Northwestern Mutual Leads Life insurance Premium Rankings: LIMRA Study
Northwestern Mutual has solidified its position as the king of Life insurance premium, according to the latest sales rankings compiled by LIMRA. The mutual insurer recorded nearly $267 million in new annualized life premium during the first quarter, outpacing competitors like Pacific Life, Prudential Financial, and State Farm, which recorded $184 to $186 million in life premium.
While Northwestern Mutual is a private company, executives have self-reported record sales numbers in recent years. This latest achievement further solidifies their position as a leader in the industry. Overall, total Life insurance new annualized premium fell 1% year over year to $3.73 billion in the first quarter, according to LIMRA’s U.S. Life insurance Sales Survey. However, the total number of policies sold in the first quarter of 2024 remained level with the prior year’s results.
John Carroll, senior vice president and head of Life and Annuities at LIMRA and LOMA, emphasized the importance of transparency in the industry. He stated, “Given the dominant role the top 20 carriers have on the U.S. Life insurance market, LIMRA believes transparency is important and has decided — for the first time — to begin publishing the top 20 Life insurance sales leaders.” This move aims to provide a better understanding of the market dynamics at play and help industry stakeholders navigate the competitive landscape.
LIMRA also provided a sales breakdown by Life insurance product area. In the first quarter of 2024, indexed universal life (IUL) posted the largest growth year over year in absolute dollars, up 4% to $871 million. Term life new premium rose 4% to $762 million, fixed universal life (fixed UL) new premium increased by 6% to $247 million, whole life new premium totaled $1.46 billion, and variable universal life (VUL) new premium fell by 7% to $398 million.
Carriers that reported the strongest sales growth cited factors such as an increased sales force, rising demand for accumulation-focused products, and higher survivorship sales. The expansion of digital platforms, accelerated underwriting, additional distribution partners, and product enhancements also contributed to the sales increase across different product areas.
Overall, the Life insurance market remains competitive, with Northwestern Mutual leading the pack in premium sales. As the industry continues to evolve, staying informed about the top players and market trends will be crucial for both consumers and industry professionals.