Equitable annuities

Overview

Equitable is the annuity business of Equitable Holdings, Inc., a New York company that trades on the New York Stock Exchange as EQH. The Equitable Holdings group ranked #6 among U.S. groups by 2024 individual annuity direct premiums written, according to NAIC market share data, with about $19.94 billion in premiums and a 4.73% market share.

Equitable is best known for the buffered annuity. It introduced Structured Capital Strategies in 2010, the first registered index-linked annuity (RILA), and says it was the top-selling RILA company at year-end in every year from 2010 through 2024 except 2020, citing LIMRA's Secure Retirement Institute sales survey. Its lineup leans toward registered products sold by prospectus: RILAs and variable annuities, plus one fixed annuity. Through EQUI-VEST it is also a large provider of 403(b) and 457(b) annuities to public school teachers and staff.

Annuities are sold through Equitable Advisors, the company's own broker-dealer, and through independent brokers, banks and broker-dealers. Contracts are issued by Equitable Financial Life Insurance Company (New York) or Equitable Financial Life Insurance Company of America (Equitable America, an Arizona company administered from Charlotte, North Carolina), depending on the state. Company history, life insurance products and claims are covered in the Equitable life insurance profile.

The company is in the middle of a merger. Equitable Holdings and Corebridge Financial agreed on March 26, 2026 to combine in an all-stock deal, shareholders approved it on July 30, 2026, and it is expected to close by the end of 2026, subject to regulatory approvals. The combined company is to keep the Equitable name. See Corebridge Financial for the other side of the deal.

Annuities it sells

• Structured Capital Strategies PLUS is Equitable's main buffered RILA. You pick an index, a term and a protection level; the insurer absorbs losses up to the buffer you chose, and gains are limited by a cap set when each segment starts. In 2023 Equitable added more buffer levels and dual-direction options. Losses beyond the buffer are yours, so this is not principal protection.
• Structured Capital Strategies Income pairs the buffered index options with a built-in guaranteed lifetime withdrawal benefit. Equitable's site lists an annual charge of 1.50% for it, a Level Income Option and an Accelerated Income Option (higher early income, lower income if the account runs out), a Reset Boost feature that can raise income, and a return of premium death benefit at no added cost.
• Structured Capital Strategies Premier is a version with an explicit annual charge and buffers that, on some options, cover up to the full loss, according to Equitable's product page.
• Retirement Cornerstone is a variable annuity with more than 100 investment options (subaccounts) and optional benefits for protected lifetime income. Investment losses fall on you unless an optional guarantee applies.
• Investment Edge is a variable annuity positioned for tax-deferred investing with a large fund menu, aimed at growth rather than guaranteed income.
• Guaranteed Growth Strategies is a multi-year guaranteed annuity with 3-, 5- or 7-year guarantee periods, Equitable's only fixed annuity for individuals.
• EQUI-VEST is a variable annuity used in K-12 school district and other 403(b) and 457(b) retirement plans.

Equitable does not currently list a fixed indexed annuity or an immediate income annuity among its individual products. Its registered products come with prospectuses that list every charge; read the fee table and the withdrawal-charge schedule before you sign, and see annuity fees, explained and annuity surrender charges and free withdrawals for what to look for.

Ownership and reinsurance

Equitable is publicly owned; it is not controlled by a private-equity firm or a foreign parent. AXA, the French insurer that controlled it after 1992, sold down its stake after a 2018 IPO.

The transaction most relevant to annuity owners closed on June 1, 2021, when Equitable reinsured a block of legacy variable annuities sold in 2006 to 2008, with guaranteed minimum income and death benefits, to Venerable and sold Venerable its Corporate Solutions Life Reinsurance Company, according to Equitable's announcement. Reinsurance like this does not change the contract: Equitable remains the insurer named on those policies and the company you deal with. In 2025 Equitable also reinsured 75% of its in-force individual life block to RGA; that deal did not involve annuities.

The Corebridge merger will put Equitable's annuities under a larger combined company headquartered in Houston. Existing contracts keep their terms; who issues new business after the close, and from which legal entities, is a detail to watch.

Financial strength

As of March 2026, Equitable Financial and Equitable America were rated A (Excellent) by AM Best, A+ by S&P and A1 by Moody's. On March 27, 2026, after the merger announcement, AM Best placed the ratings under review with developing implications; S&P placed them on CreditWatch negative and Moody's placed them under review for downgrade. The reviews remain open until the deal closes.

Guarantees in any annuity, including buffers and income benefits, depend on the issuing insurer's claims-paying ability. If an insurer failed, your state's guaranty association would protect annuity values up to a limit; use the state guaranty association coverage lookup to see your state's limit. Money held in a variable annuity's separate account subaccounts is generally kept apart from the insurer's general account, but guarantees paid from the general account are not.

Who it suits

Equitable suits investors who already work with a financial professional, are comfortable reading a prospectus, and want stock-market exposure with some downside protection inside a tax-deferred annuity. Its long RILA history and wide choice of buffers and terms are real advantages for that buyer. It suits less well someone who wants a simple guaranteed product with no market risk (Equitable sells only one MYGA and no fixed indexed or immediate annuities), or who wants to buy without an advisor.

In July 2022 Equitable Financial agreed to pay $50 million to settle SEC charges that quarterly statements sent to about 1.4 million variable annuity investors, mostly teachers in EQUI-VEST 403(b) and 457(b) plans, misleadingly showed fees as $0.00 or listed only rarely charged fees, according to ThinkAdvisor's report of the SEC order. If you hold EQUI-VEST, check the prospectus for the full charges.

• Strengths: The originator and long-time sales leader of buffered RILAs; several buffer and income designs; a MYGA option; rated A or better by AM Best, S&P and Moody's.
• Weaknesses: Mostly complex registered products with fees and surrender charges; ratings under review because of the pending Corebridge merger; a $50 million SEC settlement over fee disclosure to teachers; no fixed indexed or immediate annuity for individuals.

How to contact Equitable