Accordia Life and Annuity Company: Ownership, Products, and Ratings

Accordia Life and Annuity Company: Ownership, Products, and Ratings

Accordia Life and Annuity Company is a major player in the American life insurance and retirement landscape, specifically known for its focus on indexed universal life insurance and annuity solutions. Headquartered in Des Moines, Iowa, the company serves as a vital subsidiary of Global Atlantic Financial Group. Its presence in the market is characterized by a blend of institutional heritage—stemming from a 2013 acquisition of Aviva USA’s life business—and the modern financial backing of the private equity giant KKR, which completed its 100% acquisition of Global Atlantic in early 2024.

Corporate History and Integration

Accordia Life was officially launched in 2013 following Global Atlantic's acquisition of the life insurance division of Aviva USA. This transaction instantly gave the company a significant block of in-force policies and an established network of independent agents. Historically, the company has operated under various names through its legacy blocks, including Great American Life and Commonwealth Independence Life.

In recent years, the company has undergone a significant brand consolidation. By July 2023, Global Atlantic began unifying its operations and stopping the sale of new life insurance products to focus exclusively on the annuity market. While the Accordia brand is still the issuing entity for millions of existing life insurance policies, new business is primarily directed toward Global Atlantic’s suite of retirement products.

Financial Strength and Industry Ratings

Financial stability is critical for long-term insurance obligations. Accordia Life and its parent company maintain "Excellent" ratings from the major credit rating agencies, supported by the massive asset management capabilities of KKR.

These ratings reflect the company's robust balance sheet and its strategic role within the Global Atlantic group, which manages over $150 billion in assets.

Product Portfolio and Services

Accordia Life and Annuity Company is best known for its innovation in the Indexed Universal Life (IUL) space and its comprehensive range of annuities.

1. Life Insurance (In-Force Management)

While new sales of life products have been paused, the company remains the primary servicer for legacy products like the Lifetime Builder ELITE. These policies are noted for:

• Indexed Crediting: Using the S&P 500 and other proprietary indexes to calculate interest.

• Wellness for Life®: A unique rider that offers premium discounts for policyholders who maintain physical health.

• Asset Protection: Features designed to prevent policy lapse even during market downturns.

2. Annuities

The company’s current growth engine is its annuity division, which offers solutions for retirement accumulation and guaranteed income:

• Fixed Index Annuities (FIAs): Providing growth potential without the risk of market losses.

• Multi-Year Guaranteed Annuities (MYGA): Offering competitive fixed interest rates for a set term (3, 5, or 7 years).

• Registered Index-Linked Annuities (RILA): A hybrid product allowing for higher upside potential with defined downside protection.

Customer Experience and Performance

Accordia’s reputation among consumers is mixed, often categorized by high marks for product design but lower marks for administrative service. The company has faced Better Business Bureau (BBB) complaints primarily related to delays in policy servicing and death claim processing. These issues often stem from the complex administrative transitions involved in managing multiple acquired blocks of business.

However, for many policyholders, the backing of KKR provides a level of security that outweighs service clunkiness. As of 2026, the company continues to focus on digitizing its claims and service portals to streamline the experience for beneficiaries and financial professionals alike.