INDUSTRIES

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MARKETSLifeinsuranceintheUnitedStatesCHAPTER

01MarketoverviewTotalnumberoflifeinsurancepoliciesinforceintheUnitedStatesfrom2008to2022(inmillions)U.S.lifeinsurance:numberofpoliciesinforce2008-202240035030025020015010050334.69291.09290.65288.86284.34286.32280.82277.83274.84271.68266.89258.75260.7258.94254.9302008200920102011201220132014201520162017201820192020202120223Description:ThenumberoflifeinsurancepoliciesinforceintheUnitedStateshasremainedbelow300millionbetween2010and2022.In2022,therewereapproximately258.9millionoflifeinsurancepoliciesinforceintheUnitedStates.ReadmoreNote(s):UnitedStates;2008to2022Source(s):AmericanCouncilofLifeInsurers;NAICDevelopmentinthetotalnumberoflifeinsurancecompaniesintheUnitedStatesfrom1950to2022NumberoflifeinsurancecompaniesintheU.S.1950-2022Numberofcompanies05001,0001,5002,0002,50019501960197019801990200020012002200320042005200620076491,4411,7801,9582,1951,2691,3411,2841,2271,1791,1191,0721,0094Description:ThenumberoflifeinsurancecompaniesintheUnitedStatesrosesignificantlyinthefirstfewyearsofthetimeperiodunderobservation,beforedecreasingyear-on-yearuntilthepresentday.In2022,therewereatotalof727lifeinsurancecompaniesintheUnitedStates,downfrom737inthepreviousyear.Thenumberoflifeinsurerspeakedin1990,withwellover2,100lifeinsurancecompaniesintheUnitedStatesthatyear.ReadmoreNote(s):UnitedStates;1950to2022Source(s):AmericanCouncilofLifeInsurers;NAICNumberoflifeinsuranceemployeesintheUnitedStatesfrom1960to2022(in1,000s)NumberofemployeesinthelifeinsurancesectorintheU.S.1960-202260050040030020010001960

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20225Description:ThelifeinsuranceworkforceintheUnitedStatesexceededhalfamillioninthe1970sandfellbelow400,000inthe2000s.In2022,therewere327.5thousandlifeinsuranceemployees.ReadmoreNote(s):UnitedStates;1960,1970,1980,1990,2000to2022Source(s):AmericanCouncilofLifeInsurers;BureauofLaborStatistics;USDepartmentofLaborLifeinsurancedistributionchannelsintheUnitedStatesfrom2019to2022LifeinsurancedistributionchannelsintheU.S.2019-2022201920202021202260%53%52%50%49%50%40%30%20%10%0%39%38%38%36%7%6%6%6%6%5%5%4%IndependentagentsAffiliated(captive)agentsDirectresponseOther6Description:In2022,morethanhalfofalllifeinsurancesalesweremadebyindependentagentsintheUnitedStates,thoughthissharedecreasedwhencomparedwith2019.Affiliatedagents,alsoknownascaptiveagents,werethenextmostuseddistributionchannelsinbothyears.ReadmoreNote(s):UnitedStates;2019to2022Source(s):InsuranceInformationInstitute;LIMRAComparisonoftheenvironmental,socialandgovernance(ESG)scoresofthe26largestinsurancecompaniesbymarketcapitalizationworldwidein2023,byESGscoreproviderESGscoresoftheworlds'largestinsurancecompanies2023,byproviderSustainalytics58.669.464S&P

