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The US Annuity Market: Analysis By Type, By Distribution Channel, By Contract Type, By Investment Category, By Asset Under Management, By Annuity Premium Size and Trends with Impact of COVID-19 and Forecast up to 2022

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    Report

  • 136 Pages
  • July 2022
  • Region: United States
  • Daedal Research
  • ID: 5639112
UP TO OFF until Apr 30th 2024

The US annuity market in 2021 was valued at US$231.63 billion. The market is expected to reach US$298.70 billion by 2026. The term annuity refers to an insurance contract issued and distributed by financial institutions with the intention of paying out invested funds in a fixed income stream in the future. Investors invest in or purchase annuities with monthly premiums or lump-sum payments. Annuities are mainly used for retirement purposes and help individuals address the risk of outliving their savings.

Annuities are appropriate for investors who want stable, guaranteed retirement income. Because invested cash is illiquid and subject to withdrawal penalties, it is not recommended for younger individuals or those with liquidity needs to use this financial product. Investors wary of increased market volatility and growing inflation drove total US annuity sales to the highest levels since 2008. On the other hand, insurers are also offering consumers better payouts and guarantees on all types of annuities amid rising interest rates, which has resulted in an increase in profits for insurance companies in the past few years. The market is expected to grow at a CAGR of 4.7% during the forecast period of 2022-2026.

Market Segmentation Analysis:

  • By Type: The report provides the bifurcation of the market into two segments based on type: Fixed Annuity and Variable Annuity. In 2021, the fixed annuity accounted for the maximum share of approximately 52% in the US annuity market owing to the protection and growth offered by fixed annuities. A fixed annuity can be an attractive option for conservative investors planning for retirement because these products offer a predictable stream of income. The fixed annuities are further bifurcated based on type (Index Annuity and Traditional Fixed Annuity). An index annuity is expected to grow significantly in the coming years owing to the new market participants, the rationalization of product features, and the opening up of additional distribution channels such as banks.
  • By Distribution Channel: Fixed annuities are segmented based on distribution channels (Independent Agents, Banks, Regional Broker-Dealers, Independent Broker-Dealers, Career Agents, Direct Response, and Wirehouse). The independent agent acts as a middleman to connect insurance buyers and sellers to facilitate a transaction.
  • The bifurcation of index annuity based on distribution channel is also provided in the report namely Independent Agents, Banks, Captive Agents, and Broker/Dealers. Independent agents held a share of approximately 65% in the index annuity market.
  • Variable annuities are also segmented based on distribution channels (Independent Broker-Dealers, Captive Agents, Banks, Regional Broker-Dealers, Wirehouse, and Direct Response). Independent broker-dealers held a major share of 45% in the market as eased uncertainty on the DOL fiduciary rule has lifted sales through independent broker-dealers in recent years.
  • By Contract Type: The report further provided the segmentation based on the contract type of variable annuity: GMWB, Buffer Annuity Contracts, L-Share Contracts, and Others. Buffer variable annuity is expected to grow at the highest CAGR of 9.2%. Buffer annuities are a hybrid between variable annuities and fixed annuities as they allow policyholders to participate in part of the upside in the market, with partial downside protection. Therefore, the importance of buffer annuities is increasing significantly in the market.
  • Asset Under Manangemnet by Investment Catergory: The report provides insight into the variable annuity asset under management (AUM). The AUM is categorized based on the investment category (Equity/Balanced, Fixed Income, and Money Market). The US fixed income variable annuity asset under management is expected to grow significantly at a CAGR of 7.1% in the forthcoming years. As part of the risk management practices, the majority of insurers have implemented more stringent asset allocation requirements, with many setting caps on equities and mandating investments in volatility-managed sub-accounts. Since allocations to fixed income help mitigate the downside in AUM in case of a market decline, many insurance companies are expected to shift their investment portfolio to fixed income from the equity market.

