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September 17, 2014 at 03:41 PM
With nearly 10 percent market share, MetLife led all life insurers for premiums written in Q2 of this year, bringing in $3.89 billion, a 1.7 percent increase over their sales in the second quarter of last year. This modest increase was in keeping with the industry as a whole, which saw 1.8 percent sales growth year over year, a new report from SNL Financial notes.
It’s a small number, although there are larger success stories within it. Whole life insurance continued to perform well on the product front, with a 6 percent increase during the period. “Over the past six years, whole life has demonstrated strong, consistent growth, which has buoyed overall insurance sales,” noted Benjamin Baldwin, associate analyst of LIMRA insurance research. Whole life currently holds 34 percent of the market.
To be sure, this market looks very similar in scope to the one that closed out the second quarter of 2013. All ten of the insurers on this year’s list featured last year, as well. There were some positional changes, but no radical leaps or drops. Only one carrier saw percentage growth that crossed into double digits, though a handful of others hovered in the 7–9 percent range.
To view the full rankings, including total premiums written, percentage change and market share, read on.
No. 1: MetLife
Ranking in 2013: 1
Life premiums written, Q2 2014: $3.89 billion
Life premiums written, Q2 2013: $3.83 billion
Percent change: 1.73%
Market share: 9.73%
Source: SNL Financial
Image: In this file photo made Thursday, June 4, 2009, a woman works on a computer at the Metlife insurance office in Mumbai, India. (AP Photo/Rajanish Kakade, file)
No. 2: Northwestern Mutual Life Insurance Co.
Ranking in 2013: 2
Life premiums written, Q2 2014: $3.52 billion
Life premiums written, Q2 2013: $3.19 billion
Percent change: 10.53%
Market share: 8.80%
Source: SNL Financial
No. 3: New York Life Insurance Group
Ranking in 2013: 4
Life premiums written, Q2 2014: $2.80 billion
Life premiums written, Q2 2013: $2.59 billion
Percent change: 8.12%
Market share: 7.00%
Source: SNL Financial
No. 4: Prudential Financial, Inc.
Ranking in 2013: 3
Life premiums written, Q2 2014: $2.55 billion
Life premiums written, Q2 2013: $2.75 billion
Percent change: -7.13%
Market share: 6.37%
Source: SNL Financial
Image: In this Aug. 2, 2005 file photo, a Prudential Financial sign on the marquis tells customers the company is inside an office building in Salt Lake City. (AP Photo/Douglas C. Pizac, file)
