Prudential Financial Inc. enjoyed a double-digit, over-year-over gain in life premiums in the first quarter, by far the largest increase among 10 leading life insurers, new research shows.
SNL Financial LLC disclosed this finding in a ranking of life insurance underwriters for the three months ended March 31. The rankings are based on group direct and ordinary life insurance premiums, the latter referring to term and all permanent products.
Premium revenue of Prudential Financial totaled $2.83 billion for the first three months of 2013, up from $2.5 billion recorded in the first quarter of 2012, a 12.91 percent increase.
“The company reported in its first quarter 10-Q that a key driver of the growth was the individual life business, which benefited from increased sales of universal life insurance products due to a change in the competitive position of our products and increased distribution as a result of the acquisition of the Hartford Life Business,” according to an SNL press statement.