Best’s Rankings: US Term Life Issued Rises 3.3% in 2021
OLDWICK, N.J. //BestWire// - Northwestern Mutual Group remained the top U.S. carrier for term life issued last year on 15.8% growth, to $142.4 billion. However, positions changed for each of the other top-20 insurers, according to a new Best’s Ranking report.
The AM Best ranking measures term life issued and the percentage change from the prior year. Industrywide term life issued increased 3.3% to $1.4 trillion. However, the 25 largest insurers grew 2.3%.
With $103.03 billion in term life issued and 11.1% growth, Lincoln Financial Group moved into the No. 2 ranking held a year earlier by Primerica Group. Term life business declined for 11 of the 25 largest writers, including Primerica, where a 1.7% decline resulted in $97.84 billion in term life issued, making it No. 4 in 2021.
State Farm Life Group’s 12.2% increase inched it up one spot to No. 3.
Protective Life Group became the No. 5 term life insured writer, climbing two spots past New York Life Group and Principal Financial Group, which moved down to No. 8 this year. Legal & General America Group vaulted three positions to No. 6 this year.
Subscribers can access the report and data here.
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(By Renée Kiriluk-Hill, associate editor, BestWeek: Renee.Kiriluk-Hill@ambest.com)