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Life Health > Life Insurance

Two Words For 2007: Strong Growth

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If two words could be used to sum up the performance of The Top 200 life insurance companies for 2007, those words would be “strong growth.”

Fully half of the 10 life and annuity categories that appear in the charts on the following pages and are tracked in our annual statistical report reported double-digit growth rates, ranging as high as 21% for net gain after dividends. The category with the slowest growth was group life in-force at 6%.

The data for these charts is from Highline Data, an affiliate of National Underwriter. All charts are listed at the bottom of this article.

What follows are some highlights in each of the 10 life and annuity categories. Click here for our story for health insurance.

Net Admitted Assets

Net admitted assets for the top 200 companies grew 9% in 2007 to $4.9 trillion compared with $4.5 trillion in 2006. The 9% increase is consistent for the top 10, the top 25 and the top 200 companies.

That consistency is also evident when the net admitted assets of the top companies as a percent of assets for the top 200 are examined.

In 2007, the top 10 companies represented 30% of the assets of the top 200 and the top 25 companies represented 58% of the top 200, unchanged from 2006.

Four companies reported triple-digit increases including Lincoln Life & Annuity of New York with a 536% increase; Reassure America Life, 309%; CUNA Mutual, 260%; and the U.S. business of Canada Life Assurance, with a 101% increase.

Forty-six companies posted double-digit increases, and 9 of those companies had increases of between 30% and 91%. Among those companies was Monumental Life with a 91% increase; Ameritas Life, up 79%; and Assurity Life with a 65% increase.

Thirteen more companies posted increases of between 20-29%.

Premium Income

Premium income increased 9% in 2007 for the top 200, jumping to $594 billion from a 2006 total of $546 billion.

Growth was weighted more toward the top companies with the top 25 posting a 10% increase, growing to $357 billion from $325.4 billion. The top 10 companies posted a 12% increase to $201.5 billion up from $180 billion.

In 2007, the top 10 companies represented 34%, and the top 25 represented 60% of the premium income of the largest 200 companies in this category. The totals were roughly comparable to 2006′s 33% for the top 10 and 60% for the top 25.

Nine insurers posted triple-digit increases. The largest of those were: Scottish Re U.S. with a 923% increase; AIG Annuity, 657%; Pyramid Life, 531%; Commonwealth Annuity & Life, 428%; Lincoln Life & Annuity of New York, 374%; and First Health Life & Health, 209%.

Twenty-nine companies posted 30%+ increases including: Fidelity Security Life with a 90% increase; Pennsylvania Life, 88%; CUNA Mutual, 82%; Reassure America Life, 75%;

Other 30%+ increases were reported by top insurers including American Life, up 33%; Lincoln National Life, 47%; Hartford Life, 41%; and Humana, 33%.

In spite of the 9% growth for the top 200, 67 companies posted declines, although most were relatively small changes in 2007 over 2006.

The largest drop was recorded by Genworth Life with a 76% decline in 2007 over 2006 followed by AGL Life Assurance, 57%; Great West Life & Annuity, down 56%; American Medical Security Life, 55%; and Pacificare Life & Health, off 52%.

Net Investment Income

Net investment income grew by 7% for the top 200 with 2007 results totaling $166.4 billion compared with $155.1 billion in 2006, the same as rate of growth registered for the top 25 and just a tick under the 8% increase posted for the top 10.

In 2007 as in 2006, the top 10 insurers represented 37% of the total for the top 200 and the top 25 accounted for 59%.

Triple-digit increases were posted by 9 companies with the largest posted by Lincoln Life & Annuity of New York with a 378% increase. Others reported the following: Reassure American Life, 341%; Humana, 182%; Genworth Life & Annuity, 157%; and Household Life of Del., 144%.

Double digit growth of 30% or more was recorded by 10 companies, with the biggest increase in this group reported by Lincoln National Life at 75%, while others reported the following: Assurity Life, 61%; AGC Life, 58%; Primerica Life, 57%; and the U.S. business of Canada Life Assurance, 52%.

Twelve companies posted increases of between 20-29% and 13 companies saw a decline of 10% or more in 2007 compared with 2006, including Conseco, which fell by 69%.

Net Gain After Dividends

A 21% increase was posted for the top 200′s net gain after dividends, raising the total to $41 billion in 2007 from $33.9 billion in 2006. The increase was due to some extent to larger insurers. For both the top 10 and the top 25, a 33% increase in 2007 was posted over 2006.

The larger companies represented a slightly larger share of net gains after dividends for the top 200. In 2007, the top 10 represented 35% of the top 200 and the top 25, 58%, compared with 2006 when the respective totals were 32% and 53%.

Several insurers posted net gains after dividends that increased by 1000% or more in 2007 over 2006. These include: a 10,819% year-over-year increase for American Republic; a 2,262% increase for Medico; 1,030% for UNUM Life of America; 990% for Hannover Life Reassurance of America; 722% for Sun Life & Health; 587% for Humana; and a 547% for First Health Life & Health.

A total of 18 companies posted increases ranging from 100 to 550% and 43 companies realized increases of between 20% and 99%.

Seventy-three companies posted a decline in 2007 compared with 2006. The declines from those companies ranged from 1% to 89%.

Individual Life Premiums

The top 200 posted a 14% increase in 2007 over 2006, driven by gains made at the largest insurers in the category. The 14% increase brought the 2007 total to $114 billion compared with $99.4 billion in 2006.

