Monthly LRA Update

INSURANACE DEVELOPMENTS

ACLI Update on Life Insurance and Annuity Benefits in 2021

On November 28 the American Council of Life Insurers (ACLI) released its 2022 Life Insurers Fact Book. Highlights include

• Life insurance companies paid $100 billion to beneficiaries of life insurance policies in 2021.
• Life insurance payments increased 10.8% over 2020.
• As we reported previously, life insurance benefits in 2020 increased by 15.4% over 2019 – which had been the largest single year increase since the influenza pandemic of 1918.
• Table 2.4 provided aggregate information on the maturity profile of general account bonds. More than 20% of the bonds had remaining maturities in excess of 20 years.

• Table 11.1 listed the largest life insurers by Total Assets. Prudential, MetLife, New York Life and MassMutual led the list. However, in terms of General Account assets, New York Life and MetLife were the leaders.

• Table 11.4 listed the life insurers by Individual Net Life Insurance Premiums in 2021.

• Population Demographics:
  • The number of people in the US who are age 19 or younger has declined slightly since 2011 (82.1 million in 2021 versus 82.8 million in 2011).
  • The number of people in the US who are age 65 or older has increased significantly since 2011 (55.8 million in 2021 versus 41.3 million in 2011).
• Table 12.1 shows age-adjusted death rates year to year. The most recent year (2020) had a significant increase.