Global

(RobecoSAM)MSCI35.778.650BerkshireHathaway(U.S.)UnitedHealth(U.S.)1279PingAnInsurance(China)ChinaLifeInsurance(China)AIA(HongKongSAR)64.32549.274506278.678.5778.664.350ElevanceHealth(formerlyAnthem)(U.S.)Allianz(Germany)77.273.457.852.859.667.271.667.87089Marsh&McLennanCos.(U.S.)Chubb(Switzerland)3530Progressive(U.S.)2064.392.978.692.9AXA(France)91Cigna(U.S.)77ZurichInsuranceGroup(Switzerland)757Description:AcomparisonofstandardizedESGscoresofthe25largestinsurancecompaniesintheworldshowssignificantdifferencesbetweenESGscoreprovidersinmanycases.Theworld'slargestinsurerbymarketcapitalization,BerkshireHathaway,sawthelargestrangeofscores,withS&Pratingthecompanywiththescoreof12outof100(indicatingthecompanyhasahighlevelofESGrisk),whileSustainalyticsawardedtheequivalentscoreof58.6outof100(indicatingabelowaveragelevelofESG[...]

ReadmoreNote(s):Worldwide;August30,2023Source(s):VarioussourcesCHAPTER

02SegmentsValueofnetpremiumswrittenbyinsurancecompaniesintheUnitedStatesfrom2005to2022(inbillionU.S.dollars)NetpremiumswrittenbyinsurancecompaniesintheU.S.2005-20221,6001,4001,473.631,351.191,3171,277.481,217.281,155.71,153.171,147.321,2001,00080060040020001,131.41,083.21,042.3

1,047.61,043.81,041.591,012.8986.4942.79152005200620072008200920102011201220132014201520162017201820192020202120229/statistics/428702/net-premiums-written-by-insurance-companies-usaThisstatisticpresentsthevalueofnetpremiumswrittenbyinsurancecompaniesintheUnitedStatesfrom2005to2022.In2022,thenetpremiumswrittenbyinsurancecompaniesintheU.S.amountedtoapproximately1.47trillionU.S.dollars.

ReadmoreNote(s):UnitedStates;2005to2022Source(s):InsuranceInformationInstitute;NAIC;S&PGlobalMarketIntelligenceValueofinsurancepremiumswrittenintheUnitedStatesfrom2009to2022,bysector(inbillionU.S.dollars)Insurancemarketsize,bysectorU.S.2009-2022Property/casualtyLife/annuity*1,6001,4001,2001,00080060040020002009201020112012**201320142015201620172018201920202021202210Description:Overtheyears,thepropertyandcasualtyinsurancepremiumswrittenintheUnitedStatesroseatasteadypace.In2022,propertyandcasualtyinsurancepremiumswrittenintheUnitedStatesamountedto715.9billionU.S.dollars,whilelifeandannuitypremiumsstoodat635.7billionU.S.dollars.ReadmoreNote(s):UnitedStates;2009to2022;*Life/annuitywaslistedaslife/healthbythesourceuntil2017.**Nodatawasprovidedfor2012bysource.ReadmoreSource(s):InsuranceInformationInstitute;NAIC;S&PGlobalMarketIntelligenceValueofdirectpremiumswrittenbylife/annuityinsuranceindustryintheUnitedStatesfrom2011to2022,byline(inbillionU.S.dollars)Directpremiumsoflife/annuityinsuranceintheU.S.2011-2022,bylineAnnuitiesAccidentandhealthLife45040035030025020015010050020112012201320142015201620172018201920202021202211/statistics/214555/total-direct-premiums-written-of-us-life-and-health-insurance-industryThelargestsegmentforlifeandannuityinsurancecompaniesintheUnitedStateswasannuities.In2022,thegrossannuitypremiumsamountedtoalmost400billionU.S.dollarscomparedwith206billionU.S.dollarsinlifeinsurancepremiums.ReadmoreNote(s):UnitedStates;2011to2022Source(s):InsuranceInformationInstitute;NAIC;S&PGlobalMarketIntelligenceTotalrevenuesofMetLifein2022,bysegment(inmillionU.S.dollars)TotalrevenuesofMetLife2022,bysegment45,00038,46240,00035,00030,00025,00020,00015,00010,0005,00007,498Asia4,4404,2782,299382UnitedStatesLatinAmericaMetLifeHoldingsEurope,MiddleEastandAfricaCorporate&other12Description:In2022,MetLife'sbusinessoperationsintheirdomesticmarketgeneratedthehighestrevenueamongallotherregions.MetLifeisaglobalAmericanlifeinsurancecompanyheadquarteredinNewYork,andisoneoftheworld'sleadinginsurance,annuities,andemployeebenefitproviders.In2022,operationsintheU.S.generatedrevenuesworthalmost40billionU.S.dollars.Thiswasoverfivetimeslargerthanthenextlargestsegment,Asia,whichgeneratedrevenuesworthapproximately[...]

