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Gen Re Releases 2022 U.S. Group Term Life Market Survey Results

Issue: June 2023 | Life/Health North America

Group Term Life business continued to show strong growth in 2022.

Portland, Maine, June 22, 2023 – Gen Re has released results of the 2022 U.S. Group Term Life Market Survey. This annual industry benchmark survey covers Group Term Life and Accidental Death & Dismemberment (AD&D) in‑force and new sales results for the U.S. market, representing combined employer-paid and employee-paid business.

Twenty-seven companies provided Group Term Life results, while 25 provided AD&D results. For those providing comparable data year to year, both sales premium and in‑force premium increased.

Key observations of the survey include:

  • Participants reported $30.8 billion in total Group Term Life in‑force premium, a 4% increase compared to 2021 results.
  • With new sales totaling nearly $3 billion in 2022, participants reported a 7% increase in new Group Term Life sales premium.
  • Average face amounts for new sales grew 11% in 2022. In‑force average face amounts continue to average over $100,000.
  • After seeing moderate growth in 2021, new sales lives decreased by 5% in 2022. In‑force lives grew by 4% year-over‑year.
  • For Group AD&D, in‑force premium was up by 5% and new sales premium increased by 2% compared to 2021.

The Market Survey is an annual benchmark survey produced by Gen Re, with the full results available only to participating companies. A summary report is available here.

Gen Re, a Berkshire Hathaway Company, is one of the leading Life & Health and Property & Casualty reinsurers in the world. Our North American Life & Health reinsurance company, General Re Life Corporation, has superior financial strength ratings among Life and Health reinsurers. Gen Re delivers customized reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness and Individual Disability Income markets. Through our research, we also offer valuable information and insights.

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