Who Administers Annuities? 
Life insurance companies created annuities and life insurance companies administer them by investing premiums , managing investment portfolios , and making sure payments are handled properly . However , if there is an option of where to invest -LRB- such as an indexed annuity offers -RRB- , the owner of the annuity has the ability to make that choice . In the case of group or gift annuities , third party administrators are often set up . 