American Equity and American National annuities

Overview

This profile covers the annuity companies owned by Brookfield Wealth Solutions, the insurance arm of the investment firm Brookfield. The group has three consumer brands: American Equity Investment Life Insurance Company, an Iowa fixed index annuity specialist; Eagle Life, its sister company; and American National Insurance Company of Texas. The Brookfield Wealth Solutions group ranked #12 among U.S. groups by 2024 individual annuity direct premiums written, according to NAIC market share data, with about $13.70 billion in premiums and a 3.25% market share.

Brookfield bought American National in May 2022 and American Equity in May 2024, then combined them under one holding company, American National Group Inc. American National stopped selling most new life insurance in 2025 and now concentrates on annuities; its life business, including service for existing policies, is covered in our American National profile.

American Equity and Eagle Life sell through independent agents and financial professionals. American National sells through agents and also lets consumers buy its multi-year guaranteed annuity online. The group is best known for fixed index annuities, especially American Equity's income-focused IncomeShield line.

Annuities it sells

• Income-focused fixed index annuities. American Equity IncomeShield comes in 7- and 10-year surrender period versions, plus a bonus version, with several Lifetime Income Benefit Rider options for owners 40 and older at issue, including one with a Wellbeing Benefit that can raise monthly income to help with healthcare costs. Eagle Select Income Focus is Eagle Life's income product, also built around a Lifetime Income Benefit Rider. These riders work like a GLWB: payments are measured by an income account value that is not cash you can withdraw.
• Accumulation and bonus fixed index annuities. American Equity AssetShield has 5-, 7- and 10-year surrender versions and a bonus version whose premium bonus vests over 10 years, with an optional rider that raises the bonus. Eagle Life sells Eagle Select Focus 5 and 7 and Eagle Guaranteed Flex 5. Bonus annuities usually trade the bonus for lower crediting or longer surrender charges; see bonus annuity.
• Legacy-focused fixed index annuity. American Equity EstateShield offers 10-year and California-only 9-year versions, aimed at leaving money to beneficiaries, with a no-fee income rider that includes a wellbeing benefit requiring annual physician certification.
• Multi-year guaranteed annuities. American Equity GuaranteeShield locks a rate for 3 or 5 years. Eagle Guarantee Focus has 3-, 5- and 7-year surrender charge periods and an Enhanced Benefit Rider that allows access to up to 100% of the value for a terminal illness or extended nursing care. American National's Palladium MYG Annuity offers 3-, 5- and 7-year guarantee periods, allows up to 10% free withdrawals a year, may apply a market value adjustment to larger early withdrawals, and can be bought online with a single premium (not in New York, where an agent is required). See Multi-year guaranteed annuities (MYGAs): how they work.
• Immediate annuities and pension risk transfer. American Equity sells a single premium immediate annuity that pays for life or a set period of 5 to 25 years. American National also takes over company pension obligations through pension risk transfer: when your pension becomes an annuity.

Fixed index annuity credits depend on caps, participation rates and spreads that the company can reset, and most of these contracts carry long surrender charges.

Ownership and reinsurance

Brookfield's path into this group ran through reinsurance. In 2021 American Equity agreed to a roughly $10 billion reinsurance partnership with Brookfield's reinsurance arm, starting with about $4 billion of IncomeShield fixed index annuities ceded to North End Re, a Cayman Islands reinsurer, with about 75% of projected new fixed index annuity sales to follow over several years, according to Retirement Income Journal. Brookfield then bought American National ($5.1 billion, completed May 25, 2022) and American Equity (completed May 2, 2024).

For an annuity owner this matters in two ways. First, part of the business is reinsured offshore with an affiliate; reinsurance does not change your contract, and the insurer that issued it remains liable to you, but regulators and rating agencies watch these arrangements closely (see Offshore reinsurance and Bermuda: why it matters to policyholders). Second, the group relies on Brookfield to invest its portfolio, including in private credit and other alternative assets, a model shared by other investment-firm-owned annuity writers described in private equity's push into life insurance.

Financial strength

On November 21, 2025, AM Best affirmed the A (Excellent) financial strength rating of American National Insurance Company and its affiliates and of American Equity Investment Life and its subsidiaries, with stable outlooks; Garden State Life remained under review. AM Best had upgraded American Equity, its New York company and Eagle Life to A from A- in November 2024. S&P Global rates Eagle Life and American National A (Strong), and Fitch rates American Equity A (effective July 18, 2025) and American National A, according to the companies.

These ratings are a notch or two below the highest-rated annuity writers. If an insurer fails, state guaranty associations protect annuity values up to set limits; check yours with the state guaranty association coverage lookup.

Who it suits

The group suits people comparing fixed index annuities with lifetime income, bonus or legacy features through an agent, and savers who want a short, simple MYGA, including the option to buy one online from American National. It fits less well buyers who want the strongest possible ratings or who are uneasy with affiliated offshore reinsurance and an investment-firm owner. Income riders, bonuses and multiple surrender versions make the indexed products hard to compare; ask for the surrender schedule, rider charges and how the income account differs from cash value, and read best interest rules for annuity sales.

• Strengths: A ratings from AM Best (affirmed November 2025), S&P and Fitch; wide fixed index lineup with income, bonus and legacy versions; 3- to 7-year MYGAs, including direct online purchase; New York companies for both brands.
• Weaknesses: Ratings below the top tier; affiliated offshore reinsurance and alternative-asset investing under Brookfield; repeated restructuring since 2022; long surrender periods on most indexed contracts.

How to contact American Equity and American National