Best’s News & Research Service - July 03, 2024 10:03 AM (EDT)
Best's Rankings: Group Life Premiums for Life Contracts Rose 1.1% in 2023
OLDWICK, N.J. //BestWire// - U.S. group life insurance premiums for life contracts increased 1.1% in 2023, according to a new Best's Ranking report.
Total group life premiums for the U.S. industry rose to $31.95 billion. For the top 100 writers, group life premiums rose 1.2% to $32.02 billion.
The top five group life writers maintained their position from the previous year while ranking positions changed further down.
Top-ranked MetLife Life Insurance Companies saw its group life premiums fall 0.8% to $9.35 billion. For second-ranked New York Life Group, group life premiums fell 0.3% to $4.24 billion. For No. 3 Nationwide Life Group, premiums fell 17.6% to $2.28 billion.
The three writers with the biggest percentage declines in premiums include Western & Southern Financial Group, ranked at No. 83, with a 71.1% drop. Western & Southern fell from No. 63 in 2022.
The ranking includes group life insurance premiums for the top 100 writers in 2023 and 2022 and percentage change.
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AM Best data sourced from Best's Financial Suite, US.