AM Best has ranked the individual life insurers in the US based on their 2023 individual life premiums.
Here are the top 10, according to AM Best’s ranking:
|
2023 rank |
2022 rank |
Company/group |
Individual life premium |
% change |
|---|---|---|---|---|
|
1 |
1 |
Northwestern Mutual Group |
$16,990,334 |
-4.1 |
|
2 |
5 |
Prudential of America Group |
$10,654,473 |
65.8 |
|
3 |
2 |
New York Life Group |
$9,659,971 |
-7.5 |
|
4 |
3 |
Massachusetts Mutual Life Group |
$9,378,693 |
-5.0 |
|
5 |
6 |
State Farm Life Group |
$6,006,711 |
4.6 |
|
6 |
8 |
Guardian Life Group |
$5,229,417 |
3.3 |
|
7 |
11 |
Protective Life Group |
$3,835,324 |
6.3 |
|
8 |
12 |
Swiss Re Life Group |
$3,500,166 |
7.9 |
|
9 |
14 |
John Hancock Life Insurance Group |
$2,868,394 |
-2.3 |
|
10 |
13 |
Nationwide Life Group |
$2,772,414 |
-7.2 |
AM Best noted that the US individual life insurance industry saw a drop of 34.9% in individual life contracts to $90.37 billion.
It said: “Northwestern Mutual Group, which retained the top spot on the list, saw its individual life premium drop by 4.1% to $16.99 billion, according to the data. No. 2-ranked Prudential of America Group, which moved up from fifth place a year prior, posted a 65.8% increase to $10.65 billion in the biggest increase among the top 10 carriers, according to the data.
“Third-ranked New York Life Group dropped one spot from last year as it registered individual life premiums of $9.66 billion, a decrease of 7.5% from the prior year, according to the data.
“Rounding out the top five were: No. 4 Massachusetts Mutual Life Group, which dropped from No. 3 a year earlier and had 2023 individual life premium of $9.38 billion, down 5%; and fifth-ranked State Farm Life Group, which held the sixth-place position a year earlier and reported individual life premium up 4.6% to $6 billion.”
Visit the IB+ Data Hub to access a innovative insurance analytics dashboard, with data sortable by year, state, line of business, and more!
What do you think about this story? Share your thoughts in the comments below.
