A ratings-first comparison of five top annuity carriers — A.M. Best, S&P, Moody's, Fitch, and Comdex scores, plus what state guaranty association limits actually cover.
The questions to ask before you sign — surrender charges, income riders, and the fees that rarely come up at the seminar.
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If you are comparing the best annuity companies by financial strength rating in 2026, New York Life (learn more about massmutual stable voyage fixed deferred annuity review: independent analysis (2026 rates)) (learn more about protective life smart saver 5 annuity review: independent analysis (2026 rates)) (learn more about what is an annuity income rider? how it works, what it costs, and when it makes sense) (learn more about nationwide peak 10 fixed index annuity review: independent analysis (2026)) (learn more about athene ascent 10 bonus fixed index annuity review: independent analysis (2026)) (learn more about jackson national elite access advisory variable annuity review: independent analysis (2026)) and MassMutual lead — both hold A++ (Superior) from A.M. Best plus near-top marks from Moody's, S&P, and Fitch, for Comdex composites of 100 and 98. We ranked five carriers on agency ratings, capital measures, and product breadth. Because an annuity's guarantees are backed solely by the claims-paying ability of the issuing insurer, the balance sheet matters as much as the posted rate.
| Criteria | Weight | Why It Matters |
|---|---|---|
| A.M. Best Financial Strength Rating | High | The industry benchmark solvency opinion, scaled A++ to D. |
| S&P / Moody's / Fitch ratings | High | Independent confirmation; disagreement is itself a signal. |
| Comdex composite score | Medium | A 1–100 percentile blending all agency ratings. |
| Statutory surplus and RBC ratio | Medium | Capital above reserves — the cushion absorbing losses. |
| Product breadth | Medium | Strength only helps if the carrier issues the contract you need. |
Sources: A.M. Best, S&P Global Ratings, Moody's, Fitch, carrier statutory filings, and LIMRA's U.S. Retail Annuity Sales survey.
Best for: Buyers who put solvency above every other variable
A.M. Best rating: A++ (Superior), affirmed July 2026
Years in business: Founded 1845
New York Life holds A++ from A.M. Best, AA+ from S&P, Aaa from Moody's, and AAA from Fitch — the highest available from each agency. Its Comdex composite is 100, and the company reports holding top marks from every major agency for more than 75 consecutive years.
Retirees placing a large share of assets with one insurer, or anyone whose contract value may exceed guaranty limits.
Best for: Buyers who want A++ ratings plus product choice
A.M. Best rating: A++ (Superior), affirmed October 2025
Assets under management: Approximately $584 billion
A.M. Best affirmed MassMutual at A++ in October 2025, citing balance sheet strength assessed at the strongest level and a Best's Capital Adequacy Ratio (BCAR) in the very strong range. S&P and Fitch rate it AA+, for a Comdex of 98.
Buyers who will not go below A++ but still want MYGA, SPIA, and indexed structures under one roof.
Best for: Shoppers balancing strength against crediting rates
A.M. Best rating: A+ (Superior)
Assets: More than $175 billion
Pacific Life holds A+ from A.M. Best, AA- from S&P and Fitch, and Aa3 from Moody's, for a Comdex of 95 as of August 2026. It has held A-range ratings for more than two decades and offers MYGA, fixed indexed, RILA, and income contracts.
Buyers who accept a modest step down in rating for better terms, or who want buffered index exposure.
Best for: Rate-driven MYGA and fixed indexed shoppers
A.M. Best rating: A+
Assets: More than $470 billion as of June 30, 2026
Athene is rated A+ by A.M. Best, S&P, and Fitch, and A1 by Moody's. Per LIMRA's 2025 U.S. Retail Annuity Survey it led the industry in fixed annuity sales a third straight year with nearly $33 billion — roughly $17 billion MYGA and $15 billion fixed indexed.
Buyers focused on yield within an A+ carrier, especially at contract values near guaranty limits.
Best for: Lifetime income rider buyers
A.M. Best rating: A+ (Superior)
Comdex score: 93
Allianz Life carries A+ from A.M. Best and AA from S&P, for a Comdex of 93, and is the largest seller of fixed indexed annuities in the U.S. by premium. Its U.S. operations trace back more than a century, and it is a subsidiary of Allianz SE.