Market Dynamics:

  • Growth Drivers: One of the most important factors impacting the annuity market is the growing older population. Annuities are financial products that offer a guaranteed income stream, usually for retirees to help them address the risk of outliving their savings. Annuity contributions earn interest that can grow tax-deferred in the accumulation phase and can provide income for life in the income payment phase. Therefore, an increase in the aging population has increased the demand for annuity products in the US in past few years. Furthermore, the market has been growing over the past few years, due to factors such as capitalizing on stock market growth, rising inflation, portfolio diversification, advantages of annuities over stock, annuities protected and regulated, etc.
  • Challenges: However, the market has been confronted with some challenges specifically, annuities’ complexity and liquidity restrictions, low-interest rates and market volatility, high fees and expenses, etc.
  • Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as growing demand for registered indexed linked annuities (RILAs), the increasing role of technology, etc. A registered index-linked annuity (RILA) is a tax-deferred long-term savings option that limits exposure to downside risk and provides an opportunity for growth. It offers more growth potential than a fixed-indexed annuity but less potential return and less risk than a variable annuity. The industry-wide pivot away from traditional VAs to RILAs is continuing apace, and insurers believe that all major channels would participate in that trend over the coming years. Independent brokers and dealers are seen as the most likely to lead the way, as they are the biggest producer of nonproprietary annuity sales and appear to be embracing the product enthusiastically. Therefore, it is expected that the growth in the registered index-linked annuity would drive the overall annuity market in the coming years.

Impact Analysis of COVID-19 and Way Forward:

While the social and medical consequences of COVID-19 have been significant, the shock to the economy and markets had a significant impact on annuity companies. Interest rates and equity markets had declined, credit spreads had widened, and implied volatilities had increased in the year 2020. Each of these movements affects fixed income and equity investments (for example, credit spreads had widened and the creditworthiness of counterparties had affected), as well as the annuity products insurers sell, creating the balance sheet and earnings volatility.

In conclusion, in the initial period of the pandemic, the consumers faced increasing temporary or permanent unemployment, loss of income, and general market volatility. This led to a decline in the appetite for purchasing new annuity products. However, as the economy recovers and consumer behavior begins to stabilize, the pandemic highlight the value of these products and the sales increase in the year 2021.

Competitive Landscape:

The US annuity market is concentrated with few players holding the significant share in the market. The annuity market would become more concentrated over time as the importance of 3rd party distribution hinders sub-scale firms. Over the past decade, market share in the variable annuity business has shifted from US public companies to mutual insurers and foreign-owned firms. Meanwhile, in the fixed annuity market, index annuity firms and mutual insurers have gained share. It is expected that the competition in the variable annuity market to remain rational. Many insurers have exited the market, and most remaining firms have increased fees and lowered guarantees given their focus on margins and risk over growth.

The key players in the US annuity market are:

  • Lincoln National Corporation
  • MassMutual
  • American International Group, Inc.
  • Athene Holding Ltd.
  • KKR & Co. Inc. (Global Atlantic Financial Group Ltd.)
  • American National Group, Inc.
  • Jackson Financial Inc. (Jackson National Life Insurance Company)
  • Pacific LifeCorp
  • Midland National Life Insurance Company
  • Nationwide Mutual Insurance Company
  • TIAA
  • American Equity Investment Life Holding Company (American Equity Investment Life Insurance Company)

In 1Q22, the top 10 variable annuity competitors generated 88% of industry sales, up from roughly 70% ten years ago. While market share tends to fluctuate in the short term based on the timing of product launches/updates or changes in distribution, it is expected that large and diversified insurers are better equipped to succeed over time. Large competitors have the financial flexibility to absorb the earnings and capital volatility from the product. Furthermore, large insurers, as well as those with a greater focus on the market, have the resources to support robust risk management and wholesaling platforms, critical components of a strong variable annuity franchise. By distribution channel, roughly 45% of sales in 1Q22 were generated through independent brokers, 32% through captive agents, and 10% from banks. It is expected that the share of independent brokers and banks would rise over time, while production from captive agents should decline.

