Best’s News & Research Service - July 14, 2023 11:01 AM (EDT)
Best’s Rankings: US 2022 Ordinary Life Issued Decreases 5.3%; Most Top Insurers See Declines
OLDWICK, N.J. //BestWire// - U.S. ordinary life issued decreased 5.3% in 2022 to $1.87 trillion, according to a new Best’s Rankings.
Ordinary life issued declined for seven of the 10 largest insurers, including No. 1 Northwestern Mutual Group, which was down 5.7% to $186.7 billion.
Conversely, No. 2 Lincoln Financial Group’s ordinary life issued rose 21.7% to $142.6 billion.
There was noticeable movement within the top rankings. While the three largest carriers retained their spots, including No. 3 State Farm Life Group, six of the seven remaining top 10 insurers changed position.
Aegon USA Group, where ordinary life issued increased 3.6% to $58.8 billion, moved from the No. 12 to the No. 9 spot. New York Life Group’s ordinary life issued declined 12.6% to $87.6 billion and its position fell two spots to No. 6. Prudential of America Group dropped to No. 10 from No. 8 as ordinary life issued declined 17.4% to $57.7 billion.
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(By Renée Kiriluk-Hill, senior associate editor, BestWire: Renee.Kiriluk-Hill@ambest.com)