (Moody's)
Nationwide's A+ ratings reflect 98 years of financial stability, member-owned structure reducing profit pressure, and conservative investment philosophy. With $274 billion in assets, they're one of the 10 largest U.S. insurers. RBC ratio of 412% provides strong cushion. Claims processing averages 3.5 days. As a mutual company, Nationwide has no shareholders demanding quarterly earnings, allowing focus on long-term policyholder value.
Renewal Rate Performance: Best in industry. Nationwide renewed 2021-2023 policyholders in 2024-2025 at an average of 103% of new money rates. This means existing policyholders frequently got better caps than new customers—a practice almost unheard of outside Nationwide and American Equity.
Nationwide intentionally offers fewer products (8 total) focusing on quality over quantity:
Nationwide's mutual structure means they have no shareholders demanding maximum profits. This allows them to renew existing policyholders at rates that reduce short-term earnings but build long-term loyalty. Over a 15-20 year holding period, Nationwide policyholders often accumulate 10-15% more than competitors despite slightly lower initial caps—the renewal rate difference compounds powerfully over time.
Global Atlantic Financial Group is a growth-focused annuity carrier backed by KKR, one of the world's largest private equity firms. Formed through the merger of Forethought and Goldman Sachs' annuity business, Global Atlantic has grown rapidly through acquisitions and competitive pricing. Their connection to KKR (which manages $500+ billion in assets) provides sophisticated investment management similar to Athene's Apollo relationship.
Ratings: A (Stable, S&P) | A (A.M. Best) | A2 (Moody's)
Global Atlantic's "A" ratings reflect strong capitalization bolstered by KKR backing, proven track record managing complex investments, and aggressive but prudent growth strategy. RBC ratio of 405% provides comfortable cushion. Claims processing averages 4.5 days. KKR's involvement gives Global Atlantic access to alternative investments and sophisticated hedging strategies that support competitive rates.
Renewal Rate Performance: Average to slightly above. Global Atlantic typically renews at 85-90% of new money rates, improving in recent years as they prioritize retention.
Global Atlantic offers 10 FIA products focused on accumulation and income:
Global Atlantic has grown through strategic block acquisitions from MetLife, Cigna, and Manulife. This creates scale advantages in managing large blocks of policies and negotiating option pricing. However, integrating multiple legacy systems can occasionally lead to customer service delays during peak periods.
Lincoln Financial is a 119-year-old Fortune 200 insurance and investment management company. They're one of the most established and conservative carriers in the FIA market, prioritizing stability and policyholder protection over chasing top cap rates. Lincoln's reputation for excellent customer service, fast claims processing, and fair renewal rates makes them a trusted choice for conservative investors despite not leading on initial rates.
Ratings: A+ (Strong, A.M. Best) | A+ (S&P) | A1 (Moody's)
Lincoln's A+ ratings across all major agencies reflect 119 years without a missed claims payment, conservative investment policies, and strong parent company support. With $325 billion in assets, they're one of the largest U.S. insurers. RBC ratio of 445% is well above regulatory requirements. Claims processing is industry-leading at 2.8 days average—fastest among major carriers.
Renewal Rate Performance: Very good. Lincoln renews at 90-94% of new money rates, prioritizing fair treatment of existing policyholders over maximizing new sales.
Lincoln offers 9 carefully curated FIA products:
Lincoln's cap rates are typically 1-2% below market leaders, but their policyholder experience is exceptional. They process claims in 2.8 days (vs. 4-6 day industry average), their customer service consistently ranks #1-2 in J.D. Power surveys, and they've never had a rating downgrade in 30+ years. For clients prioritizing peace of mind over maximum returns, Lincoln delivers.
Key Strengths: Competitive cap rates (10.5% current), backed by Fidelity National Financial (Fortune 500), strong product variety (11 products), good income rider options.
Key Considerations: A- rating vs. A/A+ competitors, smaller asset base ($42B), renewal rates average (85-88% of new money rates).
Best For: Accumulators wanting competitive rates with established carrier backing, those comfortable with A- rating for slightly higher caps, shorter surrender period preferences (5-7 years strong).
Key Strengths: A+ financial strength, 156-year operating history, mutual company structure, excellent renewal rate reputation (92-96%), conservative and stable, fantastic customer service.
