Best’s News & Research Service - September 02, 2022 09:41 AM (EDT)
Best Rankings: US Life/Health – Six-Month 2022 Financial Results
OLDWICK, N.J. //BestWire// - The total U.S. life/health industry’s admitted assets at the mid-point of 2022 dropped by 5.4% to about $8.03 trillion, according to a new Best’s Rankings report detailing its financial performance.
Prudential of America Group topped the list of life/health insurers ranked by admitted assets for the period ending June 30 with $503.5 billion, down by 10.1%, according to the data. That decrease was the steepest among the top five as well.
Second-ranked MetLife Insurance Cos. had a decrease of 7.5% to about $426.93 billion in admitted assets as of the close of June.
TIAA Group, which ranked fourth on the list, has the largest gain among the top five carriers, with its $370.68 billion in admitted assets up by 2.9%. N0. 3 ranked New York Life Group was the only other gain among the top five, with its $395.51 billion up by 0.7%.
In fifth place was Massachusetts Mutual Life Group, which saw a 3.6% decrease to $352.3 billion, according to the ranking.
Looking at the top 25 carriers, the cumulative $5.9 trillion in admitted assets was down 6.9%. Ninth-ranked Jackson National Group posted the largest drop on a percentage basis, with its $271.5 billion in admitted assets down 15.7%.
The AM Best ranking measures admitted assets as of June 30, 2022, as well as the change on a percentage basis; separate account assets; net premiums written, with change on percentage basis; after-tax net operating gains; and realized gains and losses.
Subscribers can access the report and data here.
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(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)