Prudential Financial Inc. enjoyed a double-digit, over-year-over gain in life premiums in the first quarter, by far the largest increase among 10 leading life insurers, new research shows.
SNL Financial LLC disclosed this finding in a ranking of life insurance underwriters for the three months ended March 31. The rankings are based on group direct and ordinary life insurance premiums, the latter referring to term and all permanent products.
Premium revenue of Prudential Financial totaled $2.83 billion for the first three months of 2013, up from $2.5 billion recorded in the first quarter of 2012, a 12.91 percent increase.
“The company reported in its first quarter 10-Q that a key driver of the growth was the individual life business, which benefited from increased sales of universal life insurance products due to a change in the competitive position of our products and increased distribution as a result of the acquisition of the Hartford Life Business,” according to an SNL press statement.
Finishing second and third in the rankings were MassMutual and Lincoln National, which witnesses premiums gains in the first quarter of 8 percent and 7.31 percent, respectively, when compared to the year-ago period.
MassMutual’s life premiums totaled $1.37 billion at the close of the first quarter. This compares with $1.27 billion in the first quarter of 2012. Lincoln Financial’s premium sales grew to $1.49 billion in the first quarter from $1.38 billion for the year-ago period.
Occupying the No. 1 position among the top 10 is MetLife, which garnered $3.85 billion in premiums (a market share of 9.89 percent), in the first quarter.
The top 10 ordinary and group life underwriters collectively posted $19.56 billion in premiums for the first three months of 2013. This compares to $18.9 billion for the year-ago period, a 3.48 percent rise. The market share of the top 10 underwriters totaled 50.32 percent in the first quarter. Industry-wide, premiums increased to $38.88 billion in the first quarter from $37.93 billion for the year-ago period, a 2.5 percent rise.