Western & Southern (Integrity Life) annuities

Overview

Western & Southern Financial Group is a Cincinnati insurance and investment group whose annuities are issued mainly by Integrity Life Insurance Company, which serves Washington, D.C., and every state except New York, and National Integrity Life Insurance Company, its New York subsidiary. The Western & Southern group ranked #22 among U.S. groups by 2024 individual annuity direct premiums written, according to NAIC market share data, with $6.13 billion in premiums and a 1.45% market share. That makes annuities a bigger business for the group than individual life insurance; its life insurance brands, history and claims process are covered in the Western & Southern life insurance profile.

The group is ultimately owned by Western & Southern Mutual Holding Company, a mutual holding company, so there are no outside shareholders. Integrity Life traces its heritage to 1966 and National Integrity to 1968; Western & Southern bought both in 1999.

Most of its annuities reach buyers through W&S Financial Group Distributors, an affiliated wholesaler that works with independent broker-dealers and advisors, banks and other financial institutions, independent agents and marketing organizations, and fee-based registered investment advisors. Western & Southern Life's own agents and call center also sell annuities, some issued by Western-Southern Life Assurance Company. Western & Southern ranked second in the J.D. Power 2025 U.S. Individual Annuity Study, a customer satisfaction survey of annuity owners, according to the company's January 2026 announcement.

Annuities it sells

The lineup is broad and leans toward fixed-rate and income products. Products listed here come from the group's distributor product pages; New York versions are issued by National Integrity.

• Multi-year guaranteed and fixed deferred annuities. MultiVantage is a single premium deferred annuity with a market value adjustment that guarantees its rate for an initial period of 4, 5, 7 or 10 years, with a first-year-only rate enhancement. SPDA Series II guarantees a fixed rate for 1, 3, 5 or 7 years with no market value adjustment. New Momentum is a flexible premium deferred annuity that lets you split money among several guaranteed rate periods and a quarterly interest option that resets each quarter. National Integrity also offers SmartSelect and SmartStep in New York. See Multi-year guaranteed annuities (MYGAs): how they work.
• Fixed indexed annuity. Indextra credits interest based partly on the S&P 500, custom indexes such as the GS Momentum Builder Multi-Asset Class Index and, since July 2026, the S&P 500 IQ 0.5% Decrement Index, plus a fixed option. It has a Guaranteed Minimum Account Value floor, which for new contracts rose in July 2026 to 110%, 114% and 120% for 5-, 7- and 10-year withdrawal charge periods, and an optional guaranteed lifetime withdrawal benefit for an extra charge. Indextra NY, launched in February 2025 for New York residents, offers 5-, 7- or 10-year terms and is sold only through electronic order-entry platforms.
• Variable annuities. AnnuiChoice and Pinnacle offer fund portfolios plus fixed rate options, a 10% annual free withdrawal and optional guaranteed lifetime withdrawal benefits (Guaranteed Lifetime Income Advantage and Plus) for an added charge. VAROOM is a variable annuity for IRA rollovers that invests in iShares and Vanguard ETFs. You carry the investment risk in all three.
• Income annuities. IncomeSource is a single premium immediate annuity with lifetime or period-certain payouts and a limited commutation feature for emergencies. IncomeSource Select is a deferred income annuity that can be bought as a QLAC inside an IRA or employer plan. Money in a deferred income annuity cannot be withdrawn before income starts. See Deferred income annuities (DIAs): longevity insurance explained.

The usual trade-offs apply. MYGAs and fixed deferred annuities carry withdrawal charges if you take out more than the free amount early, and a market value adjustment can raise or lower what you get back if rates have moved. Indexed crediting is capped or limited by participation rates, and income riders add yearly charges. Read annuity surrender charges and free withdrawals and annuity fees, explained before buying.

Ownership and reinsurance

Because the group is owned through a mutual holding company, decisions are not driven by public shareholders or a private-equity owner, and its investment arm, Fort Washington Investment Advisors, manages money for the group's insurers. Western & Southern reported $15.4 billion of total equity and $88.0 billion of assets owned at year-end 2025. This profile did not find public disclosures of offshore or affiliated reinsurance of the group's annuity business. Each insurer in the group is responsible only for its own contracts: Integrity Life, National Integrity or Western-Southern Life Assurance, as named on your contract.

Financial strength

Western & Southern's ratings page, current as of April 24, 2026, lists the same ratings for its life insurers, including Integrity Life and National Integrity: A+ (Superior) from AM Best, held since June 2009; AA (Very Strong) from Fitch; AA- (Very Strong) from S&P, held since August 2018; and Aa3 (Excellent) from Moody's. These are among the higher ratings for annuity issuers (AM Best, S&P, Moody's and Fitch ratings explained).

State guaranty associations back annuity values up to state limits if an insurer fails. Check your state with the state guaranty association coverage lookup.

Who it suits

Integrity Life suits savers who want a fixed rate locked for a set period, retirees buying guaranteed lifetime income now or later (including a QLAC), and investors rolling a 401(k) into a low-cost ETF variable annuity, all from a highly rated group without outside shareholders. It suits less well people who want to buy directly online without an advisor or agent, or who want a long menu of indexed products and income riders on fixed indexed annuities, where its lineup is a single product.

• Strengths: AA-range ratings from S&P, Fitch and Moody's plus AM Best A+ (April 2026); mutual holding company ownership; a full range from MYGAs and SPIAs to QLAC-eligible deferred income; second place in J.D. Power's 2025 annuity customer study.
• Weaknesses: sold through intermediaries, with the right company and phone number depending on which affiliate issued your contract; MultiVantage includes a market value adjustment; income riders and variable annuity features add ongoing charges.

How to contact Western & Southern (Integrity Life)