A sizeable 25% gain was posted by the top 10 companies which reported $62.5 billion in individual life premium in 2007 up from $50 billion in 2006. The top 25 insurers posted a 19% increase, growing to $80.7 billion from 2006′s $68 billion.

Six companies reported triple-digit increases in 2007 over 2006 including: CUNA Mutual Insurance Society, 516%; Pacific Life & Annuity, 380%; Lincoln Life & Annuity of New York, 339%; John Hancock Life of New York, 273%; AIG Life, 137%; and Genworth Life, 114%.

A total of 52 companies posted double-digit increases, with the largest year-over-year gains realized by: Ameritas Life, 87%; AG Life Assurance and Lincoln National Life, both with 86%; Monumental Life, 84%; Assurity Life, 81%; and Columbian Mutual Life, 80%.

Seventy-seven companies experienced declines in individual life premium totals in 2007 compared with 2006. Companies posting the largest declines included: Transamerica Life, 87%; U.S. branch of SunLife Assurance of Canada, 63%; Indianapolis Life, 59%; Banner Life, 57%; and, Aviva Life & Annuity of N.Y., 52%.

Individual Annuity Premiums

The top 200 companies, as measured by individual annuity premiums, grew 10% in 2007 to $191.4 billion compared with 2006′s $174.1 billion.

Both the top 10 and the top 25 registered 7% increases. The top 10 grew to $83 billion in 2007, up from $77.4 billion in 2006, while the top 25 grew to $131 billion, up from $122.3 billion.

The more accelerated growth from companies below the top 25 is due to a number of insurers that posted huge increases including: the U.S. business of the Canada Life Assurance; Forethought Life; CUNA Mutual; Aviva Life & Annuity of N.Y. and Monumental Life.

Eleven companies also posted triple-digit increases. They include: Brooke Life, 876%; Commonwealth Annuity & Life, 837%; Loyal American Life, 396%; Lincoln Life & Annuity of N.Y., 369%; Scottish Re U.S., 293%; Universal Life, 284%; INR Life & Annuity, 190%; Hannover Life Reassur of America, 155%; AIG Life, 130%; Tennessee Farmers Life, 116%; and First Great West Life & Annuity, 106%.

Sixty-eight companies experienced double-digit growth in 2007 over 2006. But there were also 81 companies that showed declines. These include: Physicians Life, off 71%; Liberty Life Assurance of Boston, off 65%; Conseco, down 57%; and Auto Club Life, Standard Life & Accident and Wilton Reassurance Life of N.Y., all off 40%.

Group Life Premiums

A 15% growth rate for the top 200 companies raised group life premiums to $38.1 billion in 2007 compared with $33.2 billion in 2006. That growth was fueled by larger carriers with a 19% increase for the top 10 to $26.1 billion from $21.9 billion and a 16% increase for the top 25 to $32.8 billion from $28.3 billion.

Huge increases were registered by the following companies: Lincoln National Life; Assurity Life; Genworth Life & Annuity; and United States Life in N.Y.C.

Triple-digit increases were posted by: Securian Life, 829%; Hartford Life, 505%; Symetra Life, 423%; Sun Life Assur of Canada (U.S.), 330%; Unimerica, 184%; New York Life Insurance & Annuity, 125%; Southland National Insurance, 116%; and Scor Global Life Re of Texas, 105%.

Sixty-one companies had double-digit increases. A total of 81 companies in the top 200 experienced declines.


The top 200 grew 9% in 2007 over 2006 as measured by total business in-force. In 2007, total in-force business was $34.6 trillion compared with $31.8 trillion in 2006. The top 10 fell shy of this growth, registering a 7% increase while the top 25 slightly edged out the top 200, posting 10% growth.

The top 10 grew to $12.9 trillion in 2007 over $12.1 trillion in 2006. The top 25 grew to $20.8 trillion in 2007 compared with $18.8 trillion in 2006.

Genworth Life of N.Y. and Genworth Life & Annuity both had tremendous year-over-year increases.

Six companies had triple digit increases, while 56 companies had double-digit increases ranging from 10% to an 86%. Sixty-one companies experienced a decline in 2007 compared with 2006, including a 54% decline from Berkshire Hathaway Life.

Group Life In-Force

Group life business in-force grew a steady 6% in 2007 increasing to $10.3 trillion up from $9.7 trillion in 2006 for the top 200 companies. This outpaced growth for the top 10 but trailed slightly behind growth for the top 25. For the top 10, 2007 group life in-force totaled $7.2 trillion in 2007 up from $7 trillion in 2006, and for the top 25 respective figures were $8.9 trillion and $8.4 trillion.

Enormous increases were posted by Lincoln National Life, Assurity Life and Unimerica Life of N.Y.

Individual Life In-Force

The top 200 grew 10% in 2007, increasing to $24.5 trillion, up from $22.3 trillion in 2006. Both the top 10 and the top 25 grew by about 12%. Individual life insurance in-force increased to $8.6 trillion from $7.7 trillion for the top 10 and to $14.9 trillion from $13.2 trillion for the top 25.

Extremely large increases were posted by Genworth Life of N.Y. and Genworth Life & Annuity. Four companies posted triple-digit increases and 51 companies had double-digit rises. Sixty-three companies registered declines in 2007.


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