Life Insurance: Annuity Analyzer (1Q26)

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Life Insurance: Annuity Analyzer (1Q26)

Equity Research

Industry Update — June 4, 2026

Life Insurance

Annuity Train's Still Chuggin'

Our Call Wes Carmichael, CFA

In our quarterly annuity market share report, we explore key annuities products in the Equity Analyst | Wells Fargo Securities, LLC Wesley.C.Carmichael@wellsfargo.com | 212-214-5335

life insurance space (fixed and variable annuities, RILAs) as well as distribution data. The

data in this note is for 1Q26.

Color By Product:

Q1 2026 developments: Overall retail annuity sales remained robust in 1Q26, starting MYGA

the year with approximately $99.4b in sales, roughly in line with prior recent quarters. The

~$400b annualized pace remains a far cry from the roughly $200-225b level in the early FIA

2020s, benefiting from rising risk-free rates and the expansion of newer products and Traditional FA

competitors in products such as RILA.

SPIA

MYGA competition more in focus this quarter: Several carriers spoke to deliberately DIA

pulling back from the MYGA market on conference calls this quarter given competitive

dynamics. This is despite continued strong risk-free rates (measured by the 10-year UST RILA

yield) but tight historical corporate bond spreads. Still, MYGAs made up ~32% of annuity VA

sales in the quarter relative to 36% in full-year 2025 and the recent historical peak of

~44% in full-year 2023.

Spread compression likely to persist near term: Many companies have noted spread

compression in fixed products given older, more profitable business running off. However,

messaging remains that spread income should grow (on a dollar basis) with the general

account growth. For EQH, however, spreads roughly stabilized in 1Q on a QoQ basis.