US Life - Rise of the Mutuals / Privates?; 1Q:26 Annuity Market Share Analysis

Research evidence excerpt

US Life - Rise of the Mutuals / Privates?; 1Q:26 Annuity Market Share Analysis

USA | Life Insurance EquityJuneResearch15, 2026

US Life - Rise of the Mutuals / Privates?; 1Q:26

Annuity Market Share Analysis

On 6/14, LIMRA upwardly revised 1Q:26 industry annuity sales by ~$3B to

$107B (mostly in FA and VA) and released market share data. As a result, 1Q:26

sales were essentially flat y/y vs the prior estimate of (2)%. Market share ranks

didn't change too much q/q, though New York Life and TIAA were exceptions /

likely gained the most share. We stay constructive on US Life / our annuity

growth thesis and Buy-rated on annuity writers LNC, EQH, CRBG, CNO and AMP.

What's the latest from LIMRA?: LIMRA updated its 1Q:26 industry annuity sales estimate to

$107.4B, up $2.8B from its preliminary estimate released in April. The increase was driven by

higher FA and VA sales, with modest adjustments to other product lines. As noted previously,

1Q:26 marked the 10th consecutive quarter of industry sales above $100B. Moreover, the industry

continues to see a more diverse mix of sales relative to the 2007-21 period.

Who sells what?: Market share dynamics vary by product. In FA (likely the most competitive

product), mutual / private companies were 70% of 1Q:26 sales, whereas covered companies were

only 7%. In RILA, covered companies were 76% of sales. FA and FIA remain the most fragmented

markets, while VA and RILA are more concentrated. Spread-based products (i.e., FA, FIA and RILA)

were ~84% of total sales, down slightly from 86% y/y. As the sector's in-force annuity mix continues

to reflect a shift toward spread products, we'd expect lower betas, narrower ranges of outcomes

on returns and, as a consequence, higher risk-adjusted returns / improved valuation multiples (i.e.,