< PreviousP/C Mutual Insurers 48 BEST’S REVIEW • SEPTEMBER 2022 true story of its growth is found in its climb within the Fortune 1000. This year, the company was ranked No. 650 in the magazine’s annual ranking of the 1,000 largest companies in America. That’s an upward movement of 167 spots since 2012. Sentry also converted to a full mutual holdings company in 2021, which McPartland said “gives us a lot more flexibility, and it helps us organize our results more illustratively. It doesn’t affect how we run the company at all. It gives us, technically, more mutual policyholders.” He said it’s become a trend among mutual companies. “It’s a more evolved, sophisticated structure within the mutual than a mutual company structure, but it’s happening quite a bit,” McPartland said. BR Best’s Rankings Top 25 US Property/Casualty Mutual Insurers – 2022 Edition Ranked by 2021 net premiums written. ($ thousands) 2021 Rank 2020 RankCompany/GroupAMB#Net Premiums Written% Change 11State Farm Group000088$69,647,8106.1 22Liberty Mutual Ins Cos00006036,138,7033.1 33Nationwide Group00598718,823,6804.9 44Amer Family Ins Group00012412,660,8179.7 55Auto-Owners Ins Group0043549,654,0477.6 66FM Global Group0185025,274,94712.3 78Sentry Ins Group0000862,849,73211.2 87COUNTRY Financial PC Group0003022,671,2803.3 99Amica Mutual Group0185222,236,398-2.9 1010Shelter Ins Cos0005982,046,6584.7 1111EMC Ins Cos0003462,029,0024.4 1212Federated Mutual Group0042841,970,1098.4 1313Westfield Group0007301,920,6827.3 1414Acuity, A Mutual Ins Co0004681,888,91111.5 1515State Ins Fund WC Fund0040291,733,1047.6 1619West Bend Mutual Ins Co0009641,536,11612.9 1716TN Farmers Ins Cos0181541,508,3094.1 1817Farm Bureau P&C Group0042331,495,0966.6 1918Alfa Ins Group0001061,445,8833.9 2020Grange Ins Pool0039171,374,1603.8 2122 Utica Natl Ins Group0042021,314,66510.2 2221Texas Farm Bureau Group0187541,276,8331.3 2324State Compensation Ins Fund0040281,221,22714.9 2425KY Farm Bureau Group0032811,096,4113.5 2523Encova Mutual Ins Group0182361,095,6882.1 Top 25 Writers$184,910,2685.9 Top 50 Writers$203,818,5685.7 Top 100 Writers$218,126,3705.8 Total U.S. P/C Mutual$226,229,3545.7 Total U.S. P/C Industry$720,205,6919.3 Note: Data for some companies in this report has been received from the NAIC. Source: - Statement File - PC, US; data as of June 21, 2022.21.MK166H AN INFORMED FRAME OF REFERENCE AM Best’s diverse team of professionals understands the insurance industry with a unique level of insight. We combine innovation and experience to bring the insurance landscape into focus in a way no other credit rating agency, news publisher and data analytics provider can. Our Insight, Your Advantage ™ Learn More: www.ambest.com (908) 439-220050BEST’S REVIEW • SEPTEMBER 2022 Life Insurance M etLife Insurance Cos. saw its total life insurance issued jump by 93% in 2021 to $301.44 billion, moving it up five spots to top a list of carriers ranked by that metric, according to a Best’s Rankings report looking back on the prior year’s performance. (See Best’s Rankings beginning on page 52.) The company’s strong performance defied an industrywide slump amid COVID-19 and inflation that saw a drop of 0.9% in 2021 to $3.28 trillion in total life issued across the total U.S. life/health industry. U.S. group life issued saw a drop of 11.5%, even as ordinary life issued was up by 6.9%. Third-ranked Lincoln Financial Group posted the only drop of the top five total life issued with its issuance of about $197 billion, down 21.4% compared to a year earlier. A Bird’s Eye View For the U.S. economy as a whole—and life insurers didn’t stray too much from the pattern—2021 was a year in which mortality due to COVID-19 came down even as it remained elevated. However, it also aimed a spotlight on the virtues of insurance and brought in some new customers. It was also a year in which markets began seeing some volatility and inflation starting to creep into the economy for the first time in decades. Total Life Issued Down in 2021; Ordinary Life Climbs in Mixed Year Looking back, 2021 was a year in which COVID-19 mortality was up, then