Contents
- Cover
- Editors Desk: Mutual Insurers and Top Global Reinsurers
- Contents: Mutual Insurers and Life Insurance
- Contents: Asset Management and Bests Rankings
- Bests Calendar and Executive Changes
- Executive Changes and Web Traffic
- Masthead Forestay and Issues and Answers
- Surplus Lines and PFAS Risk
- Surplus Lines and Emerging Markets
- Surplus Lines and Specialty Market
- Surplus Lines and Growth Market
- Asset Management and Insurer Investment Effort
- Asset Management and Higher Interest Rate Environment
- Artificial Intelligence Adoption and Insurance
- Life Health Reinsurance and Resiliency
- Enterprise Risk Management and Mutual Insurers
- Life Insurance: Protection and Retirement Gaps
- Asset Management and Commercial Mortgage Loans
- Mutual Insurers: Microinsurers and Regulatory Climate
- Mutual Insurers: Opportunities and Technology
- Mutual Insurers: Emerging Markets and Future Evolution
- The Mutual Difference
- Mutual Insurers: Maintaining Mission and Identity
- Mutual Insurers: Regulation and Bests Rankings
- Bests Rankings: Group Life and Total Life
- Bests Rankings: Ordinary Life and Term Life and US Private Flood
- Bests Rankings: Top Global Reinsurance Groups
- What AM Best Says and Global Cyber Insurance
- Underwriting Loss Control: Distilleries and Alcohol Shipping Risks
- Underwriting Loss Control and State Rate Filings
- State Rate Filings and Book Store
- Trending Bests News and Trending Bests Research
- Webinars: Surplus Lines Market and Energy Production Litigation
- TV and Audio: US Commercial Insurance and Top Risk Concerns
- Bests Credit Rating Actions: Americas Life Health and Property Casualty
- Bests Credit Rating Actions: Europe Middle East and Africa
- Bests Credit Rating Actions: Holding Companies and Financial Strength Ratings
- Bests Credit Rating Actions: Issuer Credit Ratings
- Media Program Podcaster and Insurance Focused Podcasts
- Media Program Publisher and Insurance News
- Insurance Professional Resources and Masthead Backstay
- Artificial Intelligence: AI Platforms and Mutual Insurers
- Back Cover
38
Global Mutual Premiums and Market Share
with generative AI coming in. We established that
mutual insurers often excel due to their customer-
centric approach, driven by the loyalty and shared
ownership of their members. Without shareholder
distraction, they’re able to make long-term decisions
about using this technology and what the purpose of
the technology is—with a focus on improving things
for the customer rather than to improve things for
the organization.
How does that fit into the equation when
you’re doing microinsurance in some of the
emerging markets?
A really good example of that is in the
Philippines. There’s a superb organization called
CARD Mutually Reinforcing Institutions,
which is a global leader in the microinsurance
industry. CARD’s brilliant suite of very, very
simple life products [is] designed to meet the
protection gap, and they have managed to reach
26 million people using technology, using very
basic, phone-based technology.
The way that they achieve this—and the
reason that they don’t need to have a highly
sophisticated financial system to lean on—is
that the model is sustainable, scalable and
affordable. You could get these products on
your phone, but you can also get it in your
supermarket.
Their main concern is people who are out in
the very rural areas. If somebody gets ill on their
farm and they can’t farm, it could be literally life
or death for the family. So being able to provide
them with a trusted, simple product that pays
out quickly is exceptionally important.
Just socializing this type of insurance model
1,600
1,400
1,200
1,000
800
600
400
200
0
24.1%
2007200820092010201120122013201420152016201720182019202020212022
BEST’S REVIEW
•
SEPTEMBER
Source: ICMIF
Global Mutual Market Share 2024.
30%
27.4%
Market Share
27.0%
27.5%
27.3%
26.9%
28%
25.9%
26.2%
25.9%
25.5%
25.9%
25.9%
26.0%
26.3%
20%
22%
24%
26%
27.4%
26.4%
and showing why it works and how we could
scale this up all over the world is something that
I’m really committed to doing.
How can you help mutual insurance
executives avoid the temptation to convert
to stock-based ownership?
