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:
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One hundred and eighty-six (186) insurance companies are currently licensed to sell annuities in Massachusetts.
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The total Direct Written Premium for these 186 companies is $7,461,653,730 dollars.
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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.
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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?
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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% |
