What Annexus does

Annexus is an independent financial services firm founded in 2006 and headquartered in Scottsdale, Arizona, that designs, develops, and distributes retirement products for the U.S. market. The company specializes in fixed indexed annuities (FIAs), registered index-linked annuities (RILAs), and indexed universal life insurance (IUL), and operates as a subsidiary of Integrity following a 2019 strategic minority investment by Blackstone Tactical Opportunities. Annexus does not issue insurance contracts itself; instead, it co-develops products with major carriers — including Nationwide, Athene, North American, John Hancock, Securian, Americo, AIG, and Global Atlantic — and earns revenue through product design/development fees and distribution economics. Its core technology centers on proprietary index methodologies developed in partnership with academic economists (Robert Shiller, Jeremy Siegel, Roger Ibbotson, Campbell Harvey, Ronnie Sadka) and global investment banks (Barclays, Citi, J.P. Morgan, Goldman Sachs, Morgan Stanley, PIMCO, WisdomTree, BlackRock, MSCI, UBS, ICE). The firm claims more patents and patents pending than the rest of the FIA/RILA/IUL industry combined, and its product development team is reported to carry 365 years of combined actuarial experience.

The company monetizes through a partnership-led go-to-market model. Products are issued by carrier partners and distributed through Annexus-affiliated Independent Distribution Companies (IDCs), more than 300 wirehouses, banks, and independent broker-dealers, registered investment advisors, and Annexus Securities, LLC, its affiliated registered broker-dealer. Customer relationships are bifurcated: enterprise relationships with insurance carriers on the design side, and financial professionals/advisors (and ultimately pre-retirees and retirees) on the distribution side. Scale signals include a $36 billion-plus premium run-rate through the 11-year Nationwide relationship, 15-year partnership tenure with Athene, and three SRP/EQDerivatives "Innovator of the Year" awards, validating distribution traction and index innovation leadership. The firm has executed a deliberate product-line expansion from FIAs into RILAs (2024-2025) and IULs (2025), broadening its wallet share within existing carrier partners while adding new carriers such as Americo (2026) and partnership integrations with Capital Group.

The business model relies on long-cycle carrier contracts, intellectual property in index construction, and a multi-channel B2B2C distribution architecture. The company has no disclosed revenue figures, no AI/ML research function, and limited public financial reporting — operating as a privately held, parented subsidiary. Revenue mechanics are tied to the lifetime premium volume generated by carrier-issued products bearing Annexus-designed index strategies, plus potential index licensing royalties and product development fees.

Name

Annexus

Legal name

Annexus

Website

https://annexus.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

Annexus is an independent retirement product design firm developing FIAs, RILAs, and IUL products in partnership with major U.S. insurance carriers. The company licenses proprietary indices developed with leading economists and distributes through 300+ broker-dealers, banks, and financial advisors.

Ownership category

akta.pro rank

Product category

Retirement Product Design and Annuity Distribution

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Registered Index-Linked Annuities (RILA) (FSAIACAD)

akta.pro secondary industries

Annuities & Investment-Linked Insurance Solutions (Retail) (FSAAAAAM), Annuity & Insurance-Based Retirement Solutions Advisory (FSAEABAH)

Keywords

• Fixed indexed annuities
• Indexed universal life
• Retirement product design
• Registered index-linked annuities
• Annuity distribution services

Headquarters

HQ city

Scottsdale

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Product Design and Development Fees: Annexus designs retirement products (fixed indexed annuities, RILAs, IUL) for insurance carriers and earns fees for product development, design, and ongoing innovation. The company collaborates with carriers to create customized product structures with proprietary index options.
2. Distribution Revenue: Revenue generated through a network of Independent Distribution Companies (IDCs) and insurance professionals who distribute Annexus-designed products. The company receives compensation through distribution arrangements with carrier partners.
3. Index Licensing: Annexus develops and licenses proprietary indices (in partnership with academics and investment banks) for use in annuity and insurance products, generating licensing revenue from carrier partners.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Annexus is an independent product design and distribution company that develops fixed indexed annuities (FIAs), registered index-linked annuities (RILAs), and indexed universal life insurance (IUL) products for major U.S. insurance carriers. It creates proprietary index methodologies in partnership with leading academics and investment banks, then distributes the carrier-issued products through Independent Distribution Companies, wirehouses, banks, broker-dealers, and financial advisors across the United States.

