Revealed – top US individual life insurers
Revealed – top US individual life insurers | Insurance Business America
Life & Health
Revealed – top US individual life insurers
Ranking based on 2023 individual life premiums
Life & Health
By
Terry Gangcuangco
AM Best has ranked the individual life insurers in the US based on their 2023 individual life premiums.
Here are the top 10, according to AM Best’s ranking:
2023 rank
2022 rank
Company/group
Individual life premium
% change
1
1
Northwestern Mutual Group
$16,990,334
-4.1
2
5
Prudential of America Group
$10,654,473
65.8
3
2
New York Life Group
$9,659,971
-7.5
4
3
Massachusetts Mutual Life Group
$9,378,693
-5.0
5
6
State Farm Life Group
$6,006,711
4.6
6
8
Guardian Life Group
$5,229,417
3.3
7
11
Protective Life Group
$3,835,324
6.3
8
12
Swiss Re Life Group
$3,500,166
7.9
9
14
John Hancock Life Insurance Group
$2,868,394
-2.3
10
13
Nationwide Life Group
$2,772,414
-7.2
AM Best noted that the US individual life insurance industry saw a drop of 34.9% in individual life contracts to $90.37 billion.
It said: “Northwestern Mutual Group, which retained the top spot on the list, saw its individual life premium drop by 4.1% to $16.99 billion, according to the data. No. 2-ranked Prudential of America Group, which moved up from fifth place a year prior, posted a 65.8% increase to $10.65 billion in the biggest increase among the top 10 carriers, according to the data.
“Third-ranked New York Life Group dropped one spot from last year as it registered individual life premiums of $9.66 billion, a decrease of 7.5% from the prior year, according to the data.
“Rounding out the top five were: No. 4 Massachusetts Mutual Life Group, which dropped from No. 3 a year earlier and had 2023 individual life premium of $9.38 billion, down 5%; and fifth-ranked State Farm Life Group, which held the sixth-place position a year earlier and reported individual life premium up 4.6% to $6 billion.”
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