Best’s News & Research Service - July 12, 2024 10:42 AM (EDT)
Best's Rankings: US Life Industry's Total Life In Force Increased 4.5% in 2023
OLDWICK, N.J. //BestWire// - U.S. total life insurance business in force in 2023 rose 4.5% to $61.51 trillion, according to a new Best's Rankings report.
The top 100 U.S. life insurers posted $60.65 trillion worth of life in force, up 4.5% from 2022, according to the report. The total rose 4.6% to $56.56 trillion for the top 50 carriers. There was no movement among the top 11 carriers in terms of rank.
Great-West Life Group retained the No. 1 spot it attained a year prior, with its $5.6 trillion in life in force up by 11.6%, according to the report. That marked the largest increase proportionally among the top 25 carriers. MetLife Life Insurance Cos. again took the No. 2 spot with its $5.16 trillion in force for 2023 up by 7.9%.
Rounding out the top five were: No. 3, Prudential of America Group, with $4.6 trillion of total life in force, up 0.1%; No. 4, New York Life Group, $3.26 trillion in force, up 4.6%; and No. 5, Northwestern Mutual Group, $2.32 trillion in force, up 4.4%.
The Best’s Ranking report lists the top 100 U.S. life carriers by rank, total life business in force and percent change in 2022 from 2021.
AM Best data sourced from Best’s Financial Suite, US.
Subscribers can access the report and data here.
Learn more about Best’s News and Research Service here.
(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)