Table of Contents


1. Executive Summary
2. Introduction
2.1 Annuity:  An Overview
2.1.1 Introduction to Annuity
2.1.2 Types of Annuity
2.1.3 Features of Annuity
2.2 Annuity Segmentation:  An Overview
2.2.1 Fixed Annuity Segmentation
2.2.2 Variable Annuity Segmentation
3. The US Market Analysis
3.1 The US Annuity Market:  An Analysis
3.1.1 The US Annuity Market by Value
3.1.2 The US Annuity Market by Type (Fixed Annuity and Variable Annuity)
3.2 The US Fixed Annuity Market:  An Analysis
3.2.1 The US Fixed Annuity Market by Value
3.2.2 The US Fixed Annuity Market by Distribution Channel (Independent Agents, Banks, Regional Broker-Dealers, Independent Broker-Dealers, Career Agents, Direct Response, and Wirehouse)
3.2.3 The US Independent Agents’ Fixed Annuity Market by Value
3.2.4 The US Banks’ Fixed Annuity Market by Value
3.2.5 The US Regional Broker-Dealers’ Fixed Annuity Market by Value
3.2.6 The US Independent Broker-Dealers’ Fixed Annuity Market by Value
3.2.7 The US Career Agents’ Fixed Annuity Market by Value
3.2.8 The US Direct Response Fixed Annuity Market by Value
3.2.9 The US Wirehouse Fixed Annuity Market by Value
3.2.10 The US Fixed Annuity Market by Type (Index Annuity and Traditional Fixed Annuity)
3.2.11 The US Index Annuity Market by Value
3.2.12 The US Index Annuity Market by Distribution Channel (Independent Agents, Banks, Captive Agents, and Broker/Dealers)
3.2.13 The US Independent Agents’ Index Annuity Market by Value
3.2.14 The US Banks’ Index Annuity Market by Value
3.2.15 The US Captive Agents’ Index Annuity Market by Value
3.2.16 The US Broker/Dealers’ Index Annuity Market by Value
3.2.17 The US Traditional Fixed Annuity Market by Value
3.3 The US Variable Annuity Market:  An Analysis
3.3.1 The US Variable Annuity Market by Value
3.3.2 The US Variable Annuity Market by Contract Type (GMWB, Buffer Annuity Contracts, L-Share Contracts, and Others)
3.3.3 The US GMWB Variable Annuity Contract Market by Value
3.3.4 The US Buffer Variable Annuity Contract Market by Value
3.3.5 The US L-Share Variable Annuity Contract Market by Value
3.3.6 The US Other Variable Annuity Contract Market by Value
3.3.7 The US Variable Annuity Market by Distribution Channel (Independent Broker-Dealers, Captive Agents, Banks, Regional Broker-Dealers, Wirehouse, and Direct Response)
3.3.8 The US Independent Broker-Dealers’ Variable Annuity Market by Value
3.3.9 The US Captive Agent’ Variable Annuity Market by Value
3.3.10 The US Banks’ Variable Annuity Market by Value
3.3.11 The US Regional Broker/Dealers’ Variable Annuity Market by Value
3.3.12 The US Wirehouses Variable Annuity Market by Value
3.3.13 The US Direct Response Variable Annuity Market by Value
3.4 The US Variable Annuity Asset Under Management:  An Analysis
3.4.1 The US Variable Annuity Asset Under Management by Value
3.4.2 The US Variable Annuity Asset Under Management by Investment Category (Equity/Balanced, Fixed Income, and Money Market)
3.4.3 The US Equity/ Balanced Variable Annuity Asset Under Management by Value
3.4.4 The US Fixed Income Variable Annuity Asset Under Management by Value
3.4.5 The US Money Market Variable Annuity Asset Under Management by Value
3.5 The US Annuity Premium:  An Analysis
3.5.1 The US Annuity Premium by Value
4. Impact of COVID-19
4.1 Impact of COVID-19 on Annuity Market
4.2 Decline in Interest Rates
4.3 Post COVID-19 Impact on Annuity Market
5. Market Dynamics
5.1 Growth Drivers
5.1.1 Growing Older Population
5.1.2 Capitalizing on Stock Market Growth
5.1.3 Rising Inflation
5.1.4 Annuities are Protected and Regulated
5.1.5 Portfolio Diversification
5.1.6 Advantages of Annuities over Stock
5.2 Challenges
5.2.1 Annuities’ Complexity and Liquidity Restrictions
5.2.2 Low Interest Rates and Market Volatility
5.2.3 High Fees and Expenses
5.3 Market Trends
5.3.1 Growing Demand for Registered Indexed Linked Annuities (RILAs)
5.3.2 Increasing Role of Technology
6. Competitive Landscape
6.1 The US Variable Annuity Players by Market Share
6.2 The US Variable Annuity Players by Contracts
6.3 The US Variable Annuity Players by GMWB Contracts
6.4 The US Variable Annuity Players by GMWB/Lifetime Income Offerings
6.5 The US Variable Annuity Players by Buffer Annuity Contracts
6.6 The US Variable Annuity Players by L-Share Contracts
6.7 The US Variable Annuity Players Gross Sales through Captive Agents
