US life insurance premiums hit new heights in Q1 2025

The US life insurance industry ended the first three months of 2025 with its highest level of first-quarter total direct premiums in the past five years, an S&P Global Market Intelligence analysis shows.

Life insurers brought in $55.59 billion in combined group and individual premiums for the first quarter, reflecting a 2.9% increase from $54.04 billion in the prior-year period. Direct individual life premiums drove the increase, rising to $43.26 billion in the first quarter of 2025 from $41.39 billion a year ago.

Direct group premiums, meanwhile, fell to $12.33 billion in the first quarter from $12.65 billion in the year-ago period.

Individual life leaders

Among the top 10 US individual life insurance writers, Northwestern Mutual Life Insurance Co. reported the highest individual life premiums for the first quarter, at $4.92 billion, reflecting a 7.9% year-over-year increase. Northwestern holds 11% of the overall individual life market share in the US.

New York Life Insurance & Annuity Corp. was the second-largest underwriter of individual life insurance in the first quarter, with $3.01 billion in direct premiums.

Pacific Life Insurance Co. booked the largest year-over-year increase, growing its individual life business 27.1% to $1.47 billion in direct premiums for the first quarter.

Aegon Ltd.'s Transamerica was the only insurer in the top 10 group to record a year-over-year fall in first-quarter individual life premiums, dropping about 1.5% to $1.18 billion for the period.

Group life leaders

Of the top 10 US group life insurers, MetLife Inc. reported the most business in the first quarter, with $3.11 billion in direct premiums. The insurer held 25% of the overall US group life market share. Despite booking the most group life premiums in the first quarter, MetLife also had the largest year-over-year decrease, with premiums declining roughly 15.6%.

MetLife's mortality ratio for its group life business came in at 84.8%, CFO John McCallion said during the insurer's first-quarter earnings call, which he noted was within the 2025 target range of 84% to 89%. The company is still seeing "post-COVID favorable mortality trends" among the working-age population, in line with data provided by the Centers for Disease Control and Prevention, McCallion added.

Prudential Financial Inc.'s group life premiums declined about 6.1% year over year to $1.32 billion in the first quarter. The insurer holds the second-highest amount of group life market share as of the end of the first quarter, at 11%.

Meanwhile, Guardian Life Insurance Co., which holds about 5% of the group life market share, reported the largest year-over-year increase in direct premiums. Guardian grew its premiums roughly 10% to $590 million in the first quarter.

– Read more about the life industry's results for the 2025 first quarter.