Product overview

Annexus is an independent retirement planning product design and distribution company that develops and distributes a portfolio of fixed indexed annuities (FIAs), registered index-linked annuities (RILAs), and indexed universal life insurance (IUL) products through strategic partnerships with leading insurance carriers including Nationwide, Athene, North American, Americo, John Hancock, and AIG. The company's product suite includes flagship offerings like the Nationwide Defined Protection Annuity 2.0 (a RILA offering actively managed mutual fund strategies), the Athene BCA 2.0 Suite of Fixed Indexed Annuities (featuring indices from renowned economists), and the Secure Horizon Indexed Universal Life Insurance (featuring first-of-its-kind Longevity Benefit Base). These products are distributed through a network of Independent Distribution Companies and financial advisors, with each product designed to provide retirement growth, protection, and guaranteed income solutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Nationwide Defined Protection Annuity 2.0 (DPA 2.0) A registered index-linked annuity (RILA) that offers strategies indexed to actively managed mutual funds, with three defined protection levels (90%, 95%, 100%) to limit negative performance while providing growth opportunities across multiple index strategies. Designed for retirement investors and distributed through Nationwide's network.
• Athene BCA 2.0 Suite of Fixed Indexed Annuities Award-winning fixed indexed annuity suite featuring indices developed with leading economists (Robert Shiller, Jeremy Siegel, Campbell Harvey) and investment banks, providing all-weather returns through diversified index strategies. Issued by Athene and distributed through Athene's wholesale network.
• Secure Horizon Indexed Universal Life Insurance Indexed universal life insurance product featuring a first-of-its-kind Longevity Benefit Base that grows by 150% of net credited interest, providing death benefit protection alongside supplemental retirement benefits including guaranteed lifetime income, Social Security offset protection, and enhanced death benefits. Issued by North American (Sammons Financial Group).
• Nationwide New Heights Select Fixed Indexed Annuity Top-selling fixed indexed annuity offering multiple index options including NYSE Zebra Edge Index and J.P. Morgan Mozaic II Index, with optional guaranteed lifetime withdrawal benefit riders. Issued by Nationwide; launched as part of the 2014 Annexus-Nationwide partnership that has generated more than $36 billion in premium.
• Americo Benchmark Flex Fixed Indexed Annuity Suite Fixed indexed annuity suite featuring innovative crediting strategies and benchmarks with guaranteed cap rates for up to 10 years and various index strategies to enhance client returns. Issued by Americo Financial Life and Annuity Insurance Company.
• Nationwide Defined Protection Annuity Registered index-linked annuity with a defined protection floor to limit losses, three protection levels (90%, 95%, 100%), and enhanced growth opportunities for investors in volatile markets. Issued by Nationwide and accessible through the Nationwide wholesale network and National Sales Desk.
• Athene Velocity Fixed indexed annuity with a built-in income rider at no additional charge, part of the Athene product suite distributed through Athene's channels.
• X5 Advantage Annuity Index annuity featuring exclusive indices from PIMCO and Morgan Stanley Investment Management, with innovative income features that can double credited interest for guaranteed lifetime income and principal protection against market downturns. Issued by AIG.
• John Hancock Protection Indexed Universal Life Insurance (PIUL) Innovative IUL product powered by an Annexus-developed index strategy and cutting-edge index, created through partnership with John Hancock. Designed for accumulation potential with death benefit protection.
• Balanced Growth Accumulator (BGA) Indexed Universal Life Insurance Indexed universal life insurance policy underwritten by Minnesota Life Insurance Company, launched through partnership with Securian Financial. Provides accumulation potential with death benefit protection.
• Secure Horizon Choice Fixed Index Annuity Expansion of the Secure Horizon fixed index annuity suite offering diversified index strategies and accumulation opportunities. Issued by North American (Sammons Financial Group).

Quantifiable outcome

• $36 billion in premium generated through Nationwide partnership
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

31 partnerships are on record, tiered major, core and minor.

