Best’s News & Research Service - July 16, 2021 10:34 AM (EDT)
2021 Best’s Rankings: US Group Life in Force Grows 8.8%
OLDWICK, N.J. //BestWire// - U.S. group life in force insurance increased 8.8% to $20.37 trillion, according to a new Best’s Rankings.
New York Life Group’s business increased 62.3% to $2.02 trillion, making it the third-largest, behind No. 2 Great-West Life Group’s $3.4 trillion. It took the No. 3 spot from Prudential of America Group, whose group life in force business increased 3.5% to $2.01 trillion to make it the fourth-largest carrier.
Securian Financial Group business increased 12.4% to $1.58 trillion but it moved down one spot to No. 5.
MetLife Life Insurance Cos. retained the lead in the list of the top 100 U.S. life insurers ranked by 2020 group life business in force, the Best’s Rankings found, with $4.01 trillion, a 0.1% increase from the prior year.
The top 100 insurers accounted for $20.34 trillion of life in force insurance in the United States last year.
Fields in the two-page AM Best ranking include: group life in force, percent change, and market rank for 2019 and 2020.
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(By Renée Kiriluk-Hill, associate editor, BestWeek: Renee.Kiriluk-Hill@ambest.com)