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Best’s News & Research Service - June 14, 2024 09:57 AM (EDT)

Best's Rankings: US Life/Health Three-Month Admitted Assets Increase 2.6%

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OLDWICK, N.J. //BestWire// - The total U.S. life/health industry's admitted assets grew by 2.6% to $8.94 billion in 2023, according to a new Best's Rankings report.

Prudential of America Group held onto the top spot in the ranking, with a 3.0% increase to $547.32 billion, according to the report. Its net premiums written increased 158.3% to $26.76 billion.

New York Life Group took the No. 2 spot on the list after a 1.9% increase in admitted assets to $431.49 billion. MetLife Insurance Cos., at No. 3, saw a 0.5% decrease in admitted assets to $412.62 billion. It was the only company in the top-25 to register a decrease.

Rounding out the top five carriers, Massachusetts Mutual Life Group held onto the fourth spot with a 2.1% increase in admitted assets to $389.05 billion. Fifth-ranked TIAA Group saw a 0.4% increase in admitted assets to $365.21 billion. 

TIAA’s assets are significantly understated. Most of its separate account assets are in its affiliate, CREF.

The ranking measures admitted assets, percent change, separate account assets, net premiums written, the 12-month percent change, after-tax net operating gain, realized gains/losses, C&S + AVR, 3-month percent change and adjusted C&S + adjusted liability for the top-25, top-100 and the total industry.

Subscribers to Best’s News and Research Service can download the report at no charge, including data in spreadsheet format.

Subscribers can access the report and data here.

Learn more about Best’s News and Research Service.

AM Best data sourced from Best’s Financial Suite, US.

(By Anthony Bellano, associate editor, Best's Review:

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