Sammons Financial Group
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.
- Company typePrivate
- Founded1909
- HeadquartersWest Des Moines, United States
- Headcount1,001–5,000
- GTM typeB2B and B2C
- OfferingServices
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.
Sammons Financial Group firmographics
Firmographics- 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
Sammons Financial Group industry classification
Industry- 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
Where Sammons Financial Group is headquartered
LocationHeadquarters
- HQ city
- West Des Moines
- HQ country
- United States
- HQ region
- North America
Offices6 records
Markets served
Sammons Financial Group business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- 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.
- 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.
- 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.
- 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
Sammons Financial Group product offering
Product offeringCore 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
Companies that use Sammons Financial Group
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
Sammons Financial Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature4 records
Sammons Financial Group partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Wealthcare LLCcoreSammons 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 PartnerscoreSammons 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 ManagementcoreSammons 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 MoinesminorSammons 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
Sammons Financial Group competitors and assessment
Company assessmentDirect 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
Sammons Financial Group social profiles
Digital presenceSammons Financial Group compliance and trust
Trust signalCompliance4 records
Sammons Financial Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Sammons Financial Group leadership team
Management profileNumber of profiles
Profiles13 records
Sammons Financial Group subsidiaries and ownership
Company hierarchySubsidiaries11 records
Sammons Financial Group funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Sammons Financial Group M&A and investment
M&A and investmentM&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
What does Sammons Financial Group do?
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.
Is Sammons Financial Group a public or private company?
Sammons Financial Group is a private company. It is classified as management employee owned and is currently operating.
When was Sammons Financial Group founded?
Sammons Financial Group was founded in 1909. It employs 1,001 to 5,000 people.
Where is Sammons Financial Group based?
Sammons Financial Group is headquartered in West Des Moines, United States, in the North America region.
How does Sammons Financial Group make money?
Four revenue lines are on record. Life Insurance Premiums are the primary driver. The others are annuity Products, wealth Management AUM Fees and securities Distribution.
Who are Sammons Financial Group's main competitors?
Direct peers on record are Thrivent Financial, Guardian Life Insurance Company of America, Securian Financial, Northwestern Mutual, Massachusetts Mutual Life Insurance Company (MassMutual) and New York Life Insurance Company. Broad incumbents are Lincoln Financial Group, Ameriprise Financial, Equitable Holdings and Principal Financial Group.
Does Sammons Financial Group have an API?
No public API is recorded for Sammons Financial Group.
What industry is Sammons Financial Group in?
Sammons Financial Group's product category is Insurance and Wealth Management. Its primary akta.pro industry code is FSAAACAI, Insurance-Integrated Wealth Managers (RIA + Insurance Solutions), with a secondary code of FSAAACAA, Comprehensive/Full-Service RIAs & Independent Wealth Managers. Its NAICS code is 52411 and its SIC code is 6311.