• Americo Financial Life and Annuity Insurance CompanymajorStrategic or Co-development Partner · 3 March 2026Strategic partnership launched Americo Benchmark Flex and Americo Benchmark Flex Plus fixed indexed annuities featuring innovative crediting strategies and guaranteed cap rates for up to 10 years.
• NationwidecoreStrategic or Co-development Partner11-year strategic partnership (2014-2025) developing fixed indexed annuities and RILAs. Partnership has generated $36 billion in premium with products like Nationwide New Heights and Defined Protection Annuity. Celebrated 10-year partnership at NYSE in 2024.
• AthenecoreStrategic or Co-development Partner15-year partnership developing Athene BCA Suite of FIAs and Athene Velocity products. BCA 2.0 won FIA of the Year award and features indices from Robert Shiller, Jeremy Siegel, Barclays, Citi, and others.
• North American Company for Life and Health InsurancecoreStrategic or Co-development PartnerPartnership with Sammons Financial Group member to launch Secure Horizon fixed index annuity suite and Secure Horizon Indexed Universal Life Insurance. Won Deal of the Year 2024 at SRP Americas.
• John HancockmajorStrategic or Co-development PartnerGroundbreaking collaboration resulting in John Hancock Protection Indexed Universal Life Insurance (PIUL), powered by Annexus innovative index strategy.
• Securian FinancialmajorStrategic or Co-development PartnerPartnership to launch Balanced Growth Accumulator (BGA) indexed universal life insurance policy underwritten by Minnesota Life Insurance Company.
• Capital GroupmajorStrategic or Co-development PartnerPartnership with one of world's largest active investment managers to include American Funds Growth Fund of America in Nationwide Defined Protection Annuity 2.0 - first registered index-linked annuity to include strategies indexing to an actively managed mutual fund.
• Mike MorronecoreOthersFormer Nationwide executive (25 years) joined as Chief Operating Officer in April 2025. Played pivotal role in formation of Annexus-Nationwide partnership with $36 billion in premium generated.
• Robert ShillercoreStrategic or Co-development PartnerYale Professor and Nobel-caliber economist developed Shiller Barclays CAPE indices and Shiller Barclays Global Index for use in Annexus-designed annuity products.
• Jeremy SiegelcoreStrategic or Co-development PartnerWharton Professor developed WisdomTree Siegel Strategic Value Index for use in Athene BCA 2.0 Suite of FIAs.
• Roger IbbotsoncoreStrategic or Co-development PartnerRenowned economist and Zebra Capital founder developed NYSE Zebra Edge Index based on behavioral finance research showing relationship between high-turnover stocks and returns.
• Campbell HarveymajorStrategic or Co-development PartnerDuke Professor and Research Affiliates Partner developed RAFI Harvey GS Index designed to shift between growth and value equities based on market signals.
• Ronnie SadkamajorStrategic or Co-development PartnerBoston College Professor and MKT MediaStats Co-Founder developed MSCI MKT MediaStats Multi-Asset Index tracking media narratives to help select assets.
• BarclaysmajorTechnology or IntegrationInvestment bank partner for Shiller Barclays indices. Co-developed Shiller Barclays Global Index and Shiller Barclays CAPE Allocator indices.
• CitimajorTechnology or IntegrationExclusive partnership for Citi Grandmaster Index in BCA FIA suite. Index takes forward-looking approach to asset allocation with proprietary optimization process.
• J.P. MorganmajorTechnology or IntegrationDeveloped J.P. Morgan Mozaic II Index for use in Nationwide New Heights fixed indexed annuities.
• Goldman SachsmajorTechnology or IntegrationPartner for index development including RAFI Harvey GS Index methodology licensing.
• UBSmajorTechnology or IntegrationHedge provider and sub-licensor for NYSE Zebra Edge Index.
• Morgan StanleymajorTechnology or IntegrationMorgan Stanley Investment Management developed Morgan Stanley Expanded Horizons Index for AIG X5 Advantage annuity.
• PIMCOmajorTechnology or IntegrationPacific Investment Management Company developed PIMCO Global Elite Markets Index for AIG X5 Advantage annuity.
• WisdomTreemajorTechnology or IntegrationWisdomTree contributed to development of WisdomTree Siegel Strategic Value Index for Athene BCA 2.0.
• BlackRockmajorTechnology or IntegrationIndex provider for North American Secure Horizon fixed index annuity suite.
• Loomis SaylesmajorTechnology or IntegrationIndex provider for North American Secure Horizon fixed index annuity suite.