down, then up again. Life insurers brought in some new customers. And it was a year in which market volatility and inflation started to rear their heads for the first time in recent memory. by Terrence Dopp Terrence Dopp is a senior associate editor. He can be reached at terry.dopp@ambest.com. Key Points Rankings: The AM Best rankings detailed life insurance as an industry, as well as on an individual carrier basis, on several key metrics used to quantify policies in force, policies issued and persistency. Movement: While total life insurance issued was down slightly, other areas, such as ordinary life issued, painted a more positive picture. Year: In all fairness—between an economic sprint out of the COVID-19 doldrums and the lingering presence of the virus, which hung over virtually every aspect of the U.S. economy—2021 wasn’t a normal year.51BEST’S REVIEW • SEPTEMBER 2022 The rankings showed a growth in some areas and corresponding drops in others. In short, it was a year of conflicting messages, which were illustrated by the rankings tables. Michael Porcelli, a senior director in the life/ annuity ratings division of AM Best, said the underpinnings of companies remained solid in 2021, even though there was downward movement in some areas. “If you look at it from top line, it was a record year; it was a great year for top line growth,” said Porcelli. “But if you look at it from the point of view of mortality, that was clearly elevated. It really depends on which business you were in.” Porcelli said the heart of the life insurance business is capitalization, which remained strong in 2021. Stripping away any growth or business changes, capitalization remains one of the bedrock measures for determining the health of a life insurance carrier, he said. That one measure tends to determine a company’s ability to pay off claims, and provide the fuel for growth. More Rankings In terms of term life in force, Swiss Re Life Group topped the list among companies in 2021, with growth of 18.8% to $1.76 trillion. Swiss Re Life had been ranked fourth in 2020, but jumped over Scor Life US Group, formerly No. 1, as well as RGA Group, which held its second- place position in 2021, and Prudential of America Group. RGA’s $1.75 trillion was up 0.9% from the prior year. For the total U.S. life/health industry, term life in force increased 2.9% in the year to $26.29 trillion. Genworth Financial Cos. posted the largest drop among the top 25 writers, with its $450 billion of term life in force down by 8.5%. U.S. group life issued saw the biggest total drop of the ranked business segments at 11.5% to $1.26 trillion, according to the rankings. Drilling down, MetLife Insurance Cos. defied the trend to see group life issued in 2021 jump by 94.9% to $294.1 billion, taking the top spot. Hartford Life & Accident Insurance Co. fell to No. 3 from first a year earlier with a 71.7% drop to $91.2 billion in the largest decrease among the top 25 writers. Porcelli said the group life numbers in the past had been steadier, and in a year such as 2021, results can be skewed by larger macroeconomic developments and other factors such as reinsurance, making it hard to glean any true rationale. “It sticks out, but does it overly surprise us?” said Ed Kohlberg, an AM Best director. “Maybe not, because of the economic challenges and employment challenges that have occurred because of COVID.” On the positive side, ordinary life issued for U.S. life/health insurers increased 6.9% to $1.97 trillion in 2021, with top-ranked Northwestern Mutual Group issuing $197.91 billion for a gain of 20.7%. No. 16 Pacific Life Group had the steepest decrease among the top 25 writers with its $45.34 billion down by 16.3% from a year earlier. Kohlberg said growth in ordinary life issued presented “a strong story” for the life insurance industry as it showed the 2021 efforts to reach the so-called middle market had paid off on some level. “That’s a line of business that the industry has been trying to grow for a long time and now they’ve achieved significant growth in what was viewed as a mature marketplace where you’re