Best's Rankings: US Life Industry's Total Life In Force Increased 1.5% in 2024
OLDWICK, N.J. //BestWire// - U.S. total life insurance business in force in 2024 rose 1.5% to $62.42 trillion, according to a new Best's Rankings report.
The top 100 U.S. life insurers posted $61.64 trillion worth of life in force, also up 1.5% from 2023, according to the report. The total rose 1.4% to $57.35 trillion for the top 50 carriers. There was no movement among the top 5 carriers in terms of rank.
Great-West Life Group retained the No. 1 spot with its $5.35 trillion in life in force down by 4.5% from the previous year, according to the report. That marked the largest decrease proportionally among the top 10 carriers. MetLife Life Insurance Cos. again took the No. 2 spot with its $5.33 trillion in force for 2024 up by 3.2%.
Rounding out the top five were: No. 3, Prudential of America Group, with $4.57 trillion of total life in force, down 0.8%; No. 4, New York Life Group, $3.25 trillion in force, down 0.3%; and No. 5, Northwestern Mutual Group, $2.4 trillion in force, up 3.4%.
The Best’s Ranking report lists the top 100 U.S. life carriers by rank in 2023 and 2024, total life business in force and percent change.
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)