Best’s News & Research Service - July 03, 2024 10:47 AM (EDT)
Best's Rankings: US Individual Life Premiums for Life Contracts Decreased 34.9%
OLDWICK, N.J. //BestWire// - The U.S. individual life insurance industry saw a drop of 34.9% in individual life contracts to $90.37 billion, according to a new Best's Rankings report.
Northwestern Mutual Group, which retained the top spot on the list, saw its individual life premium drop by 4.1% to $16.99 billion, according to the data. No. 2-ranked Prudential of America Group, which moved up from fifth place a year prior, posted a 65.8% increase to $10.65 billion in the biggest increase among the top 10 carriers, according to the data.
Third-ranked New York Life Group dropped one spot from last year as it registered individual life premiums of $9.66 billion, a decrease of 7.5% from the prior year, according to the data.
Rounding out the top five were: No. 4 Massachusetts Mutual Life Group, which dropped from No. 3 a year earlier and had 2023 individual life premium of $9.38 billion, down 5%; and fifth-ranked State Farm Life Group, which held the sixth-place position a year earlier and reported individual life premium up 4.6% to $6 billion.
The two-page report includes individual life premium in 2023 and the percentage change.
Subscribers to Best’s News and Research Service can download the report at no charge, including data in spreadsheet format.
Subscribers can access the report and data here.
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AM Best data sourced from Best’s Financial Suite, US.
(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)