6.8 The US Variable Annuity Players Gross Sales through Independent Broker-Dealers
6.9 The US Variable Annuity Players Gross Sales through Banks
6.10 The US Variable Annuity Players Gross Sales through Wirehouses
6.11 The US Variable Annuity Players Gross Sales through Regional Broker/Dealers
6.12 The US Variable Annuity Players Gross Sales through Direct Response
6.13 The US Fixed Annuity Players by Market Share
6.14 The US Index Annuity Players by Market Share
6.15 The US Variable Annuity Players’ Assets by Market Share
6.16 The US Variable Annuity Players’ Annuity Premium by Market Share
7. Company Profiles
7.1 Lincoln National Corporation
7.1.1 Business Overview
7.1.2 Operating Business Segment
7.1.3 Business Strategy
7.2 MassMutual
7.2.1 Business Overview
7.2.2 Operating Businesses
7.2.3 Business Strategy
7.3 American International Group, Inc.
7.3.1 Business Overview
7.3.2 Operating Segment
7.3.3 Business Strategy
7.4 Athene Holding Ltd.
7.4.1 Business Overview
7.4.2 Operating Segments
7.4.3 Business Strategy
7.5 KKR & Co. Inc. (Global Atlantic Financial Group Ltd.)
7.5.1 Business Overview
7.5.2 Operating Segments
7.5.3 Business Strategy
7.6 American National Group, Inc.
7.6.1 Business Overview
7.6.2 Operating Segment
7.6.3 Business Strategy
7.7 Jackson Financial Inc. (Jackson National Life Insurance Company)
7.7.1 Business Overview
7.7.2 Operating Segment
7.7.3 Business Strategy
7.8 Pacific LifeCorp
7.8.1 Business Overview
7.8.2 Business Strategy
7.9 Midland National Life Insurance Company
7.9.1 Business Overview
7.9.2 Business Strategy
7.10 Nationwide Mutual Insurance Company
7.10.1 Business Overview
7.10.2 Business Strategy
7.11 TIAA
7.11.1 Business Overview
7.11.2 Business Strategy
7.12 American Equity Investment Life Holding Company (American Equity Investment Life Insurance Company)
7.12.1 Business Overview
7.12.2 Business Strategy
List of Figures
Figure 1: Feature of Annuity
Figure 2: Fixed Annuity Segmentation
Figure 3: Variable Annuity Segmentation
Figure 4: The US Annuity Market by Value; 2017-2021 (US$ Billion)
Figure 5: The US Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 6: The US Annuity Market by Type; 2021 (Percentage, %)
Figure 7: The US Fixed Annuity Market by Value; 2017-2021 (US$ Billion)
Figure 8: The US Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 9: The US Fixed Annuity Market by Distribution Channel; 2021 (Percentage, %)
Figure 10: The US Independent Agents’ Fixed Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 11: The US Independent Agents’ Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 12: US Banks’ Fixed Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 13: US Banks’ Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 14: The US Regional Broker-Dealers’ Fixed Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 15: The US Regional Broker-Dealers’ Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 16: The US Independent Broker-Dealers’ Fixed Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 17: The US Independent Broker-Dealers’ Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 18: The US Career Agents’ Fixed Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 19: The US Career Agents’ Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 20: The US Direct Response Fixed Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 21: The US Direct Response Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 22: The US Wirehouse Fixed Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 23: The US Wirehouse Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 24: The US Fixed Annuity Market by Type; 2021 (Percentage, %)
Figure 25: The US Index Annuity Market by Value; 2017-2021 (US$ Billion)
Figure 26: The US Index Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 27: The US Index Annuity Market by Distribution Channel; 2021 (Percentage, %)
Figure 28: The US Independent Agents’ Index Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 29: The US Independent Agents’ Index Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 30: The US Banks’ Index Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 31: The US Banks’ Index Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 32: The US Captive Agents’ Index Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 33: The US Captive Agents’ Index Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 34: The US Broker/Dealers’ Index Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 35: The US Broker/Dealers’ Index Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 36: The US Traditional Fixed Annuity Market by Value; 2017-2021 (US$ Billion)