• MSCImajorTechnology or IntegrationIndex provider for MSCI EAFE index options in DPA products and MSCI MKT MediaStats Multi-Asset Index.
• ICE Data IndicesmajorTechnology or IntegrationPartnership with Deutsche Bank and ICE Data Indices to launch new index for North American Secure Horizon fixed index annuity.
• NYSEcoreTechnology or IntegrationNYSE Zebra Edge Index co-developed with Zebra Capital. First NYSE index to be used in an insurance product, exclusively licensed for Nationwide New Heights FIAs. Annexus CEO rang NYSE closing bell in 2023.
• Research AffiliatesmajorTechnology or IntegrationRob Arnott's firm developed Research Affiliates Global Multi-Asset Index used in Secure Horizon IUL and RAFI Harvey GS Index.
• PlanGapmajorStrategic or Co-development PartnerStrategic partnership providing Annexus exclusive rights to add patent-pending PlanGap feature to fixed indexed annuities that provides income benefit if Social Security is reduced.
• Phoenix Suns/Phoenix Mercury FoundationminorGTM or Marketing PartnerAnnexus pledged matching grant to expand Math Hoops program helping Arizona students improve algebra and social-emotional skills.
• WM Phoenix OpenminorGTM or Marketing PartnerAnnexus sponsors Pro-Am tournament at WM Phoenix Open for 12 consecutive years as part of marketing and community engagement.
• Dylan WuminorGTM or Marketing PartnerPGA Tour golfer sponsorship for rising star entering third year on tour.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Corebridge Financial: Large life and retirement carrier (formerly AIG Life & Retirement) with significant indexed annuity offerings including the Max Series. Comparable as a broad incumbent with in-house design and distribution across RILAs, FIAs, and IULs.
• Brighthouse Financial: Major U.S. annuity carrier with Shield and other indexed/buffered annuity suites. Comparable to Annexus as a broad incumbent that designs and distributes indexed annuity solutions to advisors and retirement plan participants.
• Lincoln Financial Group: Large diversified carrier with a substantial annuity and indexed product franchise (Lincoln OptiBlend, buffered annuities). Comparable as a broad incumbent in the indexed annuity market with both proprietary product design and broad distribution.
• Athene Holding: Leading retirement services company and a long-standing Annexus partner (15 years), but also operates as a broad incumbent with substantial in-house product design, distribution, and balance sheet capabilities across FIAs, RILAs, and pension risk transfer.
• Pacific Life: Large mutual insurance company offering indexed annuities, IULs, and retirement products. Comparable to Annexus as a broad incumbent with both proprietary product design and broad distribution through financial professionals.
• Nationwide: Diversified insurance and financial services carrier and Annexus's flagship 11-year partner, but also a broad incumbent with in-house product design capabilities and proprietary distribution across annuities, life, and retirement plans.

Others

• Integrity Marketing Group: Annexus's parent company and the leading U.S. distributor of life and annuity products through independent agents. Comparable as the parent distribution platform that supports Annexus's go-to-market and similar independent distribution peers serving the same advisors and end clients.

Direct peers

• Jackson National Life Insurance Company: Major U.S. annuity carrier known for its Elite Access and other indexed variable/RILA suite. Comparable to Annexus because Jackson designs and distributes its own indexed annuity products through independent advisors and broker-dealers, competing for similar shelf space.
• F&G Annuities & Life: Specialty annuity and life insurance carrier with a heavy focus on indexed annuities and multi-year guaranteed products. Directly comparable to Annexus because F&G designs, prices, and distributes FIA/RILA products through independent distribution, similar to the channel Annexus supports.

Emerging players

• Aspida Financial Life: Newer U.S. annuity platform focused on FIAs, MYGAs, and RILAs, distributed through independent advisors. Comparable to Annexus as an emerging player pursuing the same independent distribution channel with similar indexed annuity products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/annexus
• Facebookfacebook.com/annexusgroup
• LinkedInlinkedin.com/company/the-annexus-group
• Instagraminstagram.com/annexusgroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A

Investments

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

Frequently asked questions about Annexus