Allianz Life holds an A+ AM Best rating and is one of the largest annuity carriers in the U.S. We independently reviewed all four Allianz annuity product lines — the 222 FIA, Index Advantage RILA, Benefit Control FIA, and MYGAs — rating each on income rider quality, surrender schedule, fees, and carrier strength.
The short answer: Allianz Life Insurance Company of North America is one of the largest and most financially stable annuity carriers in the U.S. — rated A+ by AM Best. They offer four main annuity product lines: fixed index annuities (FIAs), the Index Advantage buffered annuity (RILA), multi-year guaranteed annuities (MYGAs), and income-focused products. Allianz is a strong choice for retirees who want a guaranteed income floor with upside participation, but their product complexity and surrender charges (up to 10 years) mean they're not right for everyone.
Independent review. Not affiliated with Allianz Life. Last updated: June 2026.
| Factor | Details |
|---|---|
| Full name | Allianz Life Insurance Company of North America |
| Headquarters | Minneapolis, MN |
| AM Best rating | A+ (Superior) — 5th consecutive year at this rating |
| Comdex ranking | 93/100 |
| Assets under management | $70+ billion |
| Founded | 1896 |
| Products reviewed | Fixed Index Annuities, RILA, MYGAs, Income Annuities |
Allianz is the U.S. annuity subsidiary of Allianz SE, a German multinational with €1+ trillion in assets. The A+ AM Best rating reflects the company's exceptional ability to meet ongoing insurance obligations — one of the highest ratings available.
| Criterion | Weight |
|---|---|
| Guaranteed income rider quality | 25% |
| Crediting strategy options and participation rates | 25% |
| Surrender charge schedule and liquidity provisions | 20% |
| Carrier financial strength | 20% |
| Fee transparency and total cost | 10% |
Rating: 4.5/5 | Surrender period: 10 years
The Allianz 222 is Allianz's flagship income-focused FIA. Its "222" name refers to a key feature: the income base doubles after 20 years if you don't take withdrawals, and income payments are guaranteed to increase for the first 20 years. It's designed for retirees who want predictable, growing income in retirement — not maximum accumulation.
Pros:
Cons:
Who This Is Best For: Retirees ages 55–65 who want guaranteed rising income starting in 10–20 years, and are confident they won't need the principal during the surrender period.
Who Should Avoid This: Anyone who may need liquidity in the next 10 years, or who prioritizes accumulation over income certainty.
Rating: 4/5 | Surrender period: 6 years
The Allianz Index Advantage is a Registered Index-Linked Annuity (RILA) — not a traditional FIA. It offers tiered downside buffers (10% or 20%) against index losses, with uncapped or higher-cap upside participation. It's suitable for retirees comfortable with some downside risk in exchange for significantly more upside.
For our full independent analysis of this product, see the Allianz Index Advantage Annuity Review.
Pros:
Cons:
Who This Is Best For: Retirees who want more market participation than a traditional FIA offers, and are comfortable absorbing a 10–20% loss if markets drop significantly.
Rating: 4/5 | Surrender period: 7 years
The Benefit Control FIA offers more flexibility than the 222 — you can customize income, death benefit, and accumulation features via optional riders. The 7-year surrender period is shorter than the 222, making it a better fit for clients who want some optionality within a reasonable lock-up window.
Pros:
Cons:
Who This Is Best For: Retirees who want a customizable FIA with income guarantees but prefer a shorter commitment than a 10-year product.
Rating: 3.5/5 | Surrender period: 3–7 years
Allianz offers MYGAs through select terms — typically 3, 5, and 7 years. Unlike their FIA products, MYGAs guarantee a fixed interest rate for the full term, similar to a CD but with tax deferral advantages.
For context on how MYGAs work and how to compare rates across carriers, see our What Is a MYGA Annuity guide.
Pros:
Cons:
Who This Is Best For: Retirees who want a guaranteed rate for a specific term and value Allianz's financial strength over squeezing out the last 0.25% of yield.
| Carrier | AM Best | Flagship FIA | Surrender Period | Income Rider Quality |
|---|---|---|---|---|
| Allianz Life | A+ | Allianz 222 | 10 years | Excellent (rising income) |
| Nationwide | A+ | New Heights 10 | 10 years | Strong |
| Lincoln Financial | A+ | OptiBlend 10 | 10 years | Strong |
| Athene | A | Agility 10 | 10 years | Good |
| F&G Life | A- | Guarantee Platinum | 7 years | Good |
For independent reviews of competitor products, see our analyses of the Lincoln OptiBlend 10, Athene Agility 10, and F&G Guarantee Platinum.
Pros:
Cons:
Consider Allianz if:
Look elsewhere if:
For a full framework on whether an annuity belongs in your retirement plan at all, see Annuities for Retirement Income: The Complete Guide.
Is Allianz Life a good annuity company?
Yes — Allianz Life holds an A+ AM Best rating and a Comdex score of 93/100, placing it among the most financially stable annuity carriers in the U.S. The carrier has consistently met policyholder obligations through multiple market cycles.
What is the AM Best rating for Allianz Life?
A+ (Superior) — the second-highest rating AM Best assigns. It indicates an exceptional ability to meet ongoing insurance obligations.
How long are Allianz surrender periods?
Varies by product: Allianz Index Advantage: 6 years. Allianz Benefit Control: 7 years. Allianz 222: 10 years. Most Allianz products allow 10% free withdrawals annually after the first year.
Are Allianz annuities safe?
Allianz annuities are backed by the claims-paying ability of Allianz Life Insurance Company of North America, which carries an A+ AM Best rating. They are not FDIC-insured (no annuity is), but the carrier's financial strength provides strong contractual backing. FIAs have a 0% floor that protects principal from market losses.
What is the Allianz 222 annuity?
The Allianz 222 is a fixed index annuity with a guaranteed income rider. Its key feature: the income base doubles after 20 years of no withdrawals, and income payments are guaranteed to rise for the first 20 years of distribution. It's designed for retirees who want predictable, growing income over a long retirement.
How does the Allianz Index Advantage differ from a traditional FIA?
The Index Advantage is a RILA (buffered annuity) — it absorbs the first 10–20% of index losses but does not have a 0% floor. If an index falls 25% and you have a 20% buffer, you lose 5%. Traditional FIAs have a 0% floor and protect 100% of principal from losses but offer lower caps. The Index Advantage offers higher upside potential at the cost of partial downside exposure.
Can I lose money in an Allianz FIA?
In a traditional Allianz FIA (like the 222 or Benefit Control), your principal is protected by a 0% floor — you can never earn less than 0% in a contract year. In the Index Advantage RILA, you can lose money if the index falls more than the buffer amount.
Product information sourced from: Allianz Life product disclosure documents and prospectuses (2026), AM Best financial strength ratings (May 2026), NAIC data, and independent annuity research. Rider rates, participation rates, and caps are subject to change. Always request a current illustration from a licensed insurance professional before purchasing any annuity product.
This review is for informational purposes only and does not constitute financial, tax, or insurance advice. Annuity products are not FDIC insured and involve surrender charges. Consult a licensed financial advisor before purchasing any annuity. Not affiliated with Allianz Life Insurance Company of North America.
Reviewed by the RetirementRescue Editorial Team | Last updated: June 3, 2026
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