Best’s Rankings: US Term Life Industry’s In Force Premiums Increased 1.7% in 2023
OLDWICK, N.J. //BestWire// - In 2023, U.S. term life in force business saw a 1.7% increase to nearly $27 trillion compared with the prior year. Little year-on-year movement occurred among the top-10 companies on the list, according to a new Best’s Ranking report.
Swiss Re Life Group retained its top spot with $1.99 trillion in force, an increase of 10.9% compared with 2022. RGA Group and Scor Life US Group held the No. 2 and No. 3 spots, with $1.94 trillion and $1.64 trillion in force, respectively. RGA Group saw in force premium increase 10.1%, while Scor realized a 2.1% decline.
Northwestern Mutual Group moved into No. 4 in the rankings with in force totaling $1.46 trillion, a year-on-year increase of 4.9%. Northwestern supplanted Prudential of America Group, which saw in force premium drop 3% and its ranking drop to No. 5 on the list.
Resolution Life US Group saw the biggest year-on-year percent change among the top 100 ranked companies. Resolution, which moved from No. 45 in 2022’s ranking to No. 24 in the most recent ranking, saw in force premiums growing 181.2%.
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AM Best data sourced from Best’s Financial Suite, US.
(By Steve Hallo, senior associate editor, BestWire: Steve.Hallo@ambest.com)