lucky to get 2% or 3% growth.” BR “If you look at it from top line it was a record year; it was a great year for top line growth. But if you look at it from the point of view of mortality, that was clearly elevated. It depends on which business you were in.” Michael Porcelli AM BestBest’s Rankings 52BEST’S REVIEW • SEPTEMBER 2022 US Life/Health – 2021 Ordinary Life Average Policy Size and Lapse Ratios – 2022 Edition Ranked by 2021 ordinary life business issued. Best’s Rankings Top 25 US Life/Health Insurers – 2022 Edition 2021 Rank 2020 RankCompany/GroupAMB# Group Life Issued % Change 12MetLife Life Ins Companies070192$294,098,61194.9 28Prudential of America Group07018996,588,22777.0 31Hartford Life & Accident Ins Co00728591,209,088-71.7 45New York Life Group06971482,732,468-2.8 54Lincoln Finl Group07035179,775,199-44.9 66Unum Ins Group06974376,756,535-7.9 77Meiji Yasuda US Life Group07049971,780,196-6.1 83Securian Finl Ins Group06956556,887,579-62.2 913Principal Finl Group Inc.02051655,351,64281.8 109Sun Life Finl Group06974051,715,1148.1 1110Mutual of Omaha Group07020344,209,6066.6 1211Guardian Life Group06968544,137,95515.4 1314Voya Finl Group07015343,550,57445.2 1412Tokio Marine US Life Group06919527,501,273-13.4 1517UnitedHealth Life Companies 06997315,730,51030.0 1615AAA Life Group07038811,797,420-11.3 1716Dearborn Life Ins Group06963710,992,450-15.9 1820Equitable Life Group0701949,988,97810.6 1918Symetra Life Group0701238,152,759-22.6 20215 Star Life Ins Co0080697,657,0406.8 2129Trustmark Ins Group0698456,438,972130.6 2236MedMutual Life Ins Co0062755,820,537273.9 2333Allstate Life Companies0705964,878,256135.5 2419Elevance Health Life Companies0700644,843,298-54.0 2523Life & Specialty Ventures Group0704304,706,017-24.1 Top 25 Insurers$1,207,300,304-12.9 Total U.S. Life/Health Industry$1,263,094,951-11.5 Source: – Statement File – L/H, US; data as of July 11, 2022. 2021 Rank 2020 RankCompany/GroupAMB# Group Life In Force % Change 11MetLife Life Ins Companies070192$4,275,116,9866.5 22Great-West Life Group0703663,939,047,38215.9 34Prudential of America Group0701892,110,680,5744.9 43New York Life Group0697141,898,650,405-6.2 55Securian Finl Ins Group0695651,599,234,3670.9 67Hartford Life & Accident Ins Co0072851,133,257,265-1.8 76Lincoln Finl Group070351808,571,178-31.6 88Unum Ins Group069743784,660,7203.6 910Meiji Yasuda US Life Group070499475,558,8212.5 109Munich Amer Group069170369,452,713-36.5 1111Guardian Life Group069685318,274,3099.2 1212Sun Life Finl Group069740314,586,6119.2 1313Mutual of Omaha Group070203303,783,57611.1 1414Tokio Marine US Life Group069195258,745,7617.5 1515Voya Finl Group070153211,978,1060.0 1616Principal Finl Group Inc.020516154,488,7853.8 1719Dearborn Life Ins Group069637109,296,8123.3 1817Elevance Health Life Companies070064107,393,120-10.3 1920UnitedHealth Life Companies 06997398,919,87714.3 2018Swiss Re Life Group07046997,436,570-9.8 2121AAA Life Group07038891,554,1257.6 2223Zurich Amer Life Group07047078,464,3512.3 2325Symetra Life Group07012375,420,24610.1 2422RGA Group06961174,662,514-8.9 2524John Hancock Life Insurance Group06954267,717,318-5.2 Top 25 Insurers$19,756,952,4921.7 Total U.S. Life/Health Industry$20,730,583,1871.8 Source: – Statement File – L/H, US; data as of July 11, 2022. Best’s Rankings US Life/Health – Group Life Issued – 2022 Edition Ranked by 2021 group life business issued. ($ Thousands) Best’s Rankings US Life/Health – Group Life In Force – 2022 Edition Ranked by 2021 group life business in force. ($ Thousands) 2021 Rank 2020 RankCompany/GroupAMB# Ordinary Life Issued ($000) Average Policy Issued 20212020201920182017 11Northwestern Mutual Group069515$197,913,592$517,016$516,626$508,864$487,848$480,903 22Lincoln Finl Group070351117,217,5811,122,043869,272981,709691,053606,706 33State Farm Life Group070126115,355,930164,081165,583162,815139,471138,400 45New York Life Group069714100,249,919334,316331,452313,567301,030298,924 54Primerica Group07018397,842,676322,942300,785315,563304,378295,939 66Massachusetts Mutual Life Group06970296,822,888676,152705,506647,847617,719539,165 79Protective