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%
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.
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AM Best data sourced from Best’s Financial Suite, US.
(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)