Total U.S. life insurance new annualized premium fell 1% in the H1 2024 to $7.4 bn and policies sold remained flat. The total number of policies sold in the 2024 were level with prior year’s results, according to LIMRA’s U.S. Life Insurance Sales Survey.
Given the dominant role the top 20 insurers have on the U.S. life insurance sector (representing 65% of the total new premium), LIMRA believes transparency is important and has decided — for the first time — to begin publishing the top 20 life insurance sales leaders.
John Carroll, senior vice president, head of Life and Annuities, LIMRA and LOMA
US Life Insurance Companies to see growth earnings in 2024 while wrestling with the impact of higher interest rates, a dynamic annuities sector and the commercial real estate market’s effect on investment portfolios.
The Life & Health insurance industry’s admitted assets grew by 5.6% (see TOP 100 Largest Life & Health Insurers in the U.S.).
TOP 20 U.S. Individual Life Insurance by Sales
| Rank | Company Name | Total New Annualized Premium ($ mn) |
| 1 | Northwestern Mutual | 266,619 |
| 2 | Pacific Life | 185,687 |
| 3 | Prudential Financial | 184,727 |
| 4 | State Farm Life | 184,383 |
| 5 | New York Life | 180,195 |
| 6 | MassMutual Life Insurance Company | 149,709 |
| 7 | National Life Group | 134,603 |
| 8 | Mutual of Omaha Companies | 132,570 |
| 9 | Nationwide | 124,800 |
| 10 | Transamerica | 114,332 |
| 11 | John Hancock Life Insurance Company | 107,138 |
| 12 | Primerica Life Insurance | 79,690 |
| 13 | Lincoln National Life Insurance Company | 77,904 |
| 14 | Penn Mutual | 72,061 |
| 15 | Corebridge Financial | 70,371 |
| 16 | TruStage | 69,520 |
| 17 | Guardian Life Ins Co of America | 69,288 |
| 18 | Allianz Life of NA | 65,526 |
| 19 | Protective Life | 57,104 |
| 20 | Legal & General America | 52,698 |
| Top 20 | $2,378,924 | |
| Top 20 share of the survey | 75% | |
| Top 20 share of the industry | 64% |
TOP 20 U.S. Individual Life Insurance by Policy Count
| Rank | Company Name | Total Policy Count |
| 1 | State Farm Life | 232,852 |
| 2 | Mutual of Omaha Companies | 134,587 |
| 3 | Northwestern Mutual | 78,660 |
| 4 | TruStage | 76,051 |
| 5 | Primerica Life Insurance | 74,881 |
| 6 | New York Life | 64,293 |
| 7 | Gerber Life Insurance Company | 55,604 |
| 8 | Colonial Life | 49,557 |
| 9 | Transamerica | 47,812 |
| 10 | National Life Group | 46,058 |
| 11 | Colonial Penn | 44,317 |
| 12 | Legal & General America | 42,231 |
| 13 | Corebridge Financial | 40,750 |
| 14 | American Amicable Life Insurance Company | 40,598 |
| 15 | Unum | 38,309 |
| 16 | Americo Companies | 31,185 |
| 17 | AAA Life Insurance Company | 30,795 |
| 18 | Protective Life | 24,981 |
| 19 | Prudential Financial | 21,280 |
| 20 | Farmers New World Life | 20,968 |
| Top 20 | 1,195,768 | |
| Top 20 share of the survey | 79% |
Whole Life Insurance
Whole life new premium totaled $1.46 bn in the first quarter, down 7% from prior year’s results. Half of the whole life carriers reported declines in the quarter, including 7 of the top 10, which represent more than 50% of the whole life market.
The number of whole life policies sold fell 5% in the first quarter, compared with first quarter 2023. Whole life insurance new premium held 39% of the total new annualized premium sold in the first quarter.
Top 10 U.S. Whole Life Insurers by Premium
| Rank | Company Name | Annualized Premium ($ mn) |
| 1 | Northwestern Mutual | 163,453 |
| 2 | MassMutual Life Insurance Company | 129,814 |
| 3 | New York Life | 122,041 |
| 4 | State Farm Life | 87,702 |
| 5 | Mutual of Omaha Companies | 87,315 |
| 6 | Guardian Life Ins Co of America | 59,428 |
| 7 | TruStage | 41,737 |
| 8 | American Amicable Life Insurance Company | 31,525 |
| 9 | Colonial Penn | 30,211 |
| 10 | OneAmerica Financial | 27,077 |
Top 10 U.S. Whole Life Insurers by Policy Count
| Rank | Company Name | Total Policy Count |
| 1 | Mutual of Omaha Companies | 106,265 |
| 2 | State Farm Life | 87,091 |
| 3 | Gerber Life Insurance Company | 54,430 |
| 4 | Colonial Penn | 44,317 |
| 5 | TruStage | 41,999 |
| 6 | Unum | 38,309 |
| 7 | Northwestern Mutual | 33,740 |
| 8 | New York Life | 33,158 |
| 9 | American Amicable Life Insurance Company | 31,613 |
| 10 | Colonial Life | 30,572 |
Indexed Universal Life
In the first quarter 2024, indexed universal life (IUL) posted the largest growth year over year in absolute dollars, up 4% to $871 mn. More than half of IUL carriers reported gains in the first quarter, including 7 of the top 10, which sold more than three quarters of the industry’s IUL premium.
