Premiums by Line

Measured by premiums written, annuities are the largest life/health product line, followed by health insurance (also referred to in the industry as accident and health) and life insurance. Life insurance policies can be sold on an individual, or "ordinary," basis or to groups such as employees and associations. Accident and health insurance includes medical expense, disability income and long-term care. Other lines include credit life, which pays the balance of a loan if the borrower dies or becomes disabled, and industrial life, small policies whose premiums are generally collected by an agent on a weekly basis.

 

DIRECT PREMIUMS WRITTEN BY LINE, LIFE/HEALTH INSURANCE INDUSTRY, 2011-2013

($000)

  2011 2012 2013
Lines of insurance Direct premiums
written (1)
Percent
of total 
Direct premiums
written (1)
Percent
of total 
Direct premiums
written (1)
Percent
of total 
Annuities            
Ordinary individual annuities $212,365,662 32.3% $192,291,621 28.1% $198,862,072 30.7%
Group annuities 122,453,628 18.6 164,069,697 23.9 120,091,136 18.6
Total $334,819,290 50.9% $356,361,318 52.0% $318,953,208 49.3%
Life            
Ordinary life 130,935,596 19.9 132,640,130 19.4 129,963,644 20.1
Group life 31,478,628 4.8 34,420,250 5.0 33,532,415 5.2
Credit life (group and individual) 1,224,617 0.2 1,129,433 0.2 990,170 15.3
Industrial life 173,147 (2) 165,688 (2) 146,248 (2)
Total $163,811,988 24.9% $168,355,500 24.6% $164,632,477 25.4%
Accident and health (3)            
Group 87,795,765 13.4 90,647,379 13.2 94,705,454 14.6
Other 69,851,576 10.6 68,870,879 10.1 67,677,104 10.5
Credit 929,424 0.1 954,569 0.1 966,052 0.1
Total $158,576,766 24.1% $160,472,827 23.4% $163,348,610 25.2%
All other lines 2,404 (2) 2,574 (2) 3,027 (2)
Total, all lines (4) $657,210,448 100.0% $685,192,219 100.0% $646,937,321 100.0%

(1) Before reinsurance transactions.
(2) Less than 0.1 percent.
(3) Excludes accident and health premiums reported on the property/casualty and health annual statements.
(4) Excludes deposit-type funds.

Source: SNL Financial LC.

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Annuities

There are several types of annuities. Fixed annuities guarantee that a specific sum of money will be paid in the future, generally as a monthly benefit, for as long as the annuitant lives. The value of variable annuities fluctuates with the performance of an underlying investment portfolio. The equity-indexed annuity is a hybrid product, with features of fixed and variable annuities. Annuities play a key role in financing retirement for many Americans. (See also Retirement Assets: Annuities, page __.)

 

 

TOP TEN WRITERS OF GROUP ANNUITIES BY DIRECT PREMIUMS WRITTEN, 2013

($000)

Rank Group/company Direct premiums written (1) Market share
1 Voya Financial Inc. $8,820,053 17.2%
2 American International Group  7,631,540 14.9
3 TIAA-CREF  5,374,186 10.5
4 Great-West Insurance Group  4,751,377 9.3
5 MetLife Inc.  3,731,766 7.3
6 Lincoln National Corp.  2,932,720 5.7
7 Jackson National Life Group  2,695,474 5.3
8 OneAmerica Financial Partners  2,520,110 4.9
9 AXA  2,391,610 4.7
10 Prudential Financial Inc.  1,615,119 3.2

(1) Based on U.S. total, includes territories.

Source: SNL Financial LC.

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TOP TEN WRITERS OF INDIVIDUAL ANNUITIES BY DIRECT PREMIUMS WRITTEN, 2013

($000)

Rank Group/company Direct premiums written (1) Market share
1 Jackson National Life Group  $20,590,959 10.8%
2 Lincoln National Corp.  15,174,309 8.0
3 Prudential Financial Inc.  11,580,012 6.1
4 MetLife Inc.  10,604,859 5.6
5 American International Group  10,347,212 5.4
6 Guggenheim Capital LLC 9,255,038 4.9
7 Allianz Group  9,075,854 4.8
8 New York Life Insurance Group  8,993,626 4.7
9 AEGON 8,548,350 4.5
10 AXA  7,332,020 3.8

(1) Based on U.S. total, includes territories.

Source: SNL Financial LC.

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TOP TEN WRITERS OF ANNUITIES BY DIRECT PREMIUMS WRITTEN, 2013 (1)

($000)

Rank Group/company Direct premiums written (2) Market share
1 Jackson National Life Group  $23,286,433 9.6%
2 Lincoln National Corp.  18,107,029 7.5
3 American International Group  17,978,751 7.4
4 MetLife Inc.  14,336,625 5.9
5 Prudential Financial Inc.  13,195,131 5.5
6 TIAA-CREF  12,413,403 5.1
7 Voya Financial Inc. 10,777,665 4.5
8 AXA  9,723,630 4.0
9 Guggenheim Capital LLC 9,719,980 4.0
10 New York Life Insurance Group  9,243,127 3.8

(1) Includes individual and group annuities.
(2) Based on U.S. total, includes territories.

Source: SNL Financial LC.

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CREDIT LIFE INSURANCE

Credit life insurance, a form of decreasing term insurance, protects creditors such as banks. The borrower pays the premium, generally as part of the credit transaction, to cover the outstanding loan in the event he or she dies. The face value of a policy decreases as the loan is paid off until both equal zero. When loans are paid off early, premiums for the remaining term are returned to the policyholder. Credit accident and health, a similar product, provides a monthly income in the event the borrower becomes disabled.

 

CREDIT LIFE, AND CREDIT ACCIDENT AND HEALTH INSURANCE DIRECT PREMIUMS WRITTEN, 2004-2013

($000)

Year Credit life Credit accident and health
2004 $1,526,021 $1,554,325
2005 1,607,487 1,522,791
2006 1,564,124 1,442,604
2007 1,631,338 1,407,579
2008 1,563,207 1,251,052
2009 1,248,710 964,781
2010 1,247,848 930,578
2011 1,226,326 930,318
2012 1,159,524 957,294
2013 977,557 968,691

Source: SNL Financial LC.

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