Best’s News & Research Service - July 14, 2023 10:49 AM (EDT)
Best’s Rankings: US Group Life Issued Up 13%; Movement Among Top 10 Insurers in 2022
OLDWICK, N.J. //BestWire// - MetLife Insurance Cos. maintained its perch atop the U.S. group life issued rankings in a year that saw a lot of movement in the segment, according to a new Best’s Ranking.
MetLife saw a 25% increase to $367.7 billion, and the industry as a whole saw a 13% increase to $1.43 trillion, according to the rankings for 2022.
New York Life Group and Lincoln Financial Group saw the two largest increases in the top 10, and each moved up two spots from the 2021 rankings.
New York Life recorded a 39.2% increase to $115.1 billion, moving up to No. 2 in 2022. Lincoln Financial moved up to No. 3 behind a 42.2% increase to $113.5 billion.
Hartford Life & Accident Insurance Co. saw the largest decrease in the top 10, a drop of 21.5% to $71.6 billion, falling to No. 6 from No. 3. Prudential of America Group fell to No. 5 from No. 2 after a 16% drop to $81.1 billion.
The AM Best ranking measures total U.S. group life insurance issued in 2022, as well as the change on a percentage basis.
Subscribers can access the report and data here.
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(By Anthony Bellano, associate editor, Best’s Review: anthony.bellano@ambest.com)