Life Group06972886,627,129583,513517,912478,503488,749533,454 87Prudential of America Group07018969,830,315697,104713,767691,323692,409519,244 913Legal & Gen America Group06953962,854,807599,731587,988597,227581,041592,218 108Principal Finl Group Inc.02051659,819,916996,999945,584994,9541,033,078974,796 1114Natl Life Group06995358,030,554360,528336,133324,221320,263298,299 1211Aegon USA Group06970756,774,580311,085310,079168,050160,178174,857 1310AIG Life & Retirement Group07034255,861,187425,088424,712512,298512,810469,168 1418Sammons Finl Group06973150,166,172522,042485,065410,926373,517361,325 1516Guardian Life Group06968546,016,919938,470920,268851,307832,647823,756 1612Pacific Life Group06972045,342,621786,106766,915729,822741,646806,492 1715Globe Life Group07044341,868,66622,94821,63120,57721,26920,919 1817John Hancock Life Insurance Group06954238,853,7921,025,7341,051,728913,9241,028,9341,121,371 1920Penn Mutual Group06972236,540,8301,171,0301,022,404934,996804,305771,295 2021Nationwide Life Group07035028,786,621481,519462,969480,852465,616430,602 2119USAA Life Group07036427,062,629475,843460,370451,378403,098400,425 2226Mutual of Omaha Group07020322,220,25643,08840,09948,29861,86869,000 2323Equitable Life Group07019421,084,187736,026760,282804,458744,593714,472 2425Farmers New World Life Ins Co00637319,689,522240,383239,809238,287231,489214,273 2528Southern Farm Bureau Life Ins Co00705318,897,420273,539263,189262,151273,590218,737 Total U.S. L/H Stock Cos$1,097,529,625$169,549$163,215$157,611$149,582$145,626 Total U.S. L/H Mutual Cos$836,779,832$233,331$229,881$229,013$214,342$209,825 Total U.S. L/H Fraternal Cos$40,088,353$118,530$114,949$117,414$112,547$106,741 Total U.S. Life/Health Industry$1,974,397,810$189,889$183,108$178,204$167,987$163,441 Source: – Statement File – L/H, US; data as of July 11, 2022.53BEST’S REVIEW • SEPTEMBER 2022 2021 Rank 2020 RankCompany/GroupAMB# Total Life Issued % Change 16MetLife Life Ins Companies070192$301,443,35193.0 25Northwestern Mutual Group069515198,538,49420.5 32Lincoln Finl Group070351196,992,780-21.4 43New York Life Group069714182,982,3870.5 57Prudential of America Group070189166,418,54220.7 68State Farm Life Group070126115,541,47715.1 710Principal Finl Group Inc.020516115,171,55816.5 812Massachusetts Mutual Life Group069702100,055,31213.7 99Primerica Group07018397,842,676-1.7 101Hartford Life & Accident Ins Co00728591,239,757-71.7 1113Guardian Life Group06968590,154,87314.5 1215Protective Life Group06972888,363,27732.4 1311Unum Ins Group06974387,255,831-6.4 144Securian Finl Ins Group06956580,721,969-53.1 1514Meiji Yasuda US Life Group07049971,862,134-6.1 1617Mutual of Omaha Group07020366,429,86210.7 1720Legal & Gen America Group06953962,897,58419.0 1818Aegon USA Group06970760,407,6502.1 1921Natl Life Group06995358,030,55412.0 2016AIG Life & Retirement Group07034255,862,717-10.3 2122Sun Life Finl Group06974051,732,2568.1 2225Sammons Finl Group06973150,194,96833.8 2319Pacific Life Group06972045,342,621-16.3 2423Globe Life Group07044344,113,6011.7 2527Voya Finl Group07015343,853,09345.0 Top 25 Insurers$2,523,449,324-2.8 Total U.S. Life/Health Industry$3,284,372,557-0.9 Source: – Statement File – L/H, US; data as of July 11, 2022. 2021 Rank 2020 RankCompany/GroupAMB# Total Life In Force % Change 11MetLife Life Ins Companies070192$4,726,925,4595.4 22Prudential of America Group0701894,535,144,1572.0 33Great-West Life Group0703664,246,280,03013.6 44New York Life Group0697143,042,328,946-2.6 56Northwestern Mutual Group0695152,119,103,1056.1 65Lincoln Finl Group0703511,969,777,888-14.2 77RGA Group0696111,901,038,0990.0 811Swiss Re Life Group0704691,865,760,62816.9 99Securian Finl Ins Group0695651,826,090,4021.3 108SCOR Life US Group0702531,739,256,981-4.4 1110Munich Amer Group0691701,591,286,381-5.7 1212AIG Life & Retirement Group0703421,325,919,1363.9 1313Aegon USA Group0697071,239,283,024-2.4 1414Hannover Life Reassur America0680311,212,730,426-2.8 1515Hartford Life & Accident Ins Co0072851,135,035,533-1.8 1616State Farm Life Group0701261,065,438,4255.8 1718Principal Finl Group Inc.0205161,041,009,0949.0 