Best’s News & Research Service - September 29, 2023 10:08 AM (EDT)
Best’s Rankings: US Life/Health Industry’s Six-Month Admitted Assets Increase by 3.3%
OLDWICK, N.J. //BestWire// - The total U.S. life/health industry’s admitted assets rose 3.3% to $8.55 trillion at the midpoint of 2023, compared with the same point in 2022, according to a new Best’s Rankings report.
Prudential of America Group held onto the top spot in the ranking, with an increase of 1.9% during the period to $525.16 billion. MetLife Insurance Cos. retained the No. 2 position from a year earlier, despite posting a drop of 1.3% from the prior year to end the first half of 2023 with $421.51 billion in admitted assets.
Athene U.S. Life Group, which climbed to 14th from 18 a year earlier, posted the largest gain among the top 25 companies in the ranking with its $215.03 billion in admitted assets up by 14.1%, compared with 2022.
No. 5 TIAA Group joined MetLife in being the only two carriers in the top 25 to post a drop in admitted assets during the period. Its $363.65 billion was down 0.5% at the mid-point of this year, compared with the prior one.
However, TIAA assets are significantly understated. Most of its separate account assets are in its affiliate, CREF.
The three-page AM Best ranking measures admitted assets at the midpoint of 2023, as well as the change on a percentage basis.
Subscribers can access the report and data here.
Learn more about Best’s News and Research Service.
(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)