Last updated October 12, 2026. California rates are refreshed weekly; confirm today’s rate before you apply.
American Equity is best known for fixed index annuities, and in California that is where it is most competitive. Its fixed-rate MYGAs this week are another story. I’m Kevin Edwards, an independent California annuity agent. Here’s who owns American Equity, how strong it is, and what it pays in California right now.
American Equity at a Glance
| Owner | Brookfield (acquisition completed May 2, 2024) |
| Headquarters | Des Moines, Iowa |
| AM Best rating | A (Excellent), affirmed November 2025 |
| Sold in California | 2 MYGAs and 10 fixed index annuities in this week’s data |
| Best CA MYGA yield | 3.75% (GuaranteeShield 3 and 5) |
| Best CA S&P 500 cap | 9.25% with a 9-year surrender period (AssetShield 9 CA), the top 9-year cap in California |
Who Owns American Equity?
Brookfield Reinsurance completed its acquisition of American Equity Investment Life Holding Company on May 2, 2024, in a cash and stock deal valued at $56.50 per share. American Equity remains headquartered in Des Moines, Iowa.
American Equity’s Financial Strength
In November 2025, AM Best affirmed the A (Excellent) financial strength rating of American Equity Investment Life Insurance Company and its subsidiaries, including Eagle Life Insurance Company, in the same action that affirmed American National Insurance Company and its affiliates.
American Equity Annuity Rates in California This Week
MYGAs (GuaranteeShield)
| Product | Term | Guaranteed yield | Deposit for this rate | Lowest entry | MVA | Notes |
|---|---|---|---|---|---|---|
| GuaranteeShield 3 | 3 years | 3.75% | $100,000+ | $10,000+ at 3.50% | Yes | — |
| GuaranteeShield 5 | 5 years | 3.75% | $100,000+ | $10,000+ at 3.50% | Yes | — |
Fixed Index Annuities (S&P 500 annual cap)
| Product | Surrender period | S&P 500 cap | Guaranteed min. cap | Riders | Notes |
|---|---|---|---|---|---|
| AssetShield 5 | 5 years | 8.25% | 1.00% | None | MVA |
| AssetShield 5 Bonus (Option 1) | 5 years | 6.00% | 1.00% | None | MVA |
| AssetShield 5 Bonus (Option 2) | 5 years | 5.25% | 1.00% | None | MVA |
| AssetShield 5 Bonus (Option 3) | 5 years | 4.75% | 1.00% | None | MVA |
| AssetShield 7 | 7 years | 9.00% | 0.50% | None | MVA |
| California IncomeShield 7 | 7 years | 2.75% | 1.00% | Must elect 1 of 5 | MVA |
| AssetShield 9 CA | 9 years | 9.25% | 1.00% | None | MVA |
| AssetShield 9 Bonus CA | 9 years | 6.25% | 1.00% | None | MVA |
| EstateShield 9 CA | 9 years | 4.25% | 1.00% | Must elect 1 of 2 | MVA |
| California IncomeShield 9 | 9 years | 3.25% | 1.00% | 4 optional | MVA |
My Take on American Equity
Skip the MYGAs this week. GuaranteeShield 3 and 5 pay 3.75%, the lowest 3- and 5-year yields on my California list. The best A-rated 5-year options pay more than 2 percentage points a year more.
The FIAs are where American Equity can fit:
- AssetShield 9 CA has the highest 9-year S&P 500 cap in California (9.25%) with a 1.00% minimum cap, but all four 9-year products sold in California are American Equity’s own, so that top spot means little on its own.
- At 5 and 7 years, AssetShield trails the leaders by 2 to 3 points on the cap.
- The Bonus versions trade a premium bonus for caps 2.25 to 3.5 points lower. Compare the bonus amount with the cap you give up, and ask how the bonus affects the surrender schedule.
- IncomeShield and EstateShield are rider-driven products with low caps. They make sense only if you’ll use the income or legacy benefit.
How American Equity Compares in California
| Term | American Equity (best) | Best in California | Leader |
|---|---|---|---|
| 3-year MYGA | 3.75% | 5.70% | Oxford Life Multi-Select 3 |
| 5-year MYGA | 3.75% | 6.10% | Aspida Synergy Choice 5 / Axonic Waypoint 5 |
| 5-year S&P 500 cap | 8.25% | 11.00% | Global Atlantic ForeAccumulation II 5 |
| 7-year S&P 500 cap | 9.00% | 11.65% | Delaware Life Retirement Stages Select 7 |
| 9-year S&P 500 cap | 9.25% | 9.25% | American Equity AssetShield 9 CA |
For an A-rated alternative with higher 5- and 7-year caps, see my Global Atlantic review, or browse all annuity company reviews.
Frequently Asked Questions
Who owns American Equity?
Brookfield. Brookfield Reinsurance completed its acquisition of American Equity Investment Life Holding Company on May 2, 2024.
What is American Equity’s AM Best rating?
AM Best affirmed the A (Excellent) financial strength rating of American Equity Investment Life Insurance Company and its subsidiaries in November 2025.
What is the best American Equity annuity in California?
As of October 12, 2026, AssetShield 9 CA offers a 9.25% S&P 500 annual cap, the highest 9-year cap in California (all four 9-year products here are American Equity’s). American Equity’s MYGAs pay 3.75%, well below the market.
Is Eagle Life part of American Equity?
Yes. AM Best lists Eagle Life Insurance Company as a subsidiary of American Equity Investment Life Insurance Company.
Get a Side-by-Side Quote Before You Buy American Equity
I’m an independent agent, so I’m not tied to American Equity or any other carrier. Tell me your deposit, timeline and whether you need income, and I’ll compare American Equity’s products against the rest of the California market and send you the side-by-side. Request a free annuity quote, or call (877) 854-7396.
Sources
- AM Best Affirms Credit Ratings of American National Insurance Company and Its Affiliates (Nov. 2025)
- Brookfield Reinsurance Completes Acquisition of AEL (May 2, 2024), SEC filing
- California fixed annuity (MYGA) rates, Fixed Annuity Expert
- California fixed index annuity rates, Fixed Annuity Expert
Rate source: AnnuityRateWatch.com carrier data via AIP Marketing Alliance, retrieved October 12, 2026, filtered to products available to California residents. MYGA rows show guaranteed yield to surrender; FIA rows show the S&P 500 annual point-to-point cap on strategies with a 0% floor, no strategy fee and a stated guaranteed minimum cap. Products sold only through fee-based advisory accounts are excluded. Rates change without notice and must be verified with the issuing carrier at application.
Kevin Edwards, Integrity Now Insurance Brokers. California Insurance License #0D42517. Annuities are insurance products, not bank deposits, and are not FDIC insured. Fixed index annuities are not a direct investment in the stock market or any index; index-linked interest is subject to caps the insurer may change annually, subject to the guaranteed minimum. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Financial strength ratings are opinions of the rating agency, can change at any time, and are not a guarantee of an insurer’s ability to pay claims. Withdrawals before the end of the surrender period may be subject to surrender charges and market value adjustments; withdrawals of taxable amounts may be subject to ordinary income tax and, if taken before age 59½, a 10% federal tax penalty. This page is independent and is not affiliated with or endorsed by any insurance company named. It is for educational purposes and is not tax or legal advice. Product availability and features vary by state. S&P 500® is a registered trademark of Standard & Poor’s Financial Services LLC.