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The Top Annuity Insurance Companies in Massachusetts

May 8, 2018 by AC Editor

On the heels of John Hancock’s announcement that it has launched a multi-year effort to create one single digital platform for Life and Annuity Customers, Agency Checklists thought it interesting to focus this week on the size and composition of the Annuities market in Massachusetts’.  As always, all of our market information comes courtesy of the Massachusetts Division of Insurance.

Fast Facts about this line of insurance:

  • One hundred and eighty-six (186) insurance companies are currently licensed to sell annuities in Massachusetts.

  • The total Direct Written Premium for these 186 companies is $7,461,653,730 dollars.

  • The top 20 insurance companies selling annuities in the Commonwealth enjoy a 77.2% share of the marketplace writing a total of $5,762,976,123 dollars in Direct Written Premium.

  • The remaining 168 insurers claim the remaining 22.8% share of this market which consists of a Direct Premium Written total of  1,698,677,607 dollars.

Are there any top insurers that are based in Massachusetts as well?

  • Yes. The only Massachusetts-based company that is included in the top 20 list of the largest annuities writers is the MassMutual. It is the sixth largest seller of annuities here with  $297,991,416  in premium representing a 3.99% market share.

The list of the top 20 insurers in the Annuities marketplace…

Company Name

State

Premium Written in MA

Market Share in MA

1. Teachers Ins & Ann Assoc Of Amer

NY

$ 704,402,757

9.44%

2. New York Life Ins & Ann Corp

DE

$635,274,978 

8.51%

3. Jackson Natl Life Ins Co

MI

$535,839,886  

7.18%

4. Voya Retirement Ins & Ann Co 

CT

$474,603,849 

6.36%

5. Great W Life & Ann Ins Co 

CO

$331,846,286

4.45%

6. Massachusetts Mut Life Ins Co 

MA

$297,991,416 

3.99%

7. Principal Life Ins Co 

IA

$292,510,411 

3.92%

8. Allianz Life Ins Co Of N Amer 

MN

$268,157,169 

3.59%

9. AXA Equitable Life Ins Co 

NY

$263,704,984 

3.53%

10. Lincoln Natl Life Ins Co 

IN

$254,641,254 

3.41%

11. American Gen Life Ins Co 

TX

$219,321,041  

2.94%

12. Pruco Life Ins Co 

AZ

$216,777,935 

2.91%

13. Security Benefit Life Ins Co 

KS

$202,551,172 

2.71%

14. RiverSource Life Ins Co 

MN

$195,136,844 

2.62%

15. Athene Ann & Life Co 

IA

$180,694,858 

2.42%

16. Pacific Life Ins Co  

NE

$151,247,927 

2.03%

17. Forethought Life Ins  

IN

$150,947,391 

2.02%

18. Midland Natl Life Ins Co 

IA

$133,875,798 

1.79%

19.  Brighthouse Life Ins Co 

DE

$127,893,842 

1.71%

20. Delaware Life Ins C

DE

$125,556,325 

1.68%

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