Our job is to amplify the benefits of mutuality
as seen through the lenses of different parts of
the world. The whole demutualization theme can
come up in board conversations and that needs
exploring. One of the things that we do is we
work really closely with boards to help evaluate
the case for remaining mutual.
Occasionally, board members or executives
can come in with a romanticized notion of
what demutualization could look like: “We’ll
get all this money and we’ll be able to raise
capital, etc.” But our research has shown that
whilst there can be short-term gain, those
benefits really start to dip over time as does
the value to the policyholder. So very few of
these demutualizations have really ever come
to a happy ending. In fact, what we’ve seen is a
number of re-mutualizations and a number of
abandoned demutualizations because members
don’t just want it.
Most mutuals tend to be national or, in the
U.S., can be state-based. They understand their
regional/local risk and they understand what’s
on the members’ minds. Demutualization can
threaten that. So losing that sense of purpose
can be a real challenge to the demutualization
business case.
How do you see your role at ICMIF
Mutual Insurers: ICMIF Q&A
Premiums (USD billions)
Special Section
Sponsored by:
evolving in the coming
years? How do you see
mutual insurance evolving
in emerging markets?
Well, ICMIF was created
more than 100 years ago. And
our purpose originally was about
pooling risk. We soon realized
that as predominantly national/
regional carriers, together we’re
stronger so let’s create a peer-to-
peer learning environment.
What unites these different organizations
from around the world is our belief in the
mutual concept; the power of purpose; and the
sustainable role that we can play in communities
and the long-time care and trust that we can
offer. And I really believe today’s consumer
wants more of this.
I would love to see more microinsurance
mutuals all over the world. I’d love to have more
airtime with regulators in the 55% of emerging
countries that don’t have mutual-friendly laws
at the moment. I think that’s
something that we need to pay
attention to. And we have been
doing work on this over the
years, but now is the time to
ramp that up.
I think that joining the
dots with other mutually-
focused associations is really
important as well. 2025 is
the UN International Year
of Cooperatives [including
mutuals]. It’s a great year for associations all
over the world to collaborate together. If we
can’t collaborate, then how can we expect our
members to collaborate? So perhaps it’s time to
align our narrative about mutuality.
And ICMIF is going to evolve and adapt and
continue to pivot just as we have done for more
than 100 years. This agility and closeness to our
members has never been more important than
now, because the world is changing so fast and
change isn’t waiting for anyone.
“We established that
mutual insurers often
excel due to their
customer-centric
approach.”
Liz Green
International Cooperative and
Mutual Insurance Federation
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BEST’S REVIEW
•
SEPTEMBER
39
24.MK074A
NAMIC Chief Executive Officer:
Mutuals Strive To Maintain Mission,
42
Identity Amid Economic Challenges
Neil Alldredge, president and CEO of the National Association of Mutual
Insurance Companies, discusses how mutuals have tried to maintain strong
community connections while they face decisions about rates and potential
economic and regulatory pitfalls.
by Anthony Bellano
utual insurers have prided themselves as being
the local insurer that takes a conservative
approach to rates. That approach has been
changing, however, given the challenges posed by
M
Anthony Bellano
is an associate editor. He can be reached at
anthony.bellano@ambest.com
.
BEST’S REVIEW
•
SEPTEMBER
economic and social inflation, said Neil Alldredge,
president and chief executive officer of the National
Association of Mutual Insurance Companies.
Even so, Alldredge said he believes mutual
insurers must maintain their strong connection to
communities—particularly since the owners are the
policyholders—even if their priorities change. As
Mutual Insurers: NAMIC Q&A
Special Section
Sponsored by:
economic challenges have led mutuals to consider
more aggressive rate actions, he believes they must
maintain their unique identity that gives them an
advantage.
“We’re the farm-to-table of the financial
services industry,” he said. “These are Main Street
companies. That connection to their communities
is very strong. You see more companies beginning to
identify themselves that way, and trade on that.
“It’s a combination of the pandemic issues, and
even going back to the financial crisis, and just what
you see in the social consciousness of the country,”
he said. “People want to buy local, organic whatever
it is. You have your local beer. You have your local
farmers market. You’ve got your local mutual
insurance company. That sort of fits with the social
thinking today, and I think you see companies
beginning to respond to that.”
