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March 06, 2017 at 02:32 PM
The top 25 U.S. life and fraternal insurers have reported just $253 billion in direct annuity premium revenue in statutory filings for 2016.
The top 25 issuers’ total annuity premium revenue appears to be 4.1 percent lower than it was in 2015.
The National Association of Insurance Commissioners, a Kansas City, Missouri-based group for state insurance regulators, has reported the data for 2016 in a table showing countrywide premium rankings for the top 25 life group and the top 25 annuity groups.
Related: Top 10 annuity providers ranked by NAIC
NAIC researchers prepared the 2016 table using the filings received as of March 3. The NAIC estimates it has received 96.3 percent of the life, accident and health filings it expects to get and 100 percent of the fraternal filings.
The comparable table for 2015 is based on filings the NAIC had received as of March 28, 2016. The NAIC estimated it had received 97.8 percent of the expected life company filings and 98.7 percent of the fraternal filings when it prepared that table.
The NAIC prepares the direct premium tables to help regulators and analyze market concentration in the insurance market.
Jackson National continues to lead the annuity rankings, with $19 billion in direct premiums and a 7.4 percent share. The premium total reported is down from $25 billion in premium and a 9.3 percent share for 2015.
American International Group Inc. continues to rank second, with direct premium revenue falling to $16 billion, from $21 billion, and its market share falling to 6.4 percent, from 8 percent.
