9 Jul, 2024
US life insurance industry brings in $213.75B in premiums in 2023
By Hailey Ross and Noor Ul Ain Adeel
The US life insurance industry maintained its upward trajectory in 2023, bringing in $213.75 billion in direct premiums written, according to an S&P Global Market Intelligence analysis of annual statutory statements.
A combination of a resilient economy and rising interest rates led to outsized expansion in some areas, especially for individual annuities, which hit a 21-year high in 2023.
The National Association of Insurance Commissioners streamlining of line-of-business disclosures effective in 2023 annual statements consolidated business previously reported on the credit and industrial life lines into individual and group life.
Industry life insurance premiums have ticked up in recent years, with the industry surpassing $200 billion for the first time in 2021.
Group life
The top three US underwriters of group life insurance in 2023 were unchanged from 2022.
MetLife Inc. led the pack, booking $12.66 billion in group life insurance direct premiums in 2023, far more than its peers. Prudential Financial Inc. ranked second, bringing in $4.97 billion in group life insurance direct premiums for the year.
New York Life Insurance & Annuity Corp. followed closely behind Prudential Financial with $3.74 billion in group life insurance direct premiums in 2023.
Securian Life Insurance Co. jumped one spot to fourth in 2023 with $2.94 billion in group life insurance direct premiums.
Individual life
The majority of the top insurers of individual life business in 2023 retained their rankings from 2022.
The Northwestern Mutual Life Insurance Co. remained the leader of the individual life business group with $18.01 billion in direct individual life insurance premiums in 2023.
New York Life took second place in 2023, up from third place in the previous year, swapping places with Massachusetts Mutual Life Insurance Co.
New York Life booked $12.14 billion in direct individual life insurance premiums in 2023 while MassMutual reported $10.83 billion in the business line.
