Top Immediate Annuity (SPIA) Companies

New York Life is the largest mutual life insurance company in the United States and the #1 provider of income annuities per LIMRA every year since 2006. It holds the highest financial strength ratings currently awarded to any US life insurer from all four major agencies.

MassMutual is a policyholder-owned mutual company with an A++ AM Best rating and 175 years of history. Its RetireEase SPIA offers one of the widest menus of payout options in the industry, including period-certain terms from 5 to 50 years.

Pacific Life is a policyholder-owned insurer with 155+ years of history and $275 billion in assets. Its Pacific Income Provider SPIA offers optional 2%–4% annual inflation increases, and the company posts one of the lowest complaint rates in the industry.

Prudential Financial is America's largest life insurer by total assets, managing roughly $1.6 trillion. It still issues a retail immediate income annuity, though its marketing today centers on buffered and indexed products.

Nationwide is a Fortune 100 mutual company celebrating its centennial in 2026. Its INCOME Promise Select SPIA stands out for a low $10,000 minimum, COLA options up to 5%, and a rare emergency-liquidity feature.

Lincoln Financial is a top-10 US annuity seller with 120 years of history. Its Lincoln Insured Income SPIA offers one of the broadest payout menus available. AM Best rates Lincoln A (Excellent) following a 2022 downgrade — ratings have since stabilized.

Western & Southern is a policyholder-owned mutual and one of America's income-annuity specialists — #9 in payout annuity sales and #2 in J.D. Power's 2025 annuity satisfaction study. Its IncomeSource SPIA offers 1%–5% inflation step-ups and a rare cash-out feature.

Mutual of Omaha is a senior-focused insurer with an A+ AM Best rating affirmed in 2026 and a near-zero annuity complaint record. Its Ultra-Income and Income Access SPIAs are issued through United of Omaha Life.