ReadmoreNote(s):Worldwide;2022Source(s):MetLifeValueoflifeandhealthpremiumswrittenbyBerkshireHathawayfrom2014to2023,byregion(inmillionU.S.dollars)LifeandhealthpremiumswrittenbyBerkshireHathaway2014-2023,byregion20142015201620172018201920202021202220234,0003,5003,0002,5002,0001,5001,0005000UnitedStatesWesternEuropeAsiaPacificAllother13Description:ThevalueoflifeandhealthpremiumswrittenbyBerkshireHathawaygenerallyincreasedacrossallregionsofconcernfrom2014to2023,exceptintheUnitedStates,wherepremiumvaluedecreasedoverall.In2023,BerkshireHathawaywrotelifeandhealthpremiumsamountingtoapproximately1.28billionU.S.dollarsintheUnitedStates,1.32billionU.S.dollarsinWesternEurope,1.76billionU.S.dollarsinAsiaPacific,andaround725millionU.S.dollarsinallotherregions.ReadmoreNote(s):Worldwide,Europe,UnitedStates,APAC;2014to2023Source(s):BerkshireHathawayCHAPTER

03LeadingcompaniesLargestlifeinsurancecompaniesintheUnitedStatesasofJanuary8,2024,bymarketcapitalization(inbillionU.S.dollars)LargestU.S.lifeinsurancecompanies2024,bymarketcapMarketcapinbillionU.S.dollars0102030405060MetLifeAmericanInternationalGroup(AIG)PrudentialFinancial51.0148.4437.65Principal19.26GlobeLife11.5EquitableHoldings11.18UnumGroup8.94LincolnNationalCorporationAmericanEquityInvestmentLifeHoldingBrighthouseFinancialCNOFinancialGroup4.774.373.393.051.76NationalWesternLife15Description:MetLifewasthelargestlifeinsuranceproviderintheUnitedStatesasofJanuary2024,withamarketcapitalizationamountingto51billionU.S.dollars.ReadmoreNote(s):UnitedStates;January8,2024Source(s):CompaniesMarketCCustomersatisfactionindexoflifeinsurancefromselectedinsurancebrandsintheUnitedStatesin2022and2023CustomersatisfactionindexoflifeinsurancebrandsintheU.S.2022-202320228020239080706050403020100838281818080807979797979

79797878787878777775LifeinsuranceAIGNewYork

StateFarm

AllOthersLifeJohnHancockGuardianLifeLincolnFinancialMetLifeNationwide

Prudential

MassMutual16Description:In2023,AIGwasdeemedthelifeinsurerwiththehighestcustomersatisfactionscoreaspertheAmericanCustomerSatisfactionIndex(ACSI).AIGachievedacustomersatisfactionscoreof82outof100points,whichwasanincreaseofthreepointsyear-on-year.Betweentheyears2022and2023,JohnHancockexperiencedthehighestincreaseinitscustomersatisfactionscore,risingfrom75to80,indicatingagrowthofnearlyfivepoints.However,MassMutualexhibitedthelowestcustomer[...]

ReadmoreNote(s):UnitedStates;2022

to2023Source(s):ACSI?SatisfactionwithcustomerexperienceamonglifeinsurancecustomersintheUnitedStatesin2022and2023CustomerexperiencesatisfactionoflifeinsuranceintheU.S.20232022832023859080706050403020100848382828281818079797977777617Description:In2023,lifeinsurancecustomersintheUnitedStateswerethemostsatisfiedwiththecustomerexperienceformobileapps.TheAmericanCustomerSatisfactionIndex(ACSI)awardedascoreof85outof100forthequalityofmobileapplications.Between2022and2023,customerexperiencebenchmarksimprovedforallaspectsofthecustomerexperience.Furthermore,thebenchmarkforspeedandefficiencyofpolicyapprovalsawthehighestincrease,soaringbyfourpoints.