Alldredge recently spoke about the challenges
mutuals face, including legislative hurdles and
marketplace pitfalls, and discussed how mutuals
can navigate the rate environment and still succeed.
Following is an edited transcript of the interview.
What challenges that mutuals were facing
last year continued into this year?
We continue to see this broad combination of
events. The inflationary pressures are still there.
The general economic conditions being what they
are. Challenging weather patterns. A litigation
environment that is getting more complex by
the day. Reinsurance issues. This new era of risk
is affecting all insurers, and mutuals particularly.
Mutuals are in a lot of personal lines.
Our members write almost 70% of the
homeowners market and nearly 60% of the auto
market. Those lines of business are where all the
inflationary pressures have been. Mutual companies
tend to write in Midwestern states and New England,
where you also see weather patterns changing. So,
in addition to the broader factors that are affecting
everybody in the industry, you see a heavier focus on
the mutual companies’ performance based on what
and where they write.
According to an AM Best report, mutuals
are pursuing aggressive rate changes. How
does that fit with the traditional role of
mutuals?
It’s a bit of a departure in the sense that one
of the real strengths of mutual companies is that
they’ve got decades, if not centuries, of experience of
how to deal with these things.
They also have the benefit of building capital
over that period. They are able to take a long-
term view, and historically that may have meant
they took a more conservative approach when
it came to rates. That is probably different now,
in part because the economic conditions and
the inflationary pressures have changed so fast
in such a dramatic way. Insurance pricing in
general lags. The price you’re seeing today for
homeowners or auto insurance is in many states
reflective of changes in the cost of repairs or
whatever the case might be from 18 months ago.
They had to file for rates, get it approved, have
it work through their book of business, and it’s
just a slow process.
The same AM Best report states, “Mutual
companies are relying more and more on
their own capital to protect them in the
event of a large loss—a departure from the
past, given the limited avenues available
to mutuals to access capital.” Discuss this
shift in mindset.
This is where you see changes in the reinsurance
market. In the beginning of 2023, capacity shrunk,
reinsurance pricing went up, and the terms changed
a lot. You had to retain more of the losses. You also
saw the results from 2023 for most reinsurers to be
particularly good. That continues to be the case into
this year. Most people think the pricing capacity
questions are going to loosen a bit in the reinsurance
market.
In the short run, mutuals have had more of their
own capital in the form of surplus exposed because
of the changing terms in the reinsurance market.
That’s changing. If you talk to most reinsurers,
pricing is one thing, and that may not change
substantially. But there certainly seems to be more
capacity in the reinsurance market, which should
affect the terms and retention rates for primary
companies.
What is the current identity of the mutual
industry?
One thing is that 15 years ago, mutual companies
didn’t talk about being mutual companies very
much. It wasn’t something they traded on in the
BEST’S REVIEW
•
SEPTEMBER
43
44
marketplace. There are
national carriers, but certainly
more regional and midsize
carriers talking a lot more
about their mutuality now.
That connection to the
policyholders, that reason for
their existence becomes much
more of an identity for them.
There was the thought
that it was too complicated
to explain, and nobody cares
about the corporate structure
of their insurance company. A
lot of companies have learned
that this is a differentiator.
We’re the farm-to-table of the
financial services industry.
These are Main Street
companies. That connection
to their communities is
very strong. You see more
companies beginning to identify themselves that
way, and trade on that.
It’s a combination of the pandemic issues, and
even going back to the financial crisis, and just what
you see in the social consciousness of the country.
People want to buy local, organic whatever it is. You
have your local beer. You have your local farmers
market. You’ve got your local mutual insurance
company.
That sort of fits with the social thinking today,
and I think you see companies beginning to respond
to that.
What are some of the other changes you’ve
seen, and when you get through these
hurdles and challenges, will mutuals look
the same as they did five or 10 years ago?
The biggest change we’ve seen in the last 18
months or so has been the pace of consolidation,
particularly in the smaller segment. The number of
small companies continues to shrink. They merge
with each other. Last year, there were 34 mergers.
