Best’s News & Research Service - July 25, 2025 11:18 AM (EDT)
Best's Rankings: US Group Life Issued Decreased 8.3% in 2024
OLDWICK, N.J. //BestWire// - Total U.S group life business issued fell 8.3% to $1.48 trillion for the life/health industry in 2024, according to data from a new Best's Ranking report.
For the top 25 insurers, U.S. group life business issued fell a sharper 9% to about $1.44 trillion, according to the report.
MetLife Insurance Cos. retained the top spot in the ranking even as it reported group life issued fell 30.6% to $352.64 billion in 2024, compared with the prior year. Lincoln Financial Group remained in the No. 2 position with $148.88 billion in group life issued in 2024, down 10.3%.
Unum Insurance Group rose to third place from fifth in 2023 as it reported a 41.5% rise in group life issued to $105.76 billion.
GuideWell Life Insurance Group, which was ranked No. 38, showed the largest percentage increase among the top 50 carriers with its $1.19 billion in group life issued up by 645.1%, according to the data. It took the 53rd spot a year earlier.
No. 50 Union Labor Life Insurance Co had the sharpest decline among the top 50 companies with $226.68 million in group life issued for 2024 down by 77%, according to the data.
The two-page AM Best ranking measures group life business issued for 2024, as well as percentage change.
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)