Best’s News & Research Service - July 18, 2024 10:41 AM (EDT)
Best’s Rankings: US Term Life Industry’s Issued Grew 7.4% in 2023
OLDWICK, N.J. //BestWire// - Northwestern Mutual Group held its position as the top U.S. term life insurance carrier, based on business issued, in 2023, according to a new Best’s Ranking report that shows the overall U.S. industry’s issued business grew 7.4% during the year to reach $1.17 trillion.
While Northwestern Mutual retained the top spot, with issued business increasing 6.2% to reach $144.5 billion, the remainder of the top 10 saw quite a year-on-year shakeup.
Lincoln Financial Group fell from No. 2 in 2022 to No. 10 this past year as it posted a 58.2% drop in issued business, while Pacific Life Group moved from No. 10 in 2022 to No. 6 in 2023 with issued business climbing 56.1%.
Legal & General America Group also saw a lift in business issued of 57.2%, which moved it from No. 5 in 2022 to No. 3 this past year.
Subscribers can access the report and data here.
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AM Best data sourced from Best’s Financial Suite, US.
(By Steve Hallo, senior associate editor, BestWire: Steve.Hallo@ambest.com)