US Life Insurance Companies to see growth earnings in 2024 while wrestling with the impact of higher interest rates, a dynamic annuities sector and the commercial real estate market’s effect on investment portfolios. The Life & Health insurance industry’s admitted assets grew by 5.6%.
- Prudential of America Group led AM Best’s Review’s 2024 Top 100 US Life/Health Insurers ranking with $531.5 bn in admitted assets, $108 bn more than New York Life Group, which secured second place, according AM Best’s Review.
US Life insurers’ capital and short-term liquidity make them unlikely to be forced sellers of real estate assets at distressed valuations, any commercial real estate losses are expected to remain within ratings sensitivities
According to Beinsure Data, higher interest rates for life insurers put additional strain on borrowers’ ability to repay loans, and default rates on corporate debt in the US, though low, are beginning to rise. Corporate insolvencies are also increasing.
- New York Life saw its admitted assets rise by 4.5% to $423.4 billion, surpassing MetLife Life Insurance, which fell to third place with a 2.9% decrease to $414.62 bn in assets.
- Massachusetts Mutual Life Group and TIAA Group also switched positions, with TIAA experiencing a 0.4% decline in admitted assets.
- Ibexis Life & Annuity Insurance had the largest growth among the 200 companies, increasing by 317% to $684.5 mn, moving from 240th to 176th place.
- Farmers New World Life Insurance experienced the biggest decline, dropping 57.8% in assets to $2.3 bn, and falling from 92nd to 128th place.
- Venerable Holdings Group, a top 40 company, fell to 41st place with $47.26 bn in assets, a 6.3% decline.
TOP 100 Largest Life & Health Insurers in the United States
| № | Company/Group | Admitted Assets, mn $ | Change, % |
| 1 | Prudential of America Group | 551,565 | 3.2% |
| 2 | New York Life Group | 436,772 | 4.5% |
| 3 | MetLife | 413,906 | -2.9% |
| 4 | Massachusetts Mutual Life Group | 395,146 | 4.8% |
| 5 | TIAA Group | 369,785 | -0.4% |
| 6 | Northwestern Mutual Group | 368,899 | 5.4% |
| 7 | Corebridge Finl | 358,151 | 6.0% |
| 8 | Loln Finl Group | 312,131 | -1.0% |
| 9 | Jackson Natl Group | 297,045 | 6.2% |
| 10 | John Hancock Life Insurance Group | 289,576 | 6.6% |
| 11 | Equitable Life Group | 277,073 | 16.7% |
| 12 | Athene US Life Group | 268,297 | 28.8% |
| 13 | Nationwide Life Group | 253,870 | 11.8% |
| 14 | Pripal Finl Group | 236,126 | 6.3% |
| 15 | Brighthouse Ins Group | 218,663 | 4.7% |
| 16 | Pacific Life Group | 211,305 | 8.5% |
| 17 | Aegon USA Group | 205,955 | 2.9% |
| 18 | Allianz Life Ins Group | 190,760 | 10.0% |
| 19 | Great-West Life Group | 174,423 | 3.6% |
| 20 | Global Atlantic Group | 169,289 | 16.6% |
| 21 | Voya Finl Group | 140,615 | 7.5% |
| 22 | Sammons Finl Group | 122,601 | 2.0% |
| 23 | Thrivent Finl for Lutherans | 118,521 | 5.2% |
| 24 | Talcott Resolution Group | 117,880 | 0.2% |
| 25 | Ameriprise Finl Group | 117,306 | 7.3% |
| 26 | Protective Life Group | 97,051 | 3.3% |
| 27 | Guardian Life Group | 96,908 | 5.5% |
| 28 | State Farm Life Group | 94,689 | 4.3% |
| 29 | Western & Southern Finl Group | 70,696 | 10.1% |
| 30 | Securian Finl Ins Group | 64,666 | 7.1% |
| 31 | Genworth Finl Companies | 64,014 | -1.5% |
| 32 | Amer Equity Investment Companies | 63,493 | 2.3% |
| 33 | Group 1001 Life & Annuity Group | 61,916 | 8.4% |
| 34 | RGA Group | 59,912 | 2.5% |
| 35 | Fidelity & Guaranty Life Group | 56,851 | 20.4% |
| 36 | Symetra Life Group | 56,620 | 6.9% |
| 37 | SBL Hldgs Group | 54,641 | 8.1% |
| 38 | Oneamerica Group | 48,592 | 11.0% |
| 39 | Mutual of Omaha Group | 48,502 | 13.5% |
| 40 | ERAC Group | 48,037 | 4.6% |
| 41 | Venerable Hldgs Group | 47,255 | -6.3% |
| 42 | Fidelity Investments Group | 45,006 | 13.6% |
| 43 | Penn Mutual Group | 42,841 | 10.1% |
| 44 | Natl Life Group | 42,223 | 13.6% |
| 45 | Unum Ins Group | 40,361 | 1.8% |
| 46 | Meiji Yasuda US Life Group | 37,275 | 8.7% |
| 47 | Wilton Re Group | 35,440 | 0.7% |
| 48 | CMFG Life Group | 35,322 | 7.4% |
| 49 | Resolution Life US Group | 34,905 | 5.3% |
| 50 | Amer Natl Group | 32,878 | 19.5% |
| 51 | Fortitude Re US Group | 32,604 | 1.1% |
| 52 | Cigna Life Group | 31,237 | 7.3% |
| 53 | USAA Life Group | 30,449 | 7.1% |
| 54 | Knights of Columbus | 30,325 | 3.3% |
| 55 | Berkshire Hathaway Group | 29,742 | 10.1% |
| 56 | Ameritas Life Group | 28,948 | 7.4% |
| 57 | CNO Group | 28,687 | 4.8% |
| 58 | Aetna Life Group | 28,083 | 9.3% |
| 59 | AuguStar Life Group | 28,037 | 3.6% |
| 60 | EquiTrust Life | 27,192 | 4.3% |
| 61 | Everlake Life Group | 25,847 | -0.9% |
| 62 | Tokio Marine US Life Group | 25,103 | 14.1% |
| 63 | Mutual of America Group | 24,119 | 0.1% |
| 64 | UnitedHealth Life Companies | 23,656 | 3.0% |
