Venerable at a Glance: Rates, Products and Reviews
Unlike traditional annuity providers, Venerable buys and manages annuities from well-known brands like Voya, John Hancock and Athene. If you’re in the market for a new annuity contract, you’ll need to look elsewhere as the company does not issue or sell them.
- Written by Anna Baluch
- Edited By
Michael Santiago, CRPC™
Michael Santiago, CRPC™
Senior Financial Editor
Michael Santiago, a senior financial editor, joined RetireGuide in 2023. With over 10 years of professional writing and editing experience, he brings a wealth of expertise in creating content for diverse industries, including travel and healthcare. Having traveled to more than 40 countries across five continents and lived in Europe and Asia for several years, Michael's global perspective enriches his work. He combines his strong writing skills, editorial judgment and passion for crafting accurate and engrossing content to enhance the user experience on RetireGuide.
Read More- Published: October 8, 2024
- Updated: October 23, 2024
- 5 min read time
- This page features 4 Cited Research Articles
- Venerable is fairly new to the annuity space and not an option if you’re interested in new annuity contracts.
- The company buys and manages annuities rather than selling and issuing them.
- Venerable primarily takes over variable annuities that fluctuate based on market performance.
Company Overview
Venerable Insurance and Annuity Company (VIAC) is a new player in the annuity space with offices in West Chester, PA and Des Moines, Iowa. Founded in 2018 by a group of investors with prior annuity and insurance experience, Venerable buys and manages legacy annuities sold by other providers.
Annuity Products Offered by Venerable
Unlike other annuity companies, Venerable manages legacy annuities. Instead of issuing new annuity contacts, the company buys and manages annuities from well-known providers like Voya, John Hancock and Athene. For the most part, Venerable focuses on variable annuities with guaranteed minimum income benefits.
Variable Annuities
Most of the products Venerable manages are variable annuities with rates of returns that fluctuate based on market performance. They often offer guaranteed minimum income benefits (GMIBs), which are riders that guarantee a minimum monthly payment, helping to mitigate risk.
- Focus Variable Annuities
- Architect Variable Annuities
- GoldenSelect ESII Variable Annuities
- GoldenSelect Opportunities Variable Annuities
- Preferred Advantage Variable Annuities
- Voya Rollover Choice Variable Annuities NY
- Wells Fargo Landmark Variable Annuities
For a complete list of products, visit Venerable’s product portal.
Learn More About Your Annuity Options
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Features and Benefits
Although each variable annuity product offers its own unique features and benefits, most include a guaranteed minimum income rider. This rider promises to provide you with a minimum income, regardless of how volatile the market becomes. It can be reassuring if you’re looking for greater peace of mind from a variable annuity that may fluctuate due to changes in the market.
Current Rates and Performance
Annuities that Venerable oversee perform differently depending on their interest rates. Because Venerable doesn’t issue products, it’s up to you to reach out to the company selling the annuity directly to find the most updated information on your desired product. Seeking information such as interest rates and performance guarantees on a given product can help you make the ideal decision for your unique financial goals.
Financial Strength and Stability
Credit Ratings
Credit ratings can help explain an annuity provider’s stability and financial strength. Since Venerable does not sell its own annuity and insurance contract, it has not been scored by established credit agencies such as AM Best, S&P and Fitch. However, Kroll Bond Rating Agency (KBRA), a full-service credit agency recognized by the National Association of Insurance Commissioners (NAIC), rated Venerable an A.
| Rating Company | Credit Rating |
|---|---|
| KBRA | A |
| S&P | Not Rated |
| Fitch | Not Rated |
| AM Best | Not Rated |
Company Stability
Venerable was formed by seasoned investors and professionals in the annuity industry who came from established organizations such as Apollo Global Management and Reverence Capital Partners. Though its association with top annuity brands and high ratings from KBRA can be reassuring, it can be difficult to gauge its stability due to their unique business model.
Customer Experience and Satisfaction
The National Association of Insurance Commissioners’ (NAIC) Complaint Index looks at client satisfaction in the insurance and annuity space. In its most recent report, Venerable earned a 243.21, meaning the company receives significantly more customer complaints than the industry average for individual annuities.
| Complaint Score | |
| All Policy Types | 13.68 |
| Individual Annuities | 243.21 |
Venerable was not included as part of the 2022 or 2023 versions of the J.D. Power Overall Customer Satisfaction.
Pros and Cons of Venerable Annuities
Venerable offers several general advantages, but like any company, it has its drawbacks. As a newer company with a business model that differs from traditional insurance companies, it may be less appealing to some.
- Acquires Annuities From Key Players: Venerable buys annuity products from highly rated, established companies like Voya, Athene and John Hancock.
- Manages Variable Annuities: Many providers stick to fixed index annuities and don’t offer variable annuities but Venerable manages them.
- Solid Rating by the KBRA: The Kroll Bond Rating Agency (KBRA) rated Venerable with an A in 2023, indicating positive financial strength.
- Not an Annuity Provider: Venerable is a legacy annuity management company, meaning you cannot purchase annuities directly from them.
- High Customer Complaint Rate: The National Association of Insurance Commissioners’ (NAIC) Complaint Index found that Venerable had many customer complaints in recent years.
- New to the Annuity Industry: While many annuities have been around for 50 or even 100 years, Venerable made its debut in 2018.
*Ad: Clicking will take you to our partner Annuity.org.
Frequently Asked Questions About Venerable
- How does Venerable work?
- Venerable buys legacy annuities from other providers such as Voya and John Hancock, meaning they don’t sell or issue annuities, but rather manage them.
- What is Venerable’s relationship with John Hancock?
- John Hancock used to be a major annuity company but left the annuity space in 2012. Venerable manages most of John Hancock’s legacy variable annuity contracts.
- What are some of Venerable’s most notable acquisitions?
- Venerable acquired the Voya annuity business line in 2019. It also acquired a large sum of annuities from Equitable Financial Life Insurance Company and Athene Holdings in 2023.
Editor Norah Layne contributed to this article.
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- Published in AP News, Credit Karma, Fox Business, U.S. Chamber, Point.com, Newsweek, Insurify and Forbes
- Over a decade of professional writing experience in finance
- MBA with a focus on marketing from Roosevelt University
4 Cited Research Articles
- J.D. Power. (2023, October 12). Satisfaction with Life Insurance and Annuity Products Climbs as Customers Embrace Digital, J.D. Power Finds. Retrieved from https://www.jdpower.com/business/press-releases/2023-us-individual-life-insurance-annuity-studies
- National Association of Insurance Commissioners. (n.d.). Consumer Insurance Search Results. Retrieved from https://content.naic.org/cis_refined_results.htm
- Venerable. (n.d.). About Us. Retrieved from https://www.venerable.com/#/aboutus
- Venerable. (n.d.). Financial Information. Retrieved from https://www.venerable.com/#/financialinformation
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