This year, we’re at 67.
If you took the five years prior to that, you’d
probably have an average of seven or eight a year.
You end up with companies that are financially
stronger, larger, able to withstand more. You’ll see
companies that are financially stronger because they
BEST’S REVIEW
•
SEPTEMBER
will have better pricing.
You see some of the line
of business changes. We’ll
focus more on commercial
lines or whatever the case
might be, so you’ll see
some changes there, but in
the long run, the mutual
industry will be here and
continue to serve the
interests of its policyholders.
What are some of the
regulatory hurdles
mutuals currently face?
What proposed and
pending legislation do
you have your eye on?
The rate-making process
in certain states is better than
others. California, New York
and New Jersey lead the way
in the slow, hard-to-get category, and their markets
are reflecting that. They are beginning to change.
They certainly are approving rate increases in
those states, probably not at the rate people would
like them to. You also see some positive, guarded
optimism in California, with some of the proposed
changes around allowing insurers to use their
reinsurance cost in their rate-making. You couldn’t
do that before. There are some efforts to do that
now by changing regulation in California. Same
thing on the use of catastrophe models.
Obviously, the fire risk in California is a lot
different today than it was 20 years ago. Being able
to model that and use that in their pricing is going
to help insurers have a better picture of what their
risk looks like.
Which specific pieces of legislation are you
looking at at the federal level?
For third-party litigation funding, there’s a couple
of good bills at the moment in Washington. One
would prevent sovereign wealth funds, like a foreign
government, from investing in lawsuits. It’s a nefarious
practice and something most people agree we shouldn’t
allow in our litigation system. There’s a good bill that
would prevent that. It goes along with transparency,
just having to disclose that a third-party lender is
involved in the case. There’s bipartisan support.
“They are able to take
a long-term view, and
historically that may have
meant they took a more
conservative approach
when it came to rates.
That is probably different
now, in part because the
economic conditions and
the inflationary pressures
have changed so fast in
such a dramatic way.”
Neil Alldredge
National Association of
Mutual Insurance Companies
Mutual Insurers: NAMIC Q&A
Special Section
Sponsored by:
Best’s Rankings
Top 25 US Property/Casualty Mutual Writers – 2024 Edition
Ranked by 2023 net premiums written.
($ Thousands)
2023
Rank
2022
RankCompany/GroupAMB#Net Premiums Written% Change
11State Farm Group000088$92,601,74419.1
22Liberty Mutual Ins Cos00006040,474,8454.6
33Nationwide P&C Group 00598719,117,900-1.7
44Amer Family Ins Group00012416,525,07917.2
55Auto-Owners Ins Group00435412,735,80019.0
66FM Global Group0185026,442,76521.3
77Sentry Ins Group0000863,551,01910.3
88COUNTRY Financial PC Group0003023,068,83213.0
99Amica Mutual Group0185222,615,73412.6
1011Westfield Group0007302,607,73216.4
1110Shelter Ins Cos0005982,586,58814.8
1214Acuity, A Mutual Ins Co0004682,482,18318.1
1312Federated Mutual Group0042842,446,49813.9
1413EMC Ins Cos0003462,223,2364.8
1515Alfa Ins Group0001062,034,15120.6
1616Farm Bureau P&C Group0042331,919,21416.9
1717TN Farmers Ins Cos0181541,829,92813.6
1820Texas Farm Bureau Ins Group0187541,793,36125.1
1918State Ins Fund WC Fund0040291,711,5349.3
2019Utica Natl Ins Group0042021,559,9947.3
2121Grange Ins Pool0039171,529,5868.7
2223North Carolina Farm Bureau Ins Group0182791,463,57023.9
2322KY Farm Bureau Group0032811,330,14011.4
2426Encova Mutual Ins Group0182361,284,44010.9
2524CUMIS Ins Society Group0187041,267,0618.5
Top 25 U.S. P/C Mutual Writers$227,202,93413.2
Total U.S. P/C Mutual Writers$274,635,64212.2
Total U.S. P/C Industry$864,029,28610.4
Note: Data for some companies in this report has been received from the NAIC.
Source:
Statement File - P/C, U.S.; data as of July 24, 2024.
