Sammons Financial Group

What Sammons Financial Group does

Sammons Financial Group is a privately held, employee-owned (ESOP) financial services holding company headquartered in West Des Moines, Iowa, with roots dating to 1909 (through its predecessor Midland National Life Insurance Company, founded 1906, and North American Company for Life and Health Insurance, founded 1886). It operates across five business units: the Life Insurance Group (Midland National and North American), Sammons Independent Annuity Group, Sammons Institutional Group, Sammons Corporate Markets Group, and Sammons Wealth Management. The company manages over $117 billion in assets under management/administration and serves more than 1.7 million active life insurance policies and annuity contracts, with product offerings spanning term, whole, universal, and indexed universal life insurance; fixed, fixed index, and registered index-linked variable annuities (RILAs); mutual fund retirement accounts (LiveWell IRA/NQA); and Bank Owned Life Insurance (BOLI) and pension risk transfer solutions. The technology stack includes the GDX360 goals-based wealth management platform (Wealthcare), NorthRock's Personal Office advisory model, Beacon Capital Management's TAMP/RIA platform, and the LiveWell suite, with selective third-party integrations (Morningstar for model portfolios, UMB Bank as custodian, Salt Financial for index methodology).

The company makes money through three primary revenue mechanics: (1) recurring life insurance premiums and annuity considerations across 1.7 million+ in-force contracts, with revenue derived from premium income, fees, and spreads on general account assets; (2) fee-based wealth management revenue on approximately $25.4 billion in aggregated AUM across Beacon Capital Management ($4.1B), NorthRock Partners ($11.3B), and Wealthcare ($10B); and (3) transaction-fee revenue from securities distribution through Sammons Financial Network, LLC (a FINRA member broker-dealer). Distribution is achieved through a multi-channel architecture: independent insurance agents (Midland National, North American), banks and broker-dealers (via Sammons Institutional Group's wholesale divisions), institutional corporate buyers (BOLI, pension risk transfer via Sammons Corporate Markets Group), and RIAs and financial advisors (Sammons Wealth Management). Sammons holds A+ (Superior) financial strength ratings from AM Best, A+ (Strong) from S&P Global, and A+ (Stable) from Fitch, all affirmed in 2025. The company is a subsidiary of Sammons Enterprises, a diversified conglomerate.

Name

Sammons Financial Group

Legal name

Sammons Financial Group, Inc.

Website

https://sammonsfinancialgroup.com

Company type

Private

Founded year

1909

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Sammons Financial Group is a privately held, employee-owned financial services holding company offering life insurance, annuities, retirement solutions, and wealth management services through five business units, managing over $117 billion in assets and serving more than 1.7 million in-force contracts across the United States.

Ownership category

akta.pro rank

Product category

Insurance and Wealth Management

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Life Insurance (6311), Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Insurance-Integrated Wealth Managers (RIA + Insurance Solutions) (FSAAACAI)

akta.pro secondary industries

Comprehensive/Full-Service RIAs & Independent Wealth Managers (FSAAACAA), Private Client/High-Net-Worth Advisory (FSAEAAAN), Managed Accounts & Unified Managed Accounts (UMAs) — Multi-Asset (FSAAAJAE)

Keywords

• Life insurance products
• Fixed annuity solutions
• Wealth management services
• Retirement income planning
• Registered investment advisory

Headquarters

HQ city

West Des Moines

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Life Insurance Premiums: Revenue generated from life insurance products including term, whole, universal, and indexed universal life insurance policies. Policyowners pay premiums which fund the insurance coverage and cash value accumulation.
2. Annuity Products: Revenue from fixed annuities, fixed index annuities, and variable annuities. Products provide guaranteed income streams backed by the company's financial strength, with fees and spreads contributing to revenue.
3. Wealth Management AUM Fees: Fee-based revenue from assets under management across Beacon Capital Management ($4.1B AUM), NorthRock Partners ($11.3B AUM), and Wealthcare ($10B AUM), serving financial advisors and their clients.
4. Securities Distribution: Revenue from securities distribution through Sammons Financial Network, LLC. (member FINRA), including mutual funds, variable annuities, and other securities products distributed through broker/dealer networks.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Sammons Financial Group is a privately held, employee-owned financial services holding company that underwrites and distributes life insurance and annuity products through its member companies Midland National and North American, and provides wealth management services through Sammons Wealth Management (Beacon Capital Management, NorthRock Partners, and Wealthcare). The company serves individual consumers with term, whole, universal, and indexed universal life insurance, fixed, fixed index, variable, and registered index-linked annuities, while also serving institutional clients through Bank Owned Life Insurance (BOLI) and pension risk transfer products via its Corporate Markets Group. With more than $117 billion in assets under management/administration and 1.7 million active policies and contracts, the company distributes through independent agents, banks, broker/dealers, and registered investment advisors across the United States.

Product overview

Sammons Financial Group is a financial services holding company offering a comprehensive portfolio of life insurance, annuity, and wealth management products through its member companies. The core business is organized into five business units: the Life Insurance Group (Midland National and North American offering life insurance and annuities), Sammons Independent Annuity Group (fixed annuity distribution through independent channels), Sammons Institutional Group (retirement solutions through banks and broker/dealers via Sammons Retirement Solutions and Midland Retirement Distributors), Corporate Markets (bank-owned life insurance and pension risk transfer), and Sammons Wealth Management (comprising Beacon Capital Management, NorthRock Partners, and Wealthcare). Key products include fixed and fixed index annuities (Summit Journey 10, Summit Laddered), variable annuities and RILAs (LiveWell Dynamic Annuity), mutual fund accounts (LiveWell Mutual Fund IRA/NQA), and life insurance products. The LiveWell platform provides integrated retirement solutions with the LiveWell Mutual Fund IRA/NQA for after-tax and retirement investing, while the LiveWell Dynamic Annuity offers registered index-linked annuity options with market protection features.