1817Protective Life Group0697281,024,776,7102.8 1919Massachusetts Mutual Life Group069702901,517,9757.5 2020Unum Ins Group069743852,308,3773.3 2121Legal & Gen America Group069539807,453,0663.2 2222Primerica Group070183795,777,7065.1 2323Guardian Life Group069685775,872,5507.4 2425John Hancock Life Insurance Group069542666,925,4210.4 2524Voya Finl Group070153641,433,152-4.0 Top 25 Insurers$43,048,472,6712.3 Total U.S. Life/Health Industry$56,880,799,9442.7 Source: – Statement File – L/H, US; data as of July 11, 2022. Best’s Rankings US Life/Health – Total Life Issued – 2022 Edition Ranked by 2021 total life business issued. ($ Thousands) Best’s Rankings US Life/Health – Total Life In Force – 2022 Edition Ranked by 2021 total life business in force. ($ Thousands) Average Policy In ForceLapse Ratio PublishedRenewal Premium Persistency 202120202019201820172021202020192018201720212020201920182017 $340,162$328,888$319,320$309,535$300,8692.93.33.73.93.995.394.594.293.894.5 286,669254,129230,448211,165199,2425.04.65.74.84.380.571.071.373.074.4 128,372124,863121,177117,468114,8464.64.55.55.05.494.594.193.992.993.2 202,745195,154188,824182,497173,9303.84.14.84.45.094.894.393.393.694.1 294,618289,610287,465282,587277,8026.06.27.67.87.692.992.291.291.291.4 414,120395,835373,385342,291321,6483.53.3-1.44.74.895.794.094.195.294.9 281,021265,113259,116253,415266,4055.06.24.95.24.1124.478.092.086.886.4 316,983313,471310,451297,609286,3922.63.53.14.34.180.178.078.476.579.6 578,122573,827568,719563,642560,5294.43.53.93.53.797.994.796.894.895.3 775,489751,221723,089688,869650,1381.51.61.82.12.196.593.392.191.991.8 291,357276,079262,049247,580234,0065.05.76.26.16.294.885.486.189.088.6 144,350137,610133,719128,509127,2004.45.47.05.96.497.684.796.593.792.6 254,395241,179226,272203,837183,1083.43.03.12.93.692.390.989.692.092.2 303,067282,202265,936258,067252,5044.94.75.05.14.558.269.263.051.955.0 370,367343,672318,169300,450276,6683.53.94.03.83.695.195.094.695.795.4 113,56299,72285,52075,47671,7694.93.86.05.95.084.578.775.372.274.5 15,11315,10315,23915,47915,54612.814.414.016.718.192.992.491.290.991.0 361,403343,268325,852328,802296,6424.04.49.7-0.34.884.577.181.083.579.2 588,376528,499480,057459,411427,7212.83.03.64.33.788.185.579.076.978.2 285,058269,316255,086240,148227,5062.93.33.94.54.082.278.285.278.578.5 372,658366,750360,122353,804349,1262.72.73.13.02.896.596.295.595.395.1 64,17365,06867,20268,06966,9974.54.85.75.64.890.889.390.089.288.9 99,46595,11095,16892,10291,1374.14.44.34.84.489.684.987.485.887.9 192,554188,812184,901180,512176,0274.54.75.25.55.596.896.094.894.594.2 152,431146,901141,058134,725127,1364.13.54.34.74.695.094.294.093.693.7 $126,462$117,909$112,831$108,329$108,1714.15.55.25.85.389.783.885.482.285.1 $172,400$163,820$155,618$147,023$124,0203.83.94.24.74.792.290.090.089.890.6 $67,552$65,075$62,804$60,464$60,0623.43.54.14.03.590.590.592.792.993.3 $132,823$124,147$118,457$113,248$109,7954.15.15.05.65.290.786.487.385.287.2Best’s Rankings 54BEST’S REVIEW • SEPTEMBER 2022 2021 Rank 2020 RankCompany/GroupAMB# Ordinary Life Issued % Change 11Northwestern Mutual Group069515$197,913,59220.7 22Lincoln Finl Group070351117,217,58110.7 33State Farm Life Group070126115,355,93015.0 45New York Life Group069714100,249,9193.4 54Primerica Group07018397,842,676-1.7 66Massachusetts Mutual Life Group06970296,822,88813.1 79Protective Life Group06972886,627,12932.3 87Prudential of America Group07018969,830,315-16.2 913Legal & Gen America Group06953962,854,80718.9 108Principal Finl Group Inc.02051659,819,916-12.5 1114Natl Life Group06995358,030,55412.0 1211Aegon USA Group06970756,774,5801.7 1310AIG Life & Retirement Group07034255,861,187-10.3 1418Sammons Finl Group06973150,166,17233.8 1516Guardian Life Group06968546,016,91913.7 1612Pacific Life Group06972045,342,621-16.3 1715Globe Life Group07044341,868,6660.7 1817John Hancock Life Insurance Group06954238,853,7922.5 1920Penn Mutual Group06972236,540,83024.5 2021Nationwide Life Group07035028,786,6219.0 2119USAA Life Group07036427,062,629-9.7 2226Mutual of Omaha Group07020322,220,25620.1 2323Equitable Life Group07019421,084,1871.9 2425Farmers New World Life Ins Co00637319,689,5224.1 2528Southern Farm Bureau Life Ins Co00705318,897,42014.4 Top 25 Insurers$1,571,730,7096.9 Total U.S. Life/Health Industry$1,974,397,8106.9 Source: – Statement File – L/H, US; data as of July 11, 2022. 