| 65 | Sun Life Finl Group | 23,573 | 0.3% |
| 66 | Kuvare US Group | 23,412 | 10.8% |
| 67 | Globe Life Group | 23,101 | 3.8% |
| 68 | Hannover Life Reassur America | 19,187 | 13.6% |
| 69 | Aflac U.S. Group | 18,481 | 0.2% |
| 70 | Nassau Ins Group | 18,251 | 4.9% |
| 71 | Modern Woodmen of America | 17,733 | 3.5% |
| 72 | Zurich Amer Life Group | 16,606 | -3.4% |
| 73 | Southern Farm Bureau Life | 16,107 | 2.1% |
| 74 | Swiss Re Life Group | 13,388 | -1.3% |
| 75 | Hartford Life & Accident | 13,059 | 1.7% |
| 76 | Prosperity Life Group | 12,702 | 17.8% |
| 77 | Legal & Gen America Group | 11,639 | 15.0% |
| 78 | Woodmen of the World Life Ins Society | 11,268 | 1.9% |
| 79 | COUNTRY Finl Life Companies | 10,510 | 4.5% |
| 80 | Natl Western Life Group | 10,497 | -5.4% |
| 81 | SILAC Ins Group | 10,449 | 13.1% |
| 82 | Munich Amer Group | 10,345 | 11.3% |
| 83 | Horace Mann Life Companies | 9,902 | 5.5% |
| 84 | Sentry Life Ins Group | 9,851 | 12.0% |
| 85 | Farm Bureau Life Group | 9,797 | 0.3% |
| 86 | Axcelus Finl US Group | 9,783 | 15.5% |
| 87 | Calton Hldgs Group | 8,763 | 6.6% |
| 88 | Oceanview Life & Annuity | 8,391 | 29.1% |
| 89 | Americo Life Group | 8,113 | 9.0% |
| 90 | Amer Fidelity Group | 8,076 | 5.4% |
| 91 | Advantage Capital Life Group | 5,819 | 24.0% |
| 92 | Cinnati Life | 5,194 | 2.2% |
| 93 | Amer Family Life | 5,177 | -8.8% |
| 94 | AAA Life Group | 4,952 | 6.4% |
| 95 | Union Labor Life | 4,942 | 1.1% |
| 96 | Natl Guardian Life | 4,930 | 2.8% |
| 97 | Sagicor Life | 4,760 | 14.3% |
| 98 | Continental Gen | 4,735 | 7.3% |
| 99 | Auto-Owners Life | 4,633 | -0.4% |
| 100 | GBU Finl Life | 4,426 | 5.3% |
While life insurers’ exposures to illiquid assets have been rising, it does not necessarily lead to unmeasured risks. Private and illiquid credit cannot be traded or sold and the lender is primarily exposed to default risk.
Profitability is improving as well, with greater room for margins in new spread-based products and opportunity to reinvest assets backing legacy liabilities at a higher rate, according to Swiss Re sigma 2/2024.
The surge in interest rates to 15-year highs significantly improves the outlook for life and annuity insurance. The global life insurance industry today looks very different to 15 years ago.
Low interest rates from 2008 until the inflation surge after 2021 put huge strain on the traditional life insurance business model of using balance sheet leverage and investment income to deliver contractual promises to policyholders.
US fixed annuity sales are projected to reach a new record this year, following a more than twofold increase in 2023 compared to any previous year before 2022.
Life insurer operating results and investment return, key markets
This demand boost should help mobilize the substantial private savings needed to narrow the retirement savings gap between current pension assets and the amount required for secure retirements, according to Top Trends in the Global Life Insurance Market.
US individual annuities direct business, first year and single premiums
US life insurers are expected to see growth during third-quarter earnings while wrestling with the impact of higher interest rates, a dynamic annuities sector and the commercial real estate market’s effect on investment portfolios.
FAQ
US life insurers are projected to see growth in earnings this year, even as they navigate the challenges posed by higher interest rates, a dynamic annuities sector, and the effects of commercial real estate on investment portfolios.
Prudential of America Group tops AM Best’s 2024 ranking, leading with $531.5 bn in admitted assets. New York Life Group follows in second place with $423.4 bn, while MetLife holds the third spot at $414.6 bn.
Higher interest rates have increased the pressure on borrowers, leading to a slight rise in default rates on corporate debt. Despite this, most US life insurers are well-capitalized with short-term liquidity, reducing the need to sell real estate assets at distressed prices.
Ibexis Life & Annuity Insurance recorded the largest growth, with a 317% increase in assets, moving it up from 240th to 176th place. Conversely, Farmers New World Life Insurance experienced a 57.8% decline, falling from 92nd to 128th position.
The rise in interest rates has spurred demand for fixed annuities, with sales expected to reach new records. This trend offers life insurers an opportunity to boost profitability through spread-based products and reinvestment of assets at higher returns.
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Edited & Fact-checked by Oleg Parashchak – CEO Finance Media & Editor-in-Chief at Beinsure Media and Insurance TOP Ratings (23+ years of professional experience in Rankings, Insurance & Media) by AM Best Data.
