Market Size in US$

• "Net income after taxes for the life/annuity insurance industry grew 18.1 percent in 2019 to $44.7 billion from $37.8 billion in 2018, according to S&P Global Market Intelligence."
• There were 837 life/annuities insurance companies in the United States.
• The total value of life insurance industry assets held by life insurance companies reached $6.99 trillion.

Market Size by Premiums Written

• In 2019, life/annuity insurance accounted for 52% of the insurance net premiums written in the United States. Net premiums written for the life/annuity insurance sector totaled $678.7 billion in 2019.
• According to S&P Global Market Intelligence, the insurance industry net premiums written in the United States totaled $1.32 trillion in 2019.

Breakdown by Type of Policies

• According to the Insurance Information Institute (III), there are two major types of life insurance in the United States: term and whole life.
• Term insurance pays only if death occurs during the term of the policy. Term insurance encompasses two subcategories: level term and decreasing term. "Whole life is sometimes called permanent life insurance, and it encompasses several subcategories, including traditional whole life, universal life, variable life and variable universal life."
• According to the American Council of Life Insurers (ACLI), in 2018, four million insurance policies were term policies, totaling $1.2 trillion, or 72%, of the individual life face amount. About 5.9 million were whole life policies.

Summary of Our Early Findings Relevant to The Goals

• The goal of the initial hour of the research is to discover the feasibility of the research, to provide early findings, and to understand the overall project viability. Our preliminary research found the market size of the life insurance industry in the United States (in US$ and by premium written) and the breakdown of the market by type of policies (term/whole).
• The initial hour of the research didn't cover every part of the requested information, so we haven't confirmed yet if we can find all the requested data. However, the requested data for New York Life are more likely to be unavailable.
• Our recommendations are based on our findings in early research. We created a Google spreadsheet and included the companies.
• Please select one or more of the options provided in the proposed scoping section below.