Sales of Rilas increased by 15% YoY while those for FIAs rebounded.
Registered indexed linked annuity (Rila) sales set another quarterly and mid-year record.
In the second quarter of 2025, Rila sales were US$19.1 billion, 15% higher than the prior year, according to Limra’s U.S. Individual Annuity Sales Survey, which represents 92% of the total US annuity market.
In the first half of 2025, Rila sales jumped to US$36.7 billion, up 18% year-on-year (YoY).
Rila’s value proposition – protected growth with attractive caps and participation rates – is very appealing in the current economic environment
While Equitable continues to lead the carrier pack, Pacific Life logged the strongest quarterly growth in 10th place with US$581.8m in sales during the second quarter, which was a near three-fold increase from Q1 2025.
Meanwhile, Corebridge Financial lifted its Rila sales by 95% to US$612.9m quarter-on-quarter (QoQ), owning a 2.5% market share.
In contrast, Prudential retreated to fourth place as its sales dropped 27% to US$1.7 billion. Athene Annuity & Life also slowed down significantly, closing the second quarter with US$267.2m in Rila sales, down 24% QoQ.
Top 20 carriers of US individual FIA by sales in Q2 2025
| Company name | Sales (US$000) | QoQ change | Company name | Sales (US$000) | QoQ change |
| Equitable Financial | 3,771,318 | 7% | Principal Financial Group | 550,996 | 10% |
| Allianz Life of North America | 2,768,343 | 18% | Transamerica | 504,125 | -8% |
| Brighthouse Financial | 1,925,327 | -2% | Symetra Financial | 382,164 | 73% |
| Prudential | 1,716,509 | -27% | Global Atlantic Financial Group | 378,118 | 28% |
| Jackson National Life | 1,577,528 | 58% | Nationwide | 291,500 | -12% |
| Lincoln Financial Group | 1,446,864 | 11% | Athene Annuity & Life | 267,240 | -24% |
| RiverSource Life Insurance | 1,011,739 | 25% | TruStage | 228,490 | -10% |
| New York Life | 817,667 | 12% | Massachusetts Mutual Life | 168,164 | 19% |
| Corebridge Financial | 612,915 | 95% | Sammons Financial Companies | 144,390 | -10% |
| Pacific Life | 581,844 | 285% | Guardian Life of America | 38,473 | 29% |
| Top 20 | 19,183,716 | 11% | Top 20 | 19,183,716 | 11% |
Source: Limra
‘Rila’s value proposition – protected growth with attractive caps and participation rates – is very appealing in the current economic environment,” said Keith Golembiewski (right), assistant vice president, annuity research director at the association.
‘With three new Rila market entrants and several new products introduced in 2025 to date, Limra expects the growth trajectory for Rila to continue for the foreseeable future, especially as more broker dealers add Rilas into their product mix,’ he added.
More recently, Securian Financial entered the fast growing market with AccumuLink Advance, following its initial filing to the SEC in Feb. The Rila, which offers an option for 0% floor, features a unique index account on the Janus Henderson Equity Directionality Index (JEDI).
Meanwhile, FIA sales totaled US$32.8 billion in the second quarter, five percent higher than the prior year’s results. Despite a slight decline in Q1 2025, FIA sales set a new record in the first half of 2025 coming to US$60.6 billion, which was up one percent YoY.
‘FIA sales remain a steady growth engine for the overall annuity market. Since 2020, FIA sales have doubled as interest in protected investment growth opportunities increased,’ said Golembiewski.
Compared to Rila market, the fixed indexed annuity (FIA) space saw a stable pool of providers except for the entrant of Lincoln Financial Group which recorded US$939.0m in sales.
Top 20 carriers of US individual FIA by sales in Q2 2025
| Company name | Sales (US$000) | QoQ change | Company name | Sales (US$000) | QoQ change |
| Athene Annuity & Life | 3,974,409 | 18% | Massachusetts Mutual Life | 996,614 | 8% |
| Corebridge Financial | 2,829,368 | 37% | Lincoln Financial Group | 939,017 | N/A |
| Allianz Life of North America | 2,825,477 | 20% | Prudential | 817,333 | 42% |
| Sammons Financial Companies | 2,559,703 | -3% | Aspida | 805,595 | 5% |
| American Equity Investment Life | 2,006,796 | 23% | National Life Group | 668,719 | 5% |
| Fidelity & Guaranty Life | 1,686,972 | 16% | Pacific Life | 648,143 | 3% |
| Global Atlantic Financial Group | 1,577,270 | 27% | Kuvare | 535,954 | 51% |
| Security Benefit Life | 1,525,337 | 20% | Symetra Financial | 486,846 | -18% |
| Nationwide | 1,396,200 | 13% | EquiTrust Life | 463,362 | -5% |
| Delaware Life | 1,102,037 | 115% | Bankers Life & Casualty | 435,823 | 16% |
| Top 20 | 27,932,553 | 19% | Top 20 | 27,932,553 | 19% |
Source: Limra
Only three of the top 20 carriers posted a decline in their FIA sales. Symetra Financial was the biggest loser as its sales dropped 18% to US$486.8m QoQ while Delaware Life made it into the top 10 league table with a 115% increase in sales.
Together FIA and Rila account for US$51.9 billion in sales for the three months, forming 43% of the total annuity sales in the US, compared to 42% in Q1 2025.
Total US annuity sales increased eight percent to a record high US$119.5 billion in the second quarter, according to the survey.
Beyond Rila and FIA, traditional variable annuity (VA) sales fell three percent to US$14.7 billion YoY in Q2 2025 largely due to ‘significant market volatility’ in April. That led to US$30.2 billion for the first half of the year, four percent higher than the prior-year period.
Total fixed-rate deferred annuity (FRD) sales were US$45.2 billion in the second quarter, 11% higher than second quarter 2024 sales. The amount added up to US$84.9 billion for H1 2025, up one percent YoY.
Moreover, single premium immediate annuity (SPIA) sales increased six percent to US$3.6 billion YoY. In H1 2025, SPIA sales fell five percent to US$6.6 billion.
Image: Vitalii Vodolazskyi/Adobe Stock
Do you have a confidential story, tip, or comment you’d like to share? Write to summer.wang@derivia.com