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October 03, 2011 at 09:37 AM
Carriers reporting total group life results experienced an increase in earned premium of 4% compared to mid-year 2010, according to a new report.
Gen Re, South Portland, Me., published this finding in a summary of results from the 2011 U.S. Group Disability and Group Life Mid-Year Market Survey. The benchmark survey covers traditional/basic and voluntary group life, short-term disability (STD), long-term disability (LTD) sales and earned premium for the first half of the year.
Thirty-one carriers participated in the survey, representing approximately 95% of the group disability market and more than 85% of the group life market.
Earned premiums for group life products at mid-year 2011 reached nearly $10.5 billion, the report finds. Long-term disability earned premium remained level with just over $4.8 billion reported, while short-term disability grew by 2%, totaling over $1.7 billion in earned premium at mid-year.
Participating companies reported a combined earned premium for all products of $17.1 billion for mid-year 2011, and a combined annualized new sales premium of $2.6 billion.