The number of policies sold jumped 13% in the first quarter, with a majority of carriers posting positive growth. IUL premium represented 23% of the total new annualized premium in the first quarter.
Insurers that reported the strongest sales growth cited an increased sales force, rising demand for accumulation-focused products, and/or higher survivorship sales, due to the scheduled drop in the estate tax exemption amount next year
Karen Terry, assistant vice president and head of LIMRA Insurance Product Research
Given the current economic environment, LIMRA is forecasting IUL sales to experience moderate growth in 2024 and 2025.
Term Life Insurance
Term new premium rose 4% in the first quarter to $762 mn with all of the top 10 carriers posting premium gains. Policy count grew 3% in the quarter. This is the fifth consecutive quarter of growth in both premium and policy sales.
The sales increase is credited to the expansion of digital platforms and accelerated underwriting, additional distribution partners and product enhancements.
In the first quarter, term new annualized premium held a 20% share of the total U.S. individual life insurance market.
Top 10 U.S. Term Life Insurers by Total Premium
| Rank | Company Name | Total Premium ($mn) |
| 1 | Primerica Life Insurance | 79690 |
| 2 | State Farm Life | 77580 |
| 3 | Legal & General America | 51912 |
| 4 | Northwestern Mutual | 37937 |
| 5 | Prudential Financial | 30675 |
| 6 | TruStage | 27783 |
| 7 | Corebridge Financial | 27588 |
| 8 | Protective Life | 27065 |
| 9 | Pacific Life | 26502 |
| 10 | New York Life | 25471 |
Top 10 Term Life Insurers by Total Policy Count
| Rank | Company Name | Total Policy Count |
| 1 | State Farm Life | 133228 |
| 2 | Primerica Life Insurance | 74881 |
| 3 | Legal & General America | 42155 |
| 4 | Northwestern Mutual | 40890 |
| 5 | TruStage | 34052 |
| 6 | New York Life | 25543 |
| 7 | Corebridge Financial | 18945 |
| 8 | Protective Life | 18905 |
| 9 | Colonial Life | 18812 |
| 10 | Pacific Life | 16199 |
Fixed Universal Life Insurance
For the third consecutive quarter, fixed universal life (fixed UL) new premium increased. In the first quarter. Fixed UL new premium was $247 mn, up 6% year over year.
While several companies reported an increase in their lifetime guarantee UL sales, the rise in fixed UL premium was mainly driven by hybrid life/long term care product sales.
The number of fixed UL policies sold fell 4% from first quarter 2023 results. Fixed UL premium represented 7% of the total new annualized premium in the first quarter.
Variable Universal Life Insurance
Variable universal life (VUL) new premium fell 7% in the first quarter to $398 mn. While half of the VUL carriers reported sales growth, the carriers that reported declines represent several of the top VUL manufacturers.
The number of policies sold, however, grew 4%, compared with first quarter 2023. VUL premium held 11% of the total U.S. life insurance market in the first quarter.
FAQ
U.S. life insurance new annualized premium fell by 1% in the first half of 2024 to $7.4 bn, with policy sales remaining flat compared to the previous year.
The top 20 insurers represent 65% of the total new premium in the U.S. life insurance market, and LIMRA has begun publishing the top 20 life insurance sales leaders for transparency.
Whole life insurance new premium totaled $1.46 bn in the first quarter of 2024, a 7% decline compared to the previous year, with 50% of the carriers reporting declines.
Indexed universal life insurance saw a 4% increase in new premium in Q1 2024, with policy sales growing by 13%. LIMRA forecasts moderate growth for IUL in 2024 and 2025.
Term life insurance new premium rose by 4% in the first quarter to $762 mn, marking the fifth consecutive quarter of growth in both premium and policy sales.
Fixed universal life insurance new premium increased by 6% in Q1 2024 to $247 mn, driven by hybrid life/long-term care products. However, policy sales fell by 4%.
Variable universal life insurance new premium fell by 7% in the first quarter of 2024 to $398 mn, though the number of policies sold grew by 4%.
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AUTHORS: John Carroll – Senior Vice President and Head of Insurance and Annuities – U.S. and Canada, LIMRA and LOMA, Karen Terry – Assistant Vice President and Head of LIMRA Insurance Product Research
