Total advertising spending among the nation’s life insurers edged up nearly one percent in 2012, new research shows.
SNL Financial LC released this finding in a summary of results from a study that reviews changes in advertising expenses among the top carriers between 2011 and 2012. SNL reviewed advertising expenses based on total expenses, excluding accident and health cost containment and other expenses.
The report pegs total ad dollars spent by the top 10 insurers in 2012 at $1.385 billion, a $12.3 million or 0.9 percent increase over the $1.373 billion recorded in 2011. Spending among the top 10 insurers, however, dipped to $783.8 million from $784.8 million, a decline of $1 million or 0.1 percent.
Collectively, the report states the top 10 insurers accounted for 57 percent of the industry’s ad spending in 2012. New York Life led spending among the top 10 with $148.4 million in ad dollars, an $8.9 million or 6.4 percent gain over the year prior.
Holding the number two and three positions in ad dollars were MetLife and Mutual of Omaha. The companies recorded ad spending of $134.8 million and $118.6 million, respectively.
But whereas MetLife’s spending represents a 3.2 percent ($4.5 million) decline from 2011, Mutual of Omaha’s ad dollars increased $1 million or 0.9 percent over that of 2011.
Prudential Financial, occupying the fourth ranking position, had ad spending of $109.3 million in 2012, an $18 million (19.7 percent) gain over the $91.3 million the company posted in 2011. Gerber Life Insurance, in fifth place, shelled out $65.9 million in dollars in 2012, off $13.7 million (17.2 percent) from the $79.6 million recorded in 2011.
The SNL report shows the following 2012 results among the remaining top 10 companies:
CNO Financial Group ($50.8 million, up 9.1 percent from 2011)
Manulife Financial Group ($41.6 million, down 17.6 percent)
State Farm Life Insurance ($40.8 million, down 46.8 percent)
Nationwide Mutual ($38.5 million, up 46.9 percent)
AEGON ($35.1 million, up 98.3 percent)