2021 Rank 2020 RankCompany/GroupAMB# Term Life Issued % Change 11Northwestern Mutual Group069515$142,381,54115.8 23Lincoln Finl Group070351103,025,16211.1 34State Farm Life Group07012699,334,21712.2 42Primerica Group07018397,842,676-1.7 57Protective Life Group06972869,877,10923.6 69Legal & Gen America Group06953962,766,74218.9 76New York Life Group06971460,606,273-4.1 85Principal Finl Group Inc.02051656,218,530-12.5 911Massachusetts Mutual Life Group06970253,422,6635.9 108AIG Life & Retirement Group07034250,152,152-9.0 1116Sammons Finl Group06973137,074,09029.6 1210Prudential of America Group07018936,556,924-28.2 1312Pacific Life Group06972036,046,245-19.3 1415Guardian Life Group06968530,542,1785.7 1513Aegon USA Group06970730,238,288-15.7 1617Natl Life Group06995326,195,3606.4 1714USAA Life Group07036426,077,248-10.2 1819Penn Mutual Group06972224,503,89922.6 1920Globe Life Group07044319,376,189-0.2 2018John Hancock Life Insurance Group06954219,304,183-14.4 2122Farmers New World Life Ins Co00637317,058,5974.2 2223Southern Farm Bureau Life Ins Co00705316,722,28214.1 2324Amer Natl Group07016612,494,556-9.9 2426AAA Life Group07038812,232,035-8.0 2529Ameritas Life Group06979012,141,10421.4 Top 25 Insurers$1,152,190,2432.3 Total U.S. Life/Health Industry$1,400,895,4233.3 Source: – Statement File – L/H, US; data as of July 11, 2022. 2021 Rank 2020 RankCompany/GroupAMB# Ordinary Life In Force % Change 11Prudential of America Group070189$2,420,616,715-0.3 22Northwestern Mutual Group0695152,112,732,9926.1 34RGA Group0696111,785,402,6530.8 45Swiss Re Life Group0704691,768,324,05818.8 53SCOR Life US Group0702531,700,933,329-4.8 66AIG Life & Retirement Group0703421,317,990,5484.0 710Munich Amer Group0691701,221,596,44110.5 88Aegon USA Group0697071,211,788,544-2.5 97Hannover Life Reassur America0680311,210,827,716-2.8 109Lincoln Finl Group0703511,161,190,2174.3 1111New York Life Group0697141,143,678,5413.8 1212State Farm Life Group0701261,052,314,6155.9 1313Protective Life Group069728984,241,8003.2 1415Principal Finl Group Inc.020516886,520,3099.9 1514Massachusetts Mutual Life Group069702870,214,9197.7 1616Legal & Gen America Group069539807,265,3353.2 1717Primerica Group070183795,770,1295.1 1819John Hancock Life Insurance Group069542599,208,0411.1 1918Genworth Finl Companies070527597,531,660-7.8 2021Pacific Life Group069720560,553,3272.7 2120Brighthouse Ins Group070516556,676,743-3.2 2223Equitable Life Group070194481,066,114-0.2 2325USAA Life Group070364472,037,7552.2 2422Everlake Life Group070106465,602,334-5.2 2527Guardian Life Group069685457,598,2416.2 Top 25 Insurers$26,641,683,0762.8 Total U.S. Life/Health Industry$36,018,427,9223.2 Source: – Statement File – L/H, US; data as of July 11, 2022. 2021 Rank 2020 RankCompany/GroupAMB# Term Life In Force % Change 14Swiss Re Life Group070469$1,763,044,01118.8 22RGA Group0696111,757,551,5080.9 31SCOR Life US Group0702531,700,696,530-4.8 43Prudential of America Group0701891,485,825,735-2.3 55Northwestern Mutual Group0695151,327,548,6045.9 66Hannover Life Reassur America0680311,179,767,346-2.6 77Munich Amer Group0691701,178,618,2586.7 88AIG Life & Retirement Group0703421,144,441,3974.8 99Aegon USA Group069707878,670,058-4.2 1012State Farm Life Group070126804,898,9966.9 1110Legal & Gen America Group069539800,078,3293.3 1211Primerica Group070183793,837,9605.1 1313Lincoln Finl Group070351777,681,3056.4 1414Principal Finl Group Inc.020516739,235,33411.6 1515Protective Life Group069728600,295,7002.8 1616New York Life Group069714582,236,1433.7 1717Genworth Finl Companies070527450,035,611-8.5 1818USAA Life Group070364446,305,2592.3 1921Massachusetts Mutual Life Group069702421,503,9297.7 2023Berkshire Hathaway Group070158418,314,09310.3 2119Brighthouse Ins Group070516403,773,840-3.3 2222Pacific Life Group069720395,096,7642.1 2320Voya Finl Group070153387,661,269-5.9 