The RILA sales record in 2026 comes down to one thing: people want part of the stock market’s upside without taking all of its downside. LIMRA’s final second-quarter numbers put registered index-linked annuity (RILA) sales at a record $23.3 billion, up 22 percent from the second quarter of 2025, and that figure held even after LIMRA revised total annuity sales lower. Below I explain what a RILA actually is, why sales keep climbing, and how it stacks up against a fixed indexed annuity and a MYGA.

How big was the Q2 2026 RILA sales record?

LIMRA’s preliminary release on July 27, 2026 reported total annuity sales of $123.9 billion for the second quarter, with RILA sales of $23.3 billion. When the final data came in, total second-quarter sales were revised down to $121.2 billion, and first-half sales to $228.7 billion from an expected $231.3 billion, PLANADVISER reported on September 10, 2026. The final count covers 93 percent of the market, compared with 84 percent in the preliminary estimate.

RILAs were the exception to that downward revision. Final RILA sales matched the preliminary $23.3 billion, and first-half RILA sales reached $44.4 billion, 21 percent ahead of the first half of 2025, according to InvestmentNews coverage of LIMRA’s final second-quarter results.

Most of the revision came from fixed-rate deferred annuities, the category that includes MYGAs, which moved from an estimated $44.7 billion to a final $41.8 billion. I covered the bigger picture on total sales in my post on why annuity sales hit a record in 2026.

This was not a one-quarter spike. LIMRA’s 2026 annuity sales outlook, published January 28, 2026, noted that RILA sales grew from $24 billion in 2020 to $65 billion in 2024, and it projected RILA sales above $75 billion in both 2025 and 2026.

What is a RILA, in plain English?

A RILA is an annuity contract with an insurance company where your return is linked to a market index over a set period. Because it is registered as a security, it is regulated by the SEC and FINRA, and you generally receive a prospectus before you buy, as FINRA explains in its guide to indexed annuities. FINRA also points out that RILAs lack the guaranteed minimum interest rate found in traditional indexed annuities and instead offer limited downside protection through buffers and floors.

Those two protections work very differently. With a buffer, the insurance company absorbs losses up to a set percentage: in the SEC’s example, a 10 percent buffer with a 12 percent index drop leaves you with a 2 percent loss. With a floor, your loss is limited to a set percentage: a 10 percent floor with the same 12 percent drop means you lose 10 percent.

My plain read of those examples is that a buffer handles the ordinary dips, while a floor puts a hard limit on a truly bad year. Neither one means your money is fully protected.

The upside is limited too. The SEC’s investor bulletin on indexed annuities gives two examples: with a 7 percent cap and a 12 percent index return, you are credited 7 percent, and with a 75 percent participation rate and a 10 percent index return, you are credited 7.5 percent.

The SEC says plainly that you can lose money in indexed annuities that are securities if the index goes down, and insurers can change features such as the cap periodically. Surrender periods typically last six to ten years or even longer, and surrender charges reduce your value if you pull money out early.

Why are RILA sales surging in 2026?

The first reason is the mood of the market. “Investors remain eager to participate in market growth but are wary of a downturn,” Keith Golembiewski, LIMRA’s head of annuity research, said of the final results. In the preliminary release he added that with equity markets reaching new highs in June, investors were drawn to RILAs’ “blend of upside participation and downside protection.”

LIMRA’s Bryan Hodgens pointed to “a combination of global tensions, record equity market performance and rising interest rates” as the forces driving demand across product lines. That combination is close to the ideal setup for a RILA sale: people feel good about stocks and nervous about them at the same time.

The second reason is interest rates. Insurers back their guarantees mostly with bonds, and when bond yields rise, they have more room to offer better caps and participation rates. LIMRA’s January 2026 outlook said interest rates would remain historically high, “allowing carriers to offer competitive solutions.”

The third reason is that more carriers are pushing the product. LIMRA said RILA set another record “as carriers continued to pivot toward these products and broaden their distribution,” and its outlook credited product innovation that attracted new distribution and investor interest.

I also think part of the appeal is where a RILA sits on the risk spectrum: somewhere between owning stocks outright and owning bonds. That is why some people look at a RILA as an alternative to part of a classic 60/40 stock and bond mix, though it comes with its own limits, fees, and surrender period.

Some of the growth is coming out of fixed indexed annuities. Final FIA sales were $30.6 billion in the second quarter, down 7 percent from a year earlier, and LIMRA noted that average FIA cap rates were slightly below year-ago levels.

How does a RILA compare to an FIA and a MYGA?

These three products often get lumped together, but they carry very different kinds of risk. Here is the simplest side-by-side I can give you.

Feature RILA Fixed indexed annuity (FIA) MYGA
How it earns Linked to a market index, subject to caps or participation rates Linked to a market index, subject to caps or participation rates Guaranteed interest rate for a set term
Can market drops reduce your value? Yes, beyond the buffer or up to the floor No; minimum guarantees limit and in many cases eliminate investment losses No; not tied to the market
Regulated as Security (SEC and FINRA) plus state insurance rules Insurance product (state regulation) Insurance product (state regulation)
Sold with a prospectus? Generally yes No No
Q2 2026 sales (LIMRA final) $23.3 billion, up 22% $30.6 billion, down 7% Part of $41.8 billion fixed-rate deferred, down 9%

The SEC’s bulletin notes that indexed annuities not regulated by the SEC include minimum guarantees that limit, and in many cases eliminate, the potential for investment losses. A MYGA is simpler still: a fixed annuity that pays a guaranteed interest rate for a set term, with no link to the market.

If you want to see how index-linked growth has been priced on the principal-protected side, you can review current fixed index annuity rates. And if you are curious which carriers have dominated FIA sales over the past decade, I dug into that in my research paper on FIA sales leaders from 2015 to 2025.

Who does a RILA tend to fit, and who should skip it?

I want to be direct about where I stand. RILAs are securities, and I do not sell or recommend them individually, and I cannot give you individual advice about your own situation.

What I can share is how the tradeoffs generally line up. A RILA tends to fit people who:

  • Want more upside potential than a fixed product offers and accept that they can lose a defined amount of money
  • Have a time horizon at least as long as the surrender period and the index term
  • Are willing to read a prospectus and understand how the buffer or floor, the cap, and the participation rate interact

A RILA tends to be a poor fit for people who:

  • Cannot stomach any loss of principal, which points more toward an FIA or a MYGA
  • May need the money during the surrender period
  • Want a known, guaranteed number rather than a range of possible outcomes

You may also wonder which companies sold the most RILAs last quarter. LIMRA said its company rankings would come after carriers’ earnings calls, and I have not seen that list published for the second quarter, so I am not going to name names.

For pre-retirees in their 50s and 60s, the message behind the RILA sales record in 2026 is that buyers want growth with a defined amount of risk, not unlimited upside and not zero risk.

Frequently Asked Questions

Did LIMRA revise the Q2 2026 RILA sales figure?

No. Total second-quarter annuity sales were revised from $123.9 billion to $121.2 billion, but final RILA sales matched the preliminary figure of $23.3 billion, up 22 percent from a year earlier.

Can you lose money in a RILA?

Yes. A buffer or floor limits losses, but if the index falls far enough you can lose part of your principal, and surrender charges can apply if you withdraw early.

Is a RILA the same as a fixed indexed annuity?

No. Both are linked to a market index, but a RILA is a registered security that can lose value, while an FIA is an insurance product with minimum guarantees that limit, and in many cases eliminate, investment losses.

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