Best’s Rankings
Top 25 US Life/Health Mutual Companies – 2024 Edition
Ranked by 2023 total net admitted assets.
($ Thousands)
2023
Rank
2022
RankCompany/GroupAMB#Total Adm. Assets % Change
11New York Life Group069714$423,395,1044.5
22Massachusetts Mutual Life Group069702381,186,5164.8
33Northwestern Mutual Group069515358,943,3365.4
44Nationwide Life Group070350241,197,80311.8
55Pacific Life Group069720203,184,5508.5
66Guardian Life Group06968596,908,5415.5
77State Farm Life Group07012694,689,5194.3
88Western & Southern Finl Group06975470,696,83810.1
99Securian Finl Ins Group06956564,666,3577.1
1010Oneamerica Group07039948,592,67311.0
1111Mutual of Omaha Group07020348,502,70013.5
1212Penn Mutual Group06972242,841,67010.1
1313Natl Life Group06995342,223,67013.6
1414CMFG Life Group07026235,322,1947.4
1515Ameritas Life Group06979028,948,0297.4
1616Mutual of America Group07061924,104,7990.1
1717Sentry Life Ins Group0701259,851,53712.0
1818Natl Guardian Life Ins Co0067774,930,6432.8
1919Physicians Mutual Companies0706154,379,4321.0
2020Pan-Amer Life Ins Group0696174,129,4580.3
2121Homesteaders Life Co0065343,862,3806.1
2222Savings Bank Mutual Life Ins Co of MA0066963,525,137-1.9
2323Security Mutual Life Ins Co of New York0070343,148,6152.8
2424Wellabe Group0703693,016,0383.8
2525Trustmark Group0698072,258,8866.0
Total Top 25 U.S. Life/Health Mutual Companies$2,244,506,4256.7
Total U.S. Life/Health Mutual Companies$2,256,687,5166.7
Total U.S. Life/Health Industry $8,741,258,6045.7
Note: Data for some companies in this report has been received from the NAIC.
Source:
Statement File - L/H, U.S.; data as of July 23, 2024.
BEST’S REVIEW
•
SEPTEMBER
45
Best’s Rankings: Mutual Insurers
46
Best’s Rankings
US Life/Health – Individual Life Average Policy Size and Lapse Ratios – 2024 Edition
Ranked by 2023 individual life business issued.
($ Thousands)
Note: Data for some companies in this report has been received from the NAIC.
Source:
- Statement File - L/H, U.S.; data as of July 1, 2024.
2023
RankCompany/GroupAMB#Individual Life IssuedAverage Policy IssuedAverage Policy In ForceLapse Ratio Published
Renewal Premium
Persistency
1Northwestern Mutual Group069515$190,994,756$574$3613.594.1
2State Farm Life Group070126117,099,3491581345.493.5
3Primerica Group070183108,072,6163263038.791.1
4New York Life Group069714102,368,0143922424.493.3
5Massachusetts Mutual Life Group06970295,822,5358384613.892.3
6Protective Life Group06972875,628,1596904106.887.2
7Prudential of America Group07018975,342,4518802133.785.2
8Pacific Life Group06972073,885,46497785016.371.5
9Lincoln Finl Group07035165,971,4641,0965824.481.6
10Natl Life Group06995365,714,2423953216.185.9
11Aegon USA Group06970765,170,5743431695.591.0
12Corebridge Finl07034260,430,1454541873.491.9
13Guardian Life Group06968543,963,5719576123.494.8
14Penn Mutual Group06972239,769,3031,4066743.283.5
15Globe Life Group07044338,626,275241615.189.8
16Nationwide Life Group07035035,518,3335933193.676.1
17Principal Finl Group Inc.02051634,252,7151,4387501.989.7
18John Hancock Life Insurance Group06954232,584,0961,5884304.381.7
19Sammons Finl Group06973132,253,8065413305.247.9
20Symetra Life Group07012327,663,9421,1225965.073.7
21USAA Life Group07036425,000,7734553813.896.5
22Mutual of Omaha Group07020324,817,80356645.788.6
23Southern Farm Bureau Life Ins Co00705323,135,7603211674.094.4
24Fidelity & Guaranty Life Group07040318,509,6352522166.084.5
25Ameritas Life Group06979016,739,3374493595.980.8
Total U.S. Life/Health I
ndustry$1,
843,672,788$169$1695.186.9
Best’s Rankings
US Life/Health - Group Life Issued - 2024 Edition
Ranked by 2023 group life business issued.