ReadmoreNote(s):UnitedStates;2022

to2023Source(s):ACSI?Leadinglife/annuityinsurancecompaniesintheUnitedStatesin2022,bydirectpremiumswritten(inbillionU.S.dollars)LargestU.S.lifeinsurance/annuitiescompanies2022,bydirectpremiumswrittenPremiumswritteninbillionU.S.dollars020406080100120MetLifeInc.EquitableHoldings111.0675.18NewYorkLifeInsuranceGroupMassachusettsMutualLifeInsuranceCo.PrudentialFinancialInc.AtheneHoldingLtd.47.4546.144.5436.4236.1735.55NationwideWestern&SouthernFinancialCorebridgeFinancial26.7226.09LincolnFinancial18Description:In2022,thebiggestlifeinsuranceandannuitiescompanyintheUnitedStateswasMetLifeInc.Inthatyear,MetLifeIncwrotedirectinsurancepremiumsamountingtoover111billionU.S.dollars.ReadmoreNote(s):UnitedStates;2022Source(s):InsuranceInformationInstitute;NAIC;S&PGlobalMarketIntelligenceLeadingwritersofindividuallifeinsuranceintheUnitedStatesin2022,bydirectpremiumswritten(inbillionU.S.dollars)LeadingU.S.individuallifeinsurancewritersin2022,bydirectpremiumswrittenDirectpremiumsinbillionU.S.dollars0246810121413.916NorthwesternMutualLifeInsuranceCo.MassachusettsMutualLifeInsuranceCo.NewYorkLifeInsuranceGroupLincolnNationalCorp.PrudentialFinancialInc.StateFarm9.248.656.896.795.45JohnHancockLifeInsuranceCo.PacificLife4.874.734.644.11TransamericaProtective19Description:ThestatisticpresentstheleadingwritersofindividuallifeinsuranceintheUnitedStatesin2022,bydirectpremiumswritten.ItwasfoundthatNorthwesternMutualLifeInsuranceCo.wasthelargestindividuallifeinsurancewritingcompanyin2022,withapproximately13.9billionU.S.dollarsofdirectpremiumswritten.ReadmoreNote(s):UnitedStates;2022Source(s):InsuranceInformationInstitute;NAIC;S&PGlobalMarketIntelligenceLargestlifeinsurancecompaniesintheUnitedStatesin2023,bymarketshareLargestU.S.lifeinsurancecompanies2023,bymarketshareMarketshare4%0%2%6%8%10%12%NorthwesternMutualNewYorkLife10.71%7.22%MassMutual6.44%Prudential5.08%LincolnFinancialStateFarm3.98%3.58%GuardianJohnHancockTransamerica3.25%2.98%2.85%PacificLifeProtectiveLife2.75%2.63%CorebridgeFinancial(formerlyAIGLife)Nationwide2.1%2.08%20Description:In2023,thelargestshareoftheU.S.lifeinsurancemarketwasheldbyMilwaukee-basedNorthwesternMutual,whichaccountedfor10.7percentofthemarket.Asamutualsocietyspecializinginlifeinsurance,NorthwesternMutualhasattainedahighershareofthismarketthandiversified,publiclylistedinsurancegiantslikeMetLifeandCorebridgeFinancial(formerlyAIGLife).Infact,manyofthelargestlifeinsurancecompaniesintheUnitedStatesarenotpubliclylisted,sodonotfactor[...]ReadmoreNote(s):UnitedStates;2023Source(s):NerdWalletLargestlifeinsurancecompaniesintheUnitedStatesin2022,byassets(inbillionU.S.dollars)LeadingU.S.lifeinsurancecompanies2022,byassetsTotalassetsinbillionU.S.dollars200