Figure 37: The US Traditional Fixed Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 38: The US Variable Annuity Market by Value; 2017-2021 (US$ Billion)
Figure 39: The US Variable Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 40: The US Variable Annuity Market by Contract Type; 2021 (Percentage, %)
Figure 41: The US GMWB Variable Annuity Contract Market by Value; 2020-2021 (US$ Billion)
Figure 42: The US GMWB Variable Annuity Contract Market by Value; 2022-2026 (US$ Billion)
Figure 43: The US Buffer Variable Annuity Contract Market by Value; 2020-2021 (US$ Billion)
Figure 44: The US Buffer Variable Annuity Contract Market by Value; 2022-2026 (US$ Billion)
Figure 45: The US L-Share Variable Annuity Contract Market by Value; 2020-2021 (US$ Million)
Figure 46: The US L-Share Variable Annuity Contract Market by Value; 2022-2026 (US$ Million)
Figure 47: The US Other Variable Annuity Contract Market by Value; 2020-2021 (US$ Billion)
Figure 48: The US Other Variable Annuity Contract Market by Value; 2022-2026 (US$ Billion)
Figure 49: The US Variable Annuity Market by Distribution Channel; 2021 (Percentage, %)
Figure 50: The US Independent Broker-Dealers’ Variable Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 51: The US Independent Broker-Dealers’ Variable Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 52: The US Captive Agent’ Variable Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 53: The US Captive Agent’ Variable Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 54: The US Banks’ Variable Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 55: The US Banks’ Variable Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 56: The US Regional Broker/Dealers’ Variable Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 57: The US Regional Broker/Dealers’ Variable Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 58: The US Wirehouses Variable Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 59: The US Wirehouses Variable Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 60: The US Direct Response Variable Annuity Market by Value; 2020-2021 (US$ Billion)
Figure 61: The US Direct Response Variable Annuity Market by Value; 2022-2026 (US$ Billion)
Figure 62: The US Variable Annuity Asset Under Management by Value; 2017-2021 (US$ Trillion)
Figure 63: The US Variable Annuity Asset Under Management by Value; 2022-2026 (US$ Trillion)
Figure 64: The US Variable Annuity Asset Under Management by Investment Category; 2021 (Percentage, %)
Figure 65: The US Equity/ Balanced Variable Annuity Asset Under Management by Value; 2020-2021 (US$ Trillion)
Figure 66: The US Equity/ Balanced Variable Annuity Asset Under Management by Value; 2022-2026 (US$ Trillion)
Figure 67: The US Fixed Income Variable Annuity Asset Under Management by Value; 2020-2021 (US$ Billion)
Figure 68: The US Fixed Income Variable Annuity Asset Under Management by Value; 2022-2026 (US$ Billion)
Figure 69: The US Money Market Variable Annuity Asset Under Management by Value; 2020-2021 (US$ Billion)
Figure 70: The US Money Market Variable Annuity Asset Under Management by Value; 2022-2026 (US$ Billion)
Figure 71: The US Annuity Premium by Value; 2020-2021 (US$ Billion)
Figure 72: The US Annuity Premium by Value; 2022-2026 (US$ Billion)
Figure 73: The US Interest Rates; August 2019-June 2022 (Percentage, %)
Figure 74: The US Number of Older Population; 2009-2060 (Million)
Figure 75: The US Average Change in Stock Market Index; 2019-2021 (Percentage, %)
Figure 76: The US Average Inflation Rates; 2017-2021 (Percentage, %)
Figure 77: Lincoln National Corporation Operating Revenues by Business Segment; 2021 (Percentage, %)
Figure 78: MassMutual Sales by Businesses; 2021 (Percentage, %)
Figure 79: American International Group, Inc. Adjusted Revenue by Segment; 2021 (Percentage, %)
Figure 80: Athene Holding Ltd., Adjusted Operating Revenues by Segments; 2021 (Percentage, %)
Figure 81: KKR & Co. Inc., Operating Earnings by Segments; 2021 (Percentage, %)
Figure 82: American National Group, Inc., Total Premiums and Other Revenues by Segment; 2021 (Percentage, %)
Figure 83: Jackson Financial Inc., Operating Revenues by Segment; 2021 (Percentage, %)

