Best's Rankings: US Group Life Insurance Premiums for Life Contracts Rise to $35.96B
OLDWICK, N.J. //BestWire// - U.S. group life insurance premiums for life contracts increased 12.6% in 2024 to $35.96 billion, according to a new Best's Rankings.
Five of the 10 largest insurers changed position from the prior year.
Unum Insurance Group moved ahead of Sun Life Financial Group to the No. 6 spot after premiums rose 18.6% to $914.5 million.
CMFG Life Group's premiums declined 14.9% to $649.37 million, falling to No. 11 from No. 8 in 2023.
MetLife Life Insurance Cos. retained the top spot, increasing premiums 10.5% to $10.33 billion, more than double the $4.21 billion of premiums written by No. 2 New York Life Group.
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AM Best data sourced from Best’s Financial Suite, US.
(By Renée Kiriluk-Hill, senior associate editor, BestWire: Renee.Kiriluk-Hill@ambest.com)