3000100400500600PrudentialFinancialMetLife,Inc.515.23426.88403.95NewYorkLifeMassachusettsMutualTIAA-CREF367.29365.3NorthwesternMutualCorebridgeFinancialLincolnFinancialJacksonNationalManulifeFinancialAtheneGroup340.56329.04296.27269.62268.3239.08222.59215.87EquitableHoldings,Inc.Nationwide21Description:In2022,PrudentialFinancialwasthelargestlifeinsurancecompanyintheUnitedStateswithassetsamountingtoapproximately515.2billionU.S.dollars.ReadmoreNote(s):UnitedStates;December31,2022Source(s):AmericanCouncilofLifeInsurers;NAICLargestlifeinsurancecompaniesintheUnitedStatesin2022,bytotaldirectlifeinsurancepremiums(inbillionU.S.dollars)LargestU.S.lifeinsurancecompanies2022,bytotaldirectlifeinsurancepremiumsPremiumsinbillionU.S.dollars02468101214161820NorthwesternMutualMetLife,Inc.18.7216.81NewYorkLife14.94PrudentialFinancialMassachusettsMutualLincolnFinancialNationwide13.111.438.66.136.07GuardianStateFarm5.86ManulifeFinancialSecurianFinancialGroupTransamericaCorporationPacificLife5.155.15.044.7822Description:Attheendof2022,thelargestinsurancecompanyintheUnitedStatesbytotaldirectpremiumswasNorthwesternMutual.NorthwesternMutualledthe2022rankingwithapproximately18.7billionU.S.dollarsofdirectlifeinsurancepremiumswritten.ThiswasfollowedbyMetlife,withdirectpremiumswrittenworthapproximately16.8billionU.S.dollars.MetLifewasalsothesecondlargestU.S.lifeinsurerintermsofvalueofassetsinthatyear.ReadmoreNote(s):UnitedStates;2022;endofyeardataSource(s):AmericanCouncilofLifeInsurers;NAICCHAPTER

04Salesmetrics/consumptionDistributionoflifeinsuranceownershipintheUnitedStatesfrom2011to2023LifeinsuranceownershipintheU.S.2011-2023OwnlifeinsuranceDon'townlifeinsurance65%60%55%50%45%40%35%30%63%62%60%57%59%59%59%57%43%57%43%54%46%52%48%52%48%50%43%40%41%41%41%38%37%201120122013201420152016201720182019202020212022202324Description:LifeinsuranceownershipintheUnitedStatesroseforthefirsttimeinrecentyearsin2023.In2023,52percentofAmericansownedlifeinsurance,upfrom50percentin2022.Lifeinsuranceisacontractbetweenaninsurerandapolicyholder,whichisaformoffinancialprotectionfornamedbeneficiariesoftheinsuredpersonincaseoftheirdeath.Themostcommonreasonforowninglifeinsurancewastocoverburialandfinalexpenses.

ReadmoreNote(s):2011to2023;over3,000;18yearsandolder;adultconsumerswhoarefinancialdecisionmakersintheirhouseholdsSource(s):LifeHappens;LIMRATotalrevenueoflife/annuityinsuranceindustryintheUnitedStatesfrom2009to2022(inbillionU.S.dollars)TotalrevenueofU.S.life/annuityinsuranceindustry2009-20221,2001,034.71,000945.7921.9903.9878881.2848.2851.9835832.5839.9776.7773.3782.780060040020002009201020112012201320142015201620172018201920202021202225Description:In2022,thelife/annuityinsuranceindustryintheUnitedStatesgeneratedrevenuesofoveronetrillionU.S.dollars.Revenuesinthissectorincreasedbymorethan80billionU.S.dollarsbetween2021and2022.Alifeannuityisaninsuranceproduct,whichiscommonlyusedtoprovideaguaranteedincomeinretirementthatcannotbeoutlived.Theannuitantpaysintoitperiodicallywhilethey’restillworking,ormakesalumpsumpurchaseuponretirementtoprovideareliable,usually[...]

