Best’s News & Research Service - August 12, 2022 04:17 PM (EDT)
BestWeek: Volatile Year Showed Growth in Some Areas of Life Industry as Others Dropped
OLDWICK, N.J. //BestWire// - MetLife Insurance Cos. saw its total life insurance issued jump by 93% in 2021 to $301.44 billion, moving it up five spots to top a list of carriers ranked by that metric, according to a Best’s Ranking report looking back on the prior year’s performance, according to this week’s BestWeek.
The company’s strong performance defied an industrywide slump amid COVID-19 and inflation that saw a drop of 0.9% in 2021 to $3.28 trillion in total life issued across the total US Life/Health Industry. U.S. group life issued saw a drop of 11.5%, even as ordinary life issued was up by 6.9%.
Also in this week’s BestWeek:
— American International Group Inc. delayed the initial public offering of its life and retirement business until at least September due to economic conditions and investment volatility, said its chief executive officer. The group’s plan had been to launch the IPO of Corebridge Financial, its life and retirement business, in the second quarter but chose to defer due to equity market volatility, Chairman and CEO Peter Zaffino said in a conference call. He said completing the IPO is a priority and the “next window will be in September” considering regulatory approvals and market conditions.
— Geico has closed its California agencies, limiting more than 2.18 million policyholders to digital channel interactions with the auto insurer, according to a company spokesperson. The California Department of Insurance said it is monitoring the situation for consumer protection and would “thoroughly investigate any consumer complaints.” According to DOI, Geico General Insurance Co. had 2.23 million customers in-state in 2021.
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AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.
(By Caroline Saucer, editor, BestWeek: Caroline.Saucer@ambest.com)