2424Everlake Life Group070106332,355,680-5.9 2526Guardian Life Group069685256,193,1496.7 Top 25 Insurers$21,025,666,8082.8 Total U.S. Life/Health Industry$26,293,296,0872.9 Source: – Statement File – L/H, US; data as of July 11, 2022. Best’s Rankings US Life/Health – Ordinary Life Issued – 2022 Edition Ranked by 2021 ordinary life business issued. ($ Thousands) Best’s Rankings US Life/Health – Term Life Issued – 2022 Edition Ranked by 2021 term life business issued. ($ Thousands) Best’s Rankings US Life/Health – Ordinary Life In Force – 2022 Edition Ranked by 2021 ordinary life business in force. ($ Thousands) Best’s Rankings US Life/Health – Term Life In Force – 2022 Edition Ranked by 2021 term life business in force. ($ Thousands)Powered by AM Best’s Experience and Knowledge ȼˏˏ/0 010+.5ˏ˛(%*#ˏ/+"03 .!ȑˏ*+3ˏ4 !(ȥ /! ˏ3%0$ˏ +*2!*%!*0ˏ (+1 ˏ/0+. #! ȼˏ*ˏ! /5ȥ0+ȥ1/!ˏ%*0!." !ˏ"+.ˏ 1. 0!ˏ * ˏ!˝ %!*0ˏ/0 0!)!*0ˏ,.!, . 0%+* ȼˏ.+"!//%+* (ȥ(++'%*#ȑˏ-1 (%05ˏ+10,10 ȼˏ '! ˏ 5ˏ ˏ!/0Ȟ/ˏȆȇȅɌˏ5! ./ˏ * (56%*#ˏ%*/1. * !ˏ 0 ELECTRONIC STATEMENT PREPARATION Our Insight, Your Advantage ™ Learn More: bestesp_sales@ambest.com (908) 439-2200 22.ESP04DBest’s Rankings 56 BEST’S REVIEW • SEPTEMBER 2022 Best’s Rankings Top 50 Global Reinsurers – 2022 Edition Ranked by unaffiliated gross premiums written in 2021. (USD Millions) 1 RankCompany Name Reinsurance Premiums Written Total Sharholders’ Funds2 Ratios 3 Life & Non-LifeNon-Life Only GrossNetGrossNetLossExpenseCombined 1Munich Reinsurance Company46,83644,41732,61031,48235,04768.730.999.6 2Swiss Re Ltd. 39,20236,96523,13122,38123,67867.429.797.1 3Hannover Rück SE 4 31,44327,34421,77318,82714,44769.328.798.0 4Canada Life Re23,54723,514N/AN/A23,854N/AN/AN/A 5SCOR S.E.19,93316,2429,3197,9397,25172.028.6100.6 6Berkshire Hathaway Inc.19,90619,90614,28514,285514,93071.923.395.1 7Lloyd's 5, 6 19,34314,26319,34314,26348,24265.829.495.2 8China Reinsurance (Group) Corporation17,80816,1816,9566,60816,10466.628.495.1 9Reinsurance Group of America Inc.13,34812,513N/AN/A13,014N/AN/AN/A 10Everest Re Group Ltd.9,0678,5369,0678,53610,13971.626.598.1 11PartnerRe Ltd.8,2047,1346,5575,5117,54464.625.990.5 12RenaissanceRe Holdings Ltd.7,8345,9397,8345,9397,07874.627.5102.1 13Korean Reinsurance Company7,1455,1026,0434,0782,12686.414.2100.6 14Transatlantic Holdings, Inc6,0345,3876,0345,3875,39869.230.299.5 15General Insurance Corporation of India 7 5,8215,1725,6304,9877,93888.819.3108.1 16AXA XL5,4804,3135,4804,31313,13972.631.2103.8 17Arch Capital Group Ltd.5,0943,2545,0943,25413,54667.826.494.2 18MS&AD Insurance Group Holdings, Inc. 7, 8, 11 4,393N/A4,393N/A14,668N/AN/A97.7 19Pacific LifeCorp4,0983,620N/AN/A17,005N/AN/AN/A 20Sompo International Holdings, Ltd.3,8553,4173,8553,4177,43363.529.593.1 21MAPFRE RE, Compañía de Reaseguros S.A. 10 3,7193,1653,0802,5342,03569.328.798.1 22Assicurazioni Generali SpA3,6703,6701,2421,24236,10183.527.9111.4 23R+V Versicherung AG93,4213,4213,4213,4212,43576.026.3102.2 24Validus Reinsurance, Ltd.3,1712,4523,1712,4523,54872.428.6101.0 25The Toa Reinsurance Company, Limited 7, 8 2,9882,4532,1271,6902,61477.632.5110.2 26Liberty Mutual 12 2,945N/A2,945N/A27,84862.033.295.2 27Odyssey Group Holdings, Inc.2,8422,7092,8422,7095,22075.124.9100.0 28AXIS Capital Holdings Limited2,8232,0322,8232,0325,41173.226.599.7 29Taiping Reinsurance Co. Ltd 8 2,3392,0511,4471,2291,50771.032.9103.9 30Peak Reinsurance Company Ltd2,1451,7941,8991,5911,47075.826.2102.1 31Caisse Centrale de Réassurance2,1441,9641,9681,7923,19150.016.866.9 32Qianhai Reinsurance Co., Ltd.1,9941,15441035052175.525.1100.5 33QBE Insurance Group Limited1,6621,4821,6621,4828,88266.66.172.8 34Aspen Insurance Holdings Limited1,5971,1991,5971,1992,77563.030.693.6 35Deutsche Rückversicherung AG1,5771,0421,4751,00035176.329.2105.5 36IRB - Brasil Resseguros S.A.1,5529841,552984644101.530.5132.0 37American Agricultural Insurance Company1,4854661,48546667180.417.397.7 38Tokio Marine & Nichido Fire Insurance Co., Ltd. 7, 11 1,4831,1781,4831,17817,148N/AN/A100.9 39SiriusPoint Ltd.1,3501,1251,3501,1252,50382.633.7116.2 40Fidelis1,2895731,2895732,07884.027.6111.6 41Markel