ReadmoreNote(s):UnitedStates;2009to2022Source(s):InsuranceInformationInstitute;NAIC;S&PGlobalMarketIntelligenceFaceamountoflifeinsurancepolicypurchasesintheUnitedStatesfrom2000to2022(intrillionU.S.dollars)U.S.lifeinsurance:faceamountofpolicypurchases2000-20223.53.293.33.243.033.042.992.972.952.942.92.88

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202226Description:ThevalueoflifeinsurancepolicypurchasesintheUnitedStateshasremainedrelativelyconstantoverthepasttwodecades.In2022,theaggregatefaceamountoflifeinsurancepolicypurchasesamountedto3.3trillionU.S.dollarsintheUnitedStates,upfrom3.23trillionU.S.dollarsinthepreviousyear.ReadmoreNote(s):UnitedStates;2000to2022Source(s):AmericanCouncilofLifeInsurers;NAICShareofadultswhoownedlifeinsuranceintheUnitedStatesfrom2011to2021and2023ShareofadultswhoownedlifeinsuranceintheU.S.2011-202370%63%62%60%59%59%59%60%50%40%30%20%10%0%57%57%57%54%52%52%20112012201320142015201620172018201920202021202327Description:In2023,52percentofAmericansownedlifeinsurance,downfrom63percentin2011.Thereareseveralreasonswhypeopledon'tbuylifeinsurance,suchascostorlackofnecessity.

ReadmoreNote(s):UnitedStates;2011to2021and2023;8,000+respondents;AdultconsumersSource(s):LifeHappens;LIMRALifeandnon-lifeinsurancepenetrationinselectedcountriesandterritoriesworldwidefrom2020to2022Lifeandnon-lifeinsurancepenetrationinselectedregionsglobally2020-2022Insurancepenetration20228%2021202010%0%2%4%6%12%14%16%18%20%6.7%6.9%7.2%GlobalaverageUnitedStatesTaiwanSouthAfricaSouthKoreaUnitedKingdomSweden11.6%11.7%12%11.4%14.8%17.4%11.3%12.2%13.7%11.1%10.9%11.6%11.1%10.5%11.1%9.3%7.6%7.7%8.7%8.6%FranceJapanItalyCanada9.5%8.2%8.4%8.1%8%8%9.1%8.6%8.1%8.7%5.9%Germany6.5%6828Description:In2022,insurancepenetrationwashighestintheUnitedStateswherethevalueofinsurancepremiumsaccountedforalmost12percentofGDP.Insurancepenetrationisusedasanindicatorofinsurancesectordevelopmentwithinacountryandiscalculatedastheratiooftotalinsurancepremiumstogrossdomesticproductinagivenyear.??Meanwhile,theinsurancepenetrationinTaiwanequaled11.4in2022.Thus,thevalueofinsurancepremiumswritteninTaiwaninthatyearequaled[...]ReadmoreNote(s):Worldwide;2020to2022Source(s):SwissReCHAPTER

05InvestmentValueofinvestmentsoflifeandhealthinsurancecompaniesintheUnitedStatesfrom2008to2022(inbillionU.S.dollars)ValueofinvestmentsoflifeandhealthinsurersintheU.S.2008-20226,0005,0005,038.14,887.74,658.64,342.54,124.14,074.83,891.94,0003,0002,0001,00003,703.93,631.73,482.23,4073,360.53,196.23,071.93,018.320082009201020112012201320142015201620172018201920202021202230Description:Thestatisticshowsthevalueofinvestmentsoflife/annuityinsurersintheUnitedStatesfrom2008to2022.In2022,approximately5.04trillionU.S.dollarshadbeeninvestedbyU.S.life/annuityinsurers.ReadmoreNote(s):UnitedStates;2008to2022Source(s):InsuranceInformationInstitute;NA