Best’s News & Research Service - June 07, 2024 10:45 AM (EDT)
Best's Rankings: US Life/Health Industry Admitted Assets Increased 5.6% in 2023
OLDWICK, N.J. //BestWire// - U.S. life insurance industry admitted assets increased by 5.6% to $8.74 trillion, according to a new Best's Rankings report.
Prudential of America Group topped the list, with its $531.49 billion in admitted assets up by 3.2% from a year earlier. New York Life Group moved to second from third after a 4.5% increase to $423.4 billion, according to the report. It swapped places with MetLife Insurance Cos, which saw a 2.9% decrease to $414.6 billion. It was the largest decrease among the top 10 insurers.
Massachusetts Mutual Life Group moved to fifth from fourth with a 4.8% increase to $381.2 billion, according to the report. TIAA Group dropped to fifth place after a 0.4% decrease to $363.8 billion. The report notes "TIAA's assets are significantly understated," as "most of its separate account assets are in its affiliate, CREF."
John Hancock Life Insurance Group had the largest increase in the top 10, as it was up 6.6% to $285.9 billion, according to the report. Companies ranked sixth through 10th maintained their ranking from last year.
The top 200 insurers were ranked on admitted assets. The report also included the percent change from 2022, as well as the aggregate totals for the top 200 writers and the total U.S. Life/Health Industry.
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AM Best data sourced from Best’s Financial Suite, US.
(By Anthony Bellano, associate editor, Best's Review: anthony.bellano@ambest.com)