Best’s News & Research Service - March 22, 2024 09:14 AM (EDT)
Best's Rankings: 2023 US Life/Health Industry Admitted Assets Increase 5.8%
OLDWICK, N.J. //BestWire// - U.S. life insurance industry admitted assets increased by 5.8% to $8.64 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. No. 2 New York Life Group was up by 4.5% from 2022 to $423.4 billion, according to the report.
Third-ranked MetLife Insurance Cos. saw the largest decrease among the top 10 carriers with its $414.62 billion in admitted assets as of Dec. 31, 2023, down by 2.9%. The largest gain among that grouping was 10th-place John Hancock Life Insurance Group, which saw its admitted assets increase 6.6% to $285.92 billion in 2023, according to the report.
The rankings include admitted assets, separate account assets, net premiums written, after-tax net operating gain, realized gains and losses, capital and surplus, asset valuation reserves, adjusted C&S/adjusted liability and percentage changes.
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AM Best data sourced from Best’s Financial Suite, US.
(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)