List of Tables
Table 1: Annuity Protection By State
Table 2: The US Variable Annuity Players by Market Share; 2020-2021
Table 3: The US Variable Annuity Players by Contracts; 2020-2021
Table 4: The US Variable Annuity Players by GMWB Contracts; 2020-2021
Table 5: The US Variable Annuity Players by GMWB/Lifetime Income Offerings
Table 6: The US Variable Annuity Players by Buffer Annuity Contracts; 2020-2021
Table 7: The US Variable Annuity Players by L-Share Contracts; 2020-2021
Table 8: The US Variable Annuity Players Gross Sales through Captive Agents; 2020-2021
Table 9: The US Variable Annuity Players Gross Sales through Independent Broker-Dealers; 2020-2021
Table 10: The US Variable Annuity Players Gross Sales through Banks; 2020-2021
Table 11: The US Variable Annuity Players Gross Sales through Wirehouses; 2020-2021
Table 12: The US Variable Annuity Players Gross Sales through Regional Broker/Dealers; 2020-2021
Table 13: The US Variable Annuity Players Gross Sales through Direct Response; 2020-2021
Table 14: The US Fixed Annuity Players by Market Share; 2020-2021
Table 15: The US Index Annuity Players by Market Share; 2020-2021
Table 16: The US Variable Annuity Players’ Assets by Market Share; 2020-2021
Table 17: The US Variable Annuity Players’ Annuity Premium by Market Share; 2020-2021

Companies Mentioned

  • Lincoln National Corporation
  • MassMutual
  • American International Group, Inc.
  • Athene Holding Ltd.
  • KKR & Co. Inc. (Global Atlantic Financial Group Ltd.)
  • American National Group, Inc.
  • Jackson Financial Inc. (Jackson National Life Insurance Company)
  • Pacific LifeCorp
  • Midland National Life Insurance Company
  • Nationwide Mutual Insurance Company
  • TIAA
  • American Equity Investment Life Holding Company (American Equity Investment Life Insurance Company)

Methodology

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