Best’s News & Research Service - July 03, 2024 10:33 AM (EDT)
Best's Rankings: US Group Annuities Life Contracts Premiums Drop 36.7% in 2023
OLDWICK, N.J. //BestWire// - U.S. Group annuities premiums for life contracts declined 36.7% to $116.30 billion in 2023, according to a new Best’s Rankings report.
Voya Financial Group vaulted to the No. 1 position, from No. 6 a year earlier, with a 1.8% increase in group annuities premiums to $13.2 billion.
Corebridge Financial fell to No. 7 from No. 1 after premiums decreased 73.2% to $7.35 billion. Premiums declined in the double digits for five writers in the top 10 from 2022 to 2023.
John Hancock Life Insurance Group became the second-largest writer in the line with $13.04 billion in premiums, up 4.5% from the prior year when it was No. 7.
No. 9 Nationwide Life Group was the sole top-10 writer to retain its position.
Fidelity & Guaranty Life Group increased premiums 139.1% to $276.6 million, moving up 458 positions in the rankings to No. 29.
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AM Best data sourced from Best’s Financial Suite, US.
(By Renée Kiriluk-Hill, senior associate editor, BestWire: Renee.Kiriluk-Hill@ambest.com)