Overall new sales for short- and long-term disability markets grew 7.3% in 2017 despite the negative impact of market consolidation on the performance of some U.S. group disability insurers, said Jennifer Fleck, co-author of Milliman Inc.'s U.S. Group Disability Market Survey.
Short-term disability new sales premiums jumped 8.5% in 2017 from the prior year, while long-term disability new sales premiums rose 6.6% year over year from 2016, according to a news release.
Unum Group, Lincoln Financial Group and Cigna Corp. retained the top three spots for new short-term disability new sales. Unum was also top in new long-term disability sales premiums, while The Hartford Financial Services Group Inc. and MetLife Inc. were second and third, respectively.
Combined short- and long-term disability in-force premiums for participants in the survey reached $16.7 billion in 2017, up $700 million from the prior year.
The average short-term disability premium per life increased 0.9% for in-force business and 2.0% for new sales. The average long-term disability premium per life went up 2.7% for in-force business and 3.3% for new sales, according to the survey.
