Nationwide Prepares to Enter a Quiet Slice of a Booming Segment
May 12, 2025 by Cyril Tuohy
Eight insurers currently offer 21 fixed-rate annuities with a guaranteed lifetime withdrawal benefit, according to life and annuity researcher Wink. Insurers range from powerhouses such as Prudential Financial, Corebridge Financial and New York Life, to smaller players like Oxford Life and Sentinel Security Life. Some insurers automatically include the income benefit while others offer the benefit as an option.
Wink CEO Sheryl Moore said fixed interest rates on products like certificates of deposit — MYGAs’ main competitors — have been low since the turn of the century, and this includes rates on fixed annuities. “Insurance companies did not want to spend money on fixed annuity product development, if the products weren’t going to sell,” said Moore in an email.
Sales of fixed-rate contracts were $156.3 billion last year, more than triple the volume five years ago, according to Wink. Wink doesn’t track MYGA rider elections.
Read via Life Annuity Specialist