Differentiator

Problem solved

Functional benefit

Brands

• Midland National: Life insurance company offering annuities, life insurance products, and Sammons Corporate Markets Group
• North American
• Sammons Institutional Group
• Sammons Wealth Management
• Lantern Insurance Company
• Sammons Retirement Solutions
• Midland Retirement Distributors
• Sammons Corporate Markets Group
• Sammons Financial Network
• Beacon Capital Management
• NorthRock Partners
• Wealthcare

Products and services

• Midland National Life Insurance A member company issuing term, whole, universal, and indexed universal life insurance, plus fixed and fixed index annuities, distributed through independent agents across all U.S. states.
• North American Life and Annuities Provider of term, universal, and indexed universal life insurance policies, plus fixed and fixed index annuities, distributed through independent agents.
• Sammons Corporate Markets Group - BOLI and Pension Risk Transfer

Quantifiable outcome

• Sammons Financial Group serves over 1.7 million active life insurance policies and annuity contracts
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Wealthcare LLCcoreStrategic or Co-development Partner · 3 June 2025Sammons Financial Group acquired Wealthcare LLC (Wealthcare Capital Management) from NewSpring Holdings in 2025. Wealthcare is a registered investment advisor firm with offices in Richmond, Virginia, and Philadelphia, managing $10 billion in AUM through its goals-based GDX360 platform.
• NorthRock PartnerscoreStrategic or Co-development Partner · 1 January 2023Sammons Financial Group acquired a majority stake in NorthRock Partners in late 2023, a Minneapolis-based wealth management firm. NorthRock manages over $12 billion in assets and provides full-service financial advisory through its Personal Office model. The partnership expanded Sammons' wealth management capabilities significantly.
• Beacon Capital ManagementcoreStrategic or Co-development Partner · 1 January 2021Sammons Financial Group entered the wealth management space in 2021 through acquisition of Beacon Capital Management, a next-generation RIA and turnkey asset management program (TAMP). Beacon provides risk-managed investment portfolios and advisor practice support with over $4 billion in AUM.
• Federal Home Loan Bank of Des MoinesminorStrategic or Co-development PartnerSammons Financial Group and member companies partnered with Federal Home Loan Bank of Des Moines to award $1.4 million in grants to 19 Sioux Falls nonprofits through the Member Impact Fund, supporting affordable housing and community development.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Thrivent Financial: Thrivent is a member-owned (fraternal) financial services organization offering insurance, annuities, and wealth management to a faith-aligned client base. Comparable in mutual/member ownership, life and annuity products, and integrated advisory distribution model.
• Guardian Life Insurance Company of America: Guardian Life is a mutual insurer offering life, disability, dental, and annuity products plus individual and group investment advisory services. Comparable to Sammons in mutual ownership and life/annuity/wealth integrated offerings.
• Securian Financial: Securian Financial is a Minnesota-based mutual insurance company offering life insurance, annuities, and retirement plans. Similar Midwest operating geography, mutual ownership, and employee base, making it a close peer to Sammons' Midland National and North American subsidiaries.
• Northwestern Mutual: Northwestern Mutual is a mutual financial services company offering life insurance, annuities, and wealth advisory services through a captive advisor network. Comparable in mutual structure, life and annuity core, and growing investment advisory footprint.
• Massachusetts Mutual Life Insurance Company (MassMutual): MassMutual is a mutual life insurance and wealth management company with comparable A+ ratings, similar employee/mutual ownership structure, and a parallel insurance-plus-advisory product portfolio. Most direct comparable for Sammons' integrated life insurance and wealth management strategy.
• New York Life Insurance Company: New York Life is a mutual life insurance and investment management firm offering individual life, long-term care, annuities, and wealth management through agents and advisors. Closely matches Sammons' diversified product set and distribution via independent agents and institutional channels.

Broad incumbents

• Lincoln Financial Group: Lincoln Financial is a large diversified insurer offering life insurance, annuities (variable, fixed, indexed), and retirement plan services. Broad incumbent peer with overlapping life, RILA, and institutional retirement offerings to Sammons' Midland National and Institutional Group.
• Ameriprise Financial: Ameriprise is a diversified wealth and insurance firm with a national advisor network and significant life and annuity offerings. Comparable to Sammons Wealth Management plus insurance distribution model, though with greater scale and brand reach.
• Equitable Holdings: Equitable is a large financial services holding company offering variable and indexed annuities, life insurance, and wealth management through advisor channels. Comparable to Sammons' wealth plus annuity platform and protected lifetime income product strategy.
• Principal Financial Group: Principal is a large publicly traded retirement, insurance, and asset management firm with similar life and annuity product set and a sizable RIA/wealth platform. Comparable to Sammons' institutional retirement, life, and wealth segments though broader and publicly traded.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/sammonsfinancialgroup
• LinkedInlinkedin.com/company/sammons-financial-group
• Instagraminstagram.com/sammonsfinancialgroup
• Xx.com/sfg_companies

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries11 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sammons Financial Group