— Jan. 3, 2023 —
Published in NEWS INSIGHTS
on spglobal.com
by Hailey Ross, Jason Woleben
Going into 2023, the U.S. life insurance industry is expected to see continued improvement around mortality earnings and an increased focus on capital levels as rising interest rates boost investment income for the sector.
In an interview, Piper Sandler analyst John Barnidge said that although mortality should continue to improve for life insurers, the COVID-19-related benefits the industry previously saw from a claims utilization perspective should largely go away. Barnidge added that he would expect fewer companies to be calling out explicit COVID-19 mortality as the impact of the virus continues to wane in what will be the pandemic’s fourth year.
Top Performers
For the first nine months of 2022, U.S. insurers saw growth in both life insurance premiums and annuity considerations when compared to the same period in 2021.
The U.S. life insurance industry experienced a 3.4% increase in combined individual and group life insurance premiums year over year for the period.
Through the first nine months of 2022, The Northwestern Mutual Life Insurance Co., MetLife, Inc. and New York Life Insurance Co. booked the largest amount of U.S. life insurance premiums. Northwestern Mutual reported the greatest amount of total life insurance premiums with $13.98 billion in premiums for 2022 year to date, an increase of 5.4% from the same time in 2021.
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