For the second straight year, MetLife leads life insurers in annuity considerations through the first three quarters, ended Sept. 30, 2011. Prudential Financial and Jackson National Life Group round out the top three in the rankings released by SNL.
Overall, the report commends the life industry for growing annuity considerations by 14.72% in a year-over-year comparison with 2010.
MetLife and ING Groep NV each saw annuity consideration rise more than 40%, logging market share increases of 323 and 105 basis points, respectively. Comparisons with last year’s rankings also related growing power at the top, as the top five insurers garnered a combined market share of 40.65% in the first nine months of 2011, which is up nearly five percent compared to the first nine months of 2010.
Prudential, despite finishing second for the second year in a row, saw a market share decrease of 85 basis points, while Manulife saw a decrease of 103 basis points, dropping it from fourth to sixth.
The following are the top 10 insurers based on SNL’s ranking of annuity considerations and market share:
- Prudential Financial
- Jackson National Life Group
- ING Groep NV
- American International Group Inc.
- Manulife Financial Corp.
- Lincoln National
- New York Life
The figures used by SNL are based on an analysis of total annuity considerations, consisting of ordinary and group annuities and including first-year, single and renewal considerations, of U.S. life insurers for the first nine months of 2011.
Justin Stephani writes for Insurance Networking News.