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Gen Re is pleased to present the results of our 2023 U.S. Group Term Life Market Survey. This annual survey covers the Group Term Life (GTL) and Accidental Death and Dismemberment (AD&D) industry, tracking sales and inforce results as well as lapse rate and employee-paid data. The Market Survey continues to provide a valuable opportunity for participants to benchmark their results against those of their peers, as well as the industry as a whole. Of the 26 companies participating this year, 20 have been long-time contributors in the Market Survey, providing data over the past 10 survey years.
Unless otherwise mentioned, total GTL and total AD&D include combined employer-paid and employee-paid results.
Twenty-six companies provided Group Term Life (GTL) results for 2023. Twenty-four provided AD&D results. On a combined basis, total GTL and AD&D inforce premium reached $33.7 billion, with GTL representing the majority (93%) of the total.
GTL inforce premium growth rates have slowed since a 6% peak in 2021. In 2023, premium increased by 2%.
AD&D inforce premium continues to show positive growth. In 2023, premium rose by 6%, the highest growth rate seen since 2017.
Participating companies reported $3.2 billion in combined GTL and AD&D sales premium in 2023, with GTL accounting for 92% of the total.
GTL new sales premium was down 3% in 2023. Results can be attributed to a small handful of carriers saw double-digit premium declines in 2023.
The top 10 companies held 84% of the market share for new sales premium, contributing approximately $2.4 billion of total 2023 sales.
AD&D sales premium has remained positive over the past five years.
GTL new sales case counts grew by 1% in 2023. Inforce case counts were also up by 1%.
For companies providing sales case size breakdown information for the two-year period, the 10–99 category continues to account for the highest percentage of cases (56%), followed by the 1‑9 grouping (25%). Results were similar for inforce (52% and 30%, respectively). Less than 1% fell in the 5,000+ range for both sales and inforce.
After a decline in 2022, new sales lives increased by 5% in 2023. Inforce lives grew by 6% year-over‑year.
Average face amounts for new sales declined by 4% in 2023. Inforce average face amounts remained flat year over year.
Monthly premium rates were also down for new sales, declining 6%. Inforce premium rates stayed level.
Average premium per life declined for both new sales and inforce business.
If you have any questions about our summary report, please reach out to me – or let me know if you'd like to participate in next year’s industry survey!