Best’s Rankings
US Life/Health - Group Life In Force - 2024 Edition
($ Thousands)
Ranked by 2023 group life business in force.
($ Thousands)
Note: Data for some companies in this report has been received from the NAIC.
Source:
- Statement File - L/H, U.S.; data as of July 1, 2024.
2023
Rank
2022
Rank
Company/GroupAMB#
Group Life
Issued
%
Change
11MetLife Life Ins Companies070192$508,487,04838.3
23Lincoln Finl Group070351165,886,19746.2
36Hartford Life & Accident Ins Co007285129,684,43981.2
44Unum Ins Group06974374,744,635-11.6
57Meiji Yasuda US Life Group07049971,564,0865.6
69Securian Finl Ins Group06956566,696,0526.5
710Sun Life Finl Group06974064,795,09545.5
88Principal Finl Group Inc.02051662,705,776-5.9
95Prudential of America Group07018961,477,073-24.2
1015Tokio Marine US Life Group06919549,168,25550.4
112New York Life Group06971448,995,595-57.4
1211Mutual of Omaha Group07020348,441,86123.4
1313Guardian Life Group06968547,070,33422.9
1418Aflac U.S. Group06982441,167,745162.2
1514Voya Finl Group07015334,648,709-4.1
1617Equitable Life Group07019422,202,15718.6
1723Symetra Life Group07012317,676,176109.2
1819UnitedHealth Life Companies 06997314,857,086-0.7
1921Dearborn Life Ins Group0696379,586,403-14.5
20225 Star Life Ins Co0080699,312,5838.8
2124AAA Life Group0703889,139,16719.2
2225Oneamerica Group0703995,858,29619.6
2329Life & Specialty Ventures Group0704305,206,11063.3
2427Trustmark Group0698074,385,2188.4
2520Nationwide Life Group0703504,346,130-64.8
Top 25 Insurers$1,578,102,22614.1
Total U.S. Life/Health Industry$1,617,469,38513.4
Note: Data for some companies in this report has been received from the NAIC.
Source:
- Statement File - L/H, U.S.; data as of July 1, 2024.
2023
Rank
2022
Rank
Company/GroupAMB#
G
roup
Lif
e
I
n
%
Force
Change
11MetLife Life Ins Companies070192$4,770,516,5699.3
22Great-West Life Group0703664,764,940,92715.0
33Prudential of America Group0701892,284,005,6871.6
44New York Life Group0697142,056,041,0965.6
55Securian Finl Ins Group0695651,900,611,7029.1
66Hartford Life & Accident Ins Co0072851,299,312,68111.1
77Lincoln Finl Group070351950,317,9225.8
88Unum Ins Group069743802,405,915-0.9
99Meiji Yasuda US Life Group070499637,833,6675.5
1010Munich Amer Group069170427,687,2377.1
1111Guardian Life Group069685369,888,1226.0
1213Mutual of Omaha Group070203366,468,70811.6
1312Sun Life Finl Group069740366,168,7648.3
1414Tokio Marine US Life Group069195313,321,06513.0
1515Voya Finl Group070153248,855,0703.8
1616Principal Finl Group Inc.020516177,966,5526.8
1717Dearborn Life Ins Group069637144,814,1714.6
1818UnitedHealth Life Companies 069973114,212,4193.9
1920Swiss Re Life Group070469108,911,6939.8
2019RGA Group06961198,381,769-2.8
2123John Hancock Life Insurance Group06954295,272,83321.9
2221AAA Life Group07038888,879,996-1.9
2324Symetra Life Group07012386,516,27912.2
2428Aflac U.S. Group06982485,264,47459.8
2525Nationwide Life Group07035075,524,6037.2
Top 25 Insurers$22,634,119,9218.4
Total U.S. Life/Health Industry$23,599,980,1878.1
BEST’S REVIEW
•
SEPTEMBER
Best’s Rankings: L/H Insurers
Best’s Rankings
US Life/Health – Total Life Issued – 2024 Edition
Ranked by 2023 total life business issued.