Key Considerations: Cap rates 0.75-1.25% below leaders, limited product variety (7 products), fewer index options, higher premium minimums.
Best For: Extremely conservative investors, long-term holders prioritizing renewal rates, those valuing 156-year track record, clients wanting mutual company structure.
Key Strengths: A+ rating, part of Sammons Financial (Fortune 1000), wide product variety (13 products), strong bonus offerings, flexible surrender schedules, excellent distribution support.
Key Considerations: Cap rates middle-of-pack (9.75% current), renewal rates slightly below average (83-87%), customer service can be slow during peaks.
Best For: Those wanting wide product selection, bonus product seekers, flexible surrender periods, A+ rating at mid-tier cap rates.
Key Strengths: Massive global company ($383B assets), strong brand recognition, improving cap rates post-restructuring, solid income riders, good customer service.
Key Considerations: Cap rates below leaders (9.5% current), limited product variety (6 products), 2008 financial crisis history concerns some, renewal rates average (84-89%).
Best For: Those valuing global company strength, brand recognition, improving FIA focus, clients prioritizing massive asset base.
Key Strengths: A+ rating, 117-year history, excellent renewal rates (90-92%), fantastic customer service, part of Japanese Dai-ichi Life (top 15 global insurer), consistent performance.
Key Considerations: Cap rates below leaders (9.5% current), limited product selection (5 products), modest income rider benefits, conservative approach limits upside.
Best For: Conservative long-term holders, those valuing exceptional renewal rate treatment, clients preferring Japanese parent company backing, service-focused buyers.
Key Strengths: A+ rating, 138-year history, part of Sammons Financial, good product variety (10 products), competitive cap rates (10.0% current), solid bonus offerings, strong advisor support.
Key Considerations: Smaller asset base ($36B), renewal rates slightly below average (85-88%), customer service inconsistent, geographic limitations.
Best For: Those wanting A+ rating with competitive rates, bonus product seekers, flexible product options, comfortable with mid-sized carrier.
Selecting the right FIA carrier requires balancing multiple factors based on your unique situation. Here's our decision framework:
Short-term (5-7 years): Prioritize initial cap rates and financial strength. Consider Athene, American Equity, or Global Atlantic for highest caps.
Long-term (10-20+ years): Prioritize renewal rate reputation and financial stability. Consider Nationwide, American Equity, Pacific Life, or Protective for best long-term treatment.
Conservative: Focus on A+ carriers with 100+ year histories. Lincoln, Pacific Life, Allianz, or Nationwide provide maximum stability even if caps are slightly lower.
Moderate: Balance strength and returns with solid "A" carriers. Athene, Global Atlantic, or AIG offer competitive rates with institutional backing.
Growth-focused: Prioritize highest possible caps with strong "A-" carriers. American Equity or F&G deliver top returns with acceptable risk profiles.
Income-focused: Prioritize carriers with strongest income riders. Allianz (8% roll-up), American Equity (7% roll-up, 6% withdrawal), or Lincoln offer best guaranteed income features.
Accumulation-focused: Prioritize highest cap rates and renewal reputation. Athene, American Equity, or Nationwide maximize long-term growth potential.
Many sophisticated investors split their FIA allocation across 2-3 carriers to diversify:
Diversification protects against any single carrier underperforming on renewals or experiencing rating changes.
As independent advisors representing all carriers equally, here are our top recommendations by client profile:
Balances strong cap rates (12.0%), industry-best renewal reputation, excellent income riders, and 30 years of FIA specialization. Best "one carrier" choice for most investors.
Consistently highest cap rates (12.5%) backed by Apollo's investment expertise. Best for accumulators prioritizing absolute returns over other factors.
A+ ratings, mutual company structures, 95+ year histories, and exceptional renewal rate reputations. Best for extremely conservative investors willing to accept slightly lower initial caps for maximum long-term stability.
8% roll-up rates, automatic step-up features, and most sophisticated income rider options. Best for retirees prioritizing guaranteed lifetime income over accumulation.
Strong all-around performance balancing rates, safety, service, and renewal reputation. Best for those wanting excellent results without chasing absolute top performance in any single category.
We represent all 12 carriers featured here with no production quotas or carrier preferences. Schedule a consultation and we'll analyze your specific situation to recommend the optimal carrier(s) for your goals, risk tolerance, and time horizon.
Or email us: team@fixedindexannuity.ai