Corporation1,2461,1261,2461,12614,69573.931.4105.3 42W.R. Berkley Corporation 11 1,2281,1191,2281,1196,65361.029.790.7 43Lancashire1,2258161,2258161,41367.641.3108.9 44Allied World Assurance Company Holdings, AG1,2011,1061,2011,1064,79275.425.7101.1 45Chubb Limited 99687399687359,71479.229.4108.6 46African Reinsurance Corporation8456667836121,00156.836.793.5 47Hiscox Ltd8082748082742,53940.829.770.6 48Somers Re Ltd.78370578370594380.623.7104.3 49DEVK Re75969975469414,44776.328.4104.7 50Central Reinsurance Corporation75570264559569867.927.695.5 1 All non-USD currencies converted to USD using foreign exchange rate at company’s fiscal year-end. 2 As reported on balance sheet, unless otherwise noted. 3 Non-Life only. 4 Net premium written data not reported; net premium earned substituted. 5 Lloyd’s premiums are for reinsurance only. Premiums for certain groups in the rankings also may include Lloyd’s Syndicate premiums when applicable. 6 Shareholders’ funds includes Lloyd’s members’ assets and Lloyd’s central reserves. 7 Fiscal year ended March 31, 2022. 8 Net asset value used for shareholders’ funds. 9 Ratios are as reported and calculated on a gross basis. 10 Premium data excludes intergroup reinsurance. 11 Ratios are based on the group’s operations. 12 Ratios are based on Liberty Mutual Insurance Europe SE financial statements. N/A = Information not applicable or not available at time of publication. Source: AM Best data and research 57BEST’S REVIEW • SEPTEMBER 2022 AM Best: Premiums Surge for US Crop Insurers For crop year 2021, the multi-peril crop insurance program covered more than 444 million acres, with an estimated value of more than $150 billion. Editor’s Note: The following is an excerpt from the Best’s Market Segment Report: US Crop Writers Benefit from Rising Commodity Prices and Innovation. Visit www.ambest.com to access the full report. I n 2021, U.S. crop insurers achieved favorable results, with record high premium volume, relatively benign weather conditions, and strong commodity pricing producing solid underwriting profitability. Commodity prices reached unprecedented levels and continued to rise throughout the growing season, diminishing the likelihood of indemnities on revenue policies, which make up the majority of the premium. U.S. crop insurers play a critical role in delivering risk transfer solutions to America’s farmers. The primary mechanism is the federal multi-peril crop insurance (MPCI) program, which provides agricultural producers in the U.S. protection against a broad array of naturally occurring perils, as well as commodity price declines. For crop year 2021, the MPCI program covered more than 444 million acres, with an estimated value of more than $150 billion. Private crop products largely consist of crop hail insurance and other covers that are not government-subsidized. Crop hail insurance protects against damage caused by hail and fire, as well as wind or theft in certain markets. Private products can be combined with MPCI or other protections to reduce deductibles and increase coverage up to the actual cash value of the crop. Private crop policies are more flexible, as they can be purchased during the growing season. Results for the MPCI segment have improved significantly the past two years, with solid underwriting profitability in 2021. A significant portion of the 2022 growing season is still to come and the potential for yield losses from a broad array of natural perils remains high. Claims activity as a result of significant commodity price volatility is possible. Crop insurers are an integral part of the agricultural community and are prudent managers of risk as it relates to geographic diversification, fund selection, precision analytics, risk modeling, and the use of third-party reinsurance. However, even as strong risk managers, the risk-reward trade that crop insurers accept will always be subject to wide variability as climate risk and commodity pricing have no boundaries. 2021 Premiums Surge Premiums in 2021 reached record levels for both MPCI ($14.9 billion) and private products What AM Best SaysNext >