($ Thousands)
2023
Rank
2022
Rank
Company/GroupAMB#Total Life Issued
%
Change
11MetLife Life Ins Companies070192$513,612,81037.7
22Lincoln Finl Group070351231,857,591-9.5
34Northwestern Mutual Group069515191,564,9402.3
43New York Life Group069714151,363,608-25.4
55Prudential of America Group070189137,169,457-1.2
614Hartford Life & Accident Ins Co007285129,713,18681.2
77State Farm Life Group070126117,300,6446.5
810Primerica Group070183108,072,61613.6
916Legal & Gen America Group069539104,749,54457.2
109Massachusetts Mutual Life Group06970298,898,2593.9
1111Principal Finl Group Inc.02051696,953,1616.9
1213Guardian Life Group06968591,249,3959.6
1312Securian Finl Ins Group06956587,366,183-0.4
148Unum Ins Group06974385,239,813-10.7
156Protective Life Group06972878,280,024-30.6
1621Pacific Life Group06972073,885,46445.4
1718Mutual of Omaha Group07020373,259,66316.9
1815Meiji Yasuda US Life Group07049971,588,6615.5
1917Aegon USA Group06970768,232,9118.3
2019Natl Life Group06995366,152,83615.3
2122Sun Life Finl Group06974064,808,67045.5
2220Corebridge Finl07034260,432,33613.7
2330Tokio Marine US Life Group06919549,170,22450.4
2432Aflac U.S. Group06982448,639,748111.7
2534Symetra Life Group07012345,370,670110.2
Top 25 Insurers
$2,844,932,4149.7
Total U.S. Life/Healt
h Industry$3,
632,527,1078.8
Note: Data for some companies in this report has been received from the NAIC.
Source:
- Statement File - L/H, U.S.; data as of July 1, 2024.
Best’s Rankings
US Life/Health – Total Life In Force – 2024 Edition
Ranked by 2023 total life business in force.
($ Thousands)
2023
Rank
2022
RankCompany/GroupAMB#
Total Life In
%
Force
Change
11Great-West Life Group070366$5,599,295,931
11.6
22MetLife Life Ins Companies0701925,162,993,731
7.9
33Prudential of America Group0701894,608,301,384
0.1
44New York Life Group0697143,257,000,160
4.6
55Northwestern Mutual Group0695152,318,592,973
4.4
66Lincoln Finl Group0703512,180,130,254
2.4
77Securian Finl Ins Group0695652,139,110,899
8.2
89Swiss Re Life Group0704692,106,279,044
10.8
98RGA Group0696112,099,826,561
8.2
1010Munich Amer Group0691701,863,229,421
5.7
1111SCOR Life US Group0702531,682,819,743
-1.9
1214Hartford Life & Accident Ins Co0072851,300,848,309
11.0
1315Hannover Life Reassur America0680311,215,279,540
7.6
1416State Farm Life Group0701261,159,800,600
4.2
1513Aegon USA Group0697071,140,235,497
-3.5
1617Principal Finl Group Inc.0205161,104,451,282
3.7
1712Corebridge Finl0703421,068,671,360
-19.3
1818Protective Life Group0697281,029,528,644
-0.3
1919Massachusetts Mutual Life Group0697021,007,667,235
5.4
2022Legal & Gen America Group069539887,858,113
6.9
2121Guardian Life Group069685878,899,041
5.5
2220Unum Ins Group069743869,434,318
-0.9
2323Primerica Group070183835,694,013
2.6
2424John Hancock Life Insurance Group069542693,689,036
2.3
2526Meiji Yasuda US Life Group070499642,862,795
5.4
Top 25 Insure
rs$46,852,499,884
4.5
Total U.S. Life/Hea
lth Industr
y$61,512,852,004
4.5
Note: Data for some companies in this report has been received from the NAIC.
Source:
- Statement File - L/H, U.S.; data as of July 1, 2024.
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