Buyers whose objective is contractual lifetime income rather than accumulation and liquidity.
| Carrier | A.M. Best | S&P | Comdex | Best For |
|---|---|---|---|---|
| New York Life | A++ | AA+ | 100 | Maximum solvency |
| MassMutual | A++ | AA+ | 98 | A++ with product breadth |
| Pacific Life | A+ | AA- | 95 | Strength vs. rate balance |
| Athene | A+ | A+ | Not published in our sources | Competitive MYGA rates |
| Allianz Life | A+ | AA | 93 | Indexed income riders |
Northwestern Mutual also holds A++, but its annuity shelf is narrower and advisor-exclusive.
A.M. Best's Financial Strength Rating opines on an insurer's ability to meet policy obligations: A++ and A+ (Superior), A and A- (Excellent), B++ and B+ (Good), then downward. S&P, Moody's, and Fitch run parallel scales topping out at AAA or Aaa. Comdex is not an agency rating — it blends whichever ratings a carrier holds into a 1–100 percentile. Ratings are opinions, can be revised or withdrawn anytime, and say nothing about fees or surrender terms.
State guaranty associations back policyholders if an insurer fails, but coverage is set by state statute and varies — commonly $250,000 in present value of annuity benefits per person per insurer, with some states near $100,000 and others up to $500,000. California covers 80% up to its limit. Multi-state insolvencies are coordinated by NOLHGA.
This guide draws on A.M. Best rating affirmations issued between October 2025 and July 2026, current S&P, Moody's, and Fitch ratings, carrier statutory reporting, LIMRA's 2025 U.S. Retail Annuity Sales survey, and state guaranty association coverage schedules. We excluded carriers rated below A- and any carrier without a current rating from two agencies. Unverifiable figures were described in general terms. Last updated: August 19, 2026. Reviewed quarterly.
A++ (Superior). Only a small group holds it, including New York Life, MassMutual, and Northwestern Mutual.
New York Life. It holds A++ from A.M. Best plus the highest marks from Moody's, S&P, and Fitch, for a Comdex of 100.
No. Comdex is a 1–100 percentile blending the ratings a company already holds — a convenience metric, not an independent solvency opinion.
No. Annuities are insurance contracts, not bank deposits, and carry no FDIC or federal insurance. Guarantees are backed solely by the claims-paying ability of the issuing insurer.
Your state's guaranty association caps it by statute — commonly $250,000 in present value per person per insurer, with limits ranging roughly $100,000 to $500,000 by state.
Often, but not always. Carriers rated A or A- frequently post higher MYGA rates because they compete harder for premium. The question is whether the extra yield compensates for the added credit risk.
A.M. Best reviews ratings at least annually and may act sooner after a merger, reserve charge, or capital raise. Re-check before any large placement.
No. Ratings speak only to the insurer's ability to pay claims — not to caps, rider charges, surrender schedules, or suitability.
A.M. Best, S&P Global, Moody's, and Fitch each publish current insurer ratings. Your state insurance department can confirm licensure.
Informational and educational purposes only; this is not financial, investment, insurance, or tax advice. Annuities are insurance products — not FDIC insured, not bank guaranteed, and variable and index-linked contracts may lose value. Any guarantees are backed solely by the claims-paying ability of the issuing insurance company. Financial strength ratings are agency opinions as of the dates noted, are subject to change or withdrawal at any time, and are not recommendations to buy, hold, or terminate a contract. State guaranty association limits are set by statute, vary by state, and may not be used to induce an annuity purchase. Availability, rates, caps, and terms vary by state and may change without notice. Consult a licensed insurance professional and tax professional before deciding. Some links may be affiliate links and we may be compensated; this does not influence our rankings.
The questions to ask before you sign — surrender charges, income riders, and the fees that rarely come up at the seminar.
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Part of a larger guide
An annuity is a contract with an insurance company that provides guaranteed income in retirement. This complete guide explains how annuities work, the major types (fixed, variable, indexed, immediate, deferred), real costs and fees, and how to decide if an annuity is right for your retirement plan.
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