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Best’s News & Research Service - December 08, 2023 09:48 AM (EST)

Best’s Rankings: US Life/Health Nine-Month 2023 Admitted Assets Rise 2.8%

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OLDWICK, N.J. //BestWire// - Admitted assets at Prudential of America grew by 1.1% in the first nine months of 2023 as the company held onto its place as the top U.S. life carrier based on admitted assets, a new Best’s Rankings report shows.

Prudential’s admitted assets were $520.82 billion as of Sept. 30, placing it well above the second- and third-ranked life companies, MetLife Life Insurance Cos. with $419.98 billion, down 1.6%, and New York Life Group, which saw its admitted assets grow 3.2% to $418.33 billion.

Massachusetts Mutual Life Group took fourth place with admitted assets up 2.9% to $374.23 billion, and TIAA Group took the fifth spot with its $360.9 billion down 1.2%. TIAA’s assets are significantly understated. Most of its separate account assets are in its affiliate, CREF

Total U.S. life/health industry admitted assets grew 2.8% to $8.43 trillion.

Among the top 25 carriers, 13th-ranked Athene US Life Group posted the largest growth over the nine months, with its $219.54 billion up by 16.5%. Talcott Resolution Group, which took the No. 24, saw the biggest decline among that group with a 3.7% drop to $108.5 billion, according to the ranking.

The Best’s Ranking report lists: admitted assets; the nine-month change; net premiums written; the corresponding 12-month change; after-tax operating gain; net gain/loss; C&S average; the related nine-month change; and adjusted C&S/adjusted liability.

Subscribers can access the report and data here.

Learn more about Best’s News and Research Service here.

AM Best data sourced from Best’s Financial Suite, US.

(By Terrence Dopp, senior associate editor, Best’s Review:

United States Life Insurers Best's Rankings Health

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