Here is the most recent and revised version of the best lists of insurance companies. These are compiled into a top 100 guide format. The listings are in alphabetical order to help insurance agents and brokers find an insurer. Find out how your opinion compares. How to evaluate an insurance company? I will briefly discuss the different means, show you the method I used for this article, and why.
BY NUMBER OF AGENTS
This rating guide rating method rates the insurer based on the number of currently licensed and contracted insurance agents and brokers. with carrier. I think this assessment is worthless for a multitude of reasons. First, there are a number of life and occupational health insurance agencies that have thousands of representatives. However, of these, up to 80% of the total agents are relatively new to trying to establish their credibility in the industry. Four years later, only 6% of the workforce at many insurance company agencies will maintain sufficient production to remain career representatives.
Additionally, my findings reveal the inaccuracy of this method due to the licensing renewal process that state insurance departments impose on the insurer. Most state insurance departments send out renewal report forms on an annual basis. There are fees to be paid by each renewed ins agent. What makes it difficult is the variation of different paperwork procedures by individual states to remove non-active inactive representatives. The paperwork consists of expensive and time-consuming forms and procedures for the insurance company to make changes. The renewal of all sales staff is often less expensive, hence the path often taken by the insurer. It also gives the insurance company bragging rights for how many salespeople write for them.
Personally, I was listed on the records of the state insurance department as licensed for 11 years after writing my last case.
INSURANCE COMPANY FINANCIAL RANKING LISTS
There are four or five major independent companies that use this insurer rating of a company based on a multitude of financial factors. A lot has to do with projecting the financial stability of the insurer. This is accomplished by closely dissecting past and present financial history. It covers the performance of the insurer’s investments and the rate of return. An insurance valuation also takes into consideration the amount of cash available and the amount of reserves to pay present and future claims.
There is a consensus among members of life insurance associations to believe that the highest rated insurers are the best of the bunch. Yet association members represent less than 12% of the total producer base. Other insurance agents and brokers (the majority) disagree that these are always the best to use for their clients’ needs. Logic tells you that a new quality belayer doesn’t have a track record to start at number one. In my situation, customers bought what I presented to them. Almost half the time it was NOT the highest rated company by the rating agencies. However, I sold the client what his emotional needs demanded. Many past top 100 insurance companies went on to fail financially, and still do so frequently in today’s world.
BY RANKING OF PREMIUMS COLLECTED
This is a very common type of list and ranking of insurance companies to produce. Insurance companies are scored based on the total number of premiums they collected that year. It seems rather unfair to mix annuity premiums with all the collected dollars. Producers know it’s easier to sell a $20,000 annuity than a $20,000 premium term insurance policy. The other flaw I find in using total premiums collected is who actually contributed a portion of the premiums collected. With some companies, a huge amount of those bonuses went uncollected by the average salesperson. Many institutional buyers have purchased hundreds of thousands of dollars worth of annuity premiums directly.
BY MAJOR RATINGS FOR HEALTH AND LIFE SELLERS
It’s my way. As fair and balanced as possible from a sales rep’s perspective. The premiums are collected from the 1,500,000 agents who attempt to make a living selling insurance policies in this industry. Often, these sales are made one by one. Moreover, of these 450,000 independent brokers, semi-independent agents and certain career representatives, write, according to the company, 50% to 100% of this insurance activity.
This method of classification is imposed because I find that the list of insurance companies is intended to be a beneficial directory. A broker that independent brokers, semi-independent representatives and certain career representatives can turn to. This is a directory of guides from other insurers that you might consider writing a production for.
The list of insurance companies and the guide to ratings of the top 100 insurance companies are intentionally organized alphabetically rather than by premium or financial data. You may not entirely agree with the list, as we have left some companies with a high percentage of business sold in annuities and investment products.
In the eyes of a typical health and life broker, this guide to health and life insurance companies is about as accurate as it gets.
1. Etna 2. AIG Life Insurance Company** 3. Allianz Life Insurance Company of North America 4. American Family Life Assurance Co of Columbus 5. American Fidelity Assurance Company 6. American General Life and Accident INS Co** 7. American General Life Insurance Co** 8. American Income 9. American Memorial 10. American National Life 11. Americo Financial Life And Annuity 12. Anthem Blue Cross 13 Aurora National Assurance 14 Aviva Life and Annuity Company 15. AXA Equitable 16.Bankers Life and Casualty Company 17. Banner 18 Beneficial Life 19. CM Life Ins 20. Colonial Life & Accident 21. Columbus Life 22. Conseco Life 23. Farmers New World 24. First-Penn Pacific 25.Forethought 26. General American 27. Genworth 28. Gerber 29. Great American 30 Great-West Life & Annuity 31. Guardian 32. Hartford Life and Accident Ins Company 33. Hartford 34. Homesteaders 35. Indianapolis Life 36. ING 37. Jackson National 38. John Hancock 39. John Hancock Life Insurance Company USA 40. Kansas City Life 41.. Lafayette 42.. Liberty Life Assurance Co of Boston 43.. Liberty National 44.. Life Ins Company of North America 45. Life Ins Company of the Southwest 46. Life Investors Ins Co of America 47. Lincoln Advantage 48 Lincoln Heritage 49. Lincoln National 50. Massachusetts ts Mutual 51. Metropolitan 52. Midland National 53. Minnesota Life 54. Monumental Life 55. MONY – America 56. MONY – New York 57. National Guardian 58. National Life 59. New England Life 60. New York Life Ins and Annuity Corporation 61. New York Life 62. North American Co for Life & Health Ins. 63. Northwestern Mutual 64. Ohio National Life 65. OM Financial 66. Pacific Life 67. Penn Mutual 68. Phoenix Life Ins 69. Primerica 70. Principal 71. Protection 72. Provident Life and Accident 73. Pruco 74. Prudential – America 75 Reassure America 76. Reliance Standard 77. ReliaStar 78. Riversource 79. Security Life of Denver y 80. Standard 81. Stonebridge 82. Sun Life and Health 83. Sunset 84. Surety 85. Symetra 86. Transamerica 87. Transamerica Occidental 88. Brand 89. US Financial 90. Union Central 91. Union Security 92. United Healthcare 93. United Ins Company of America 94. United Investors 95. United of Omaha 96. United States Life 97. Unum 98. West Coast 99. Western and Southern Life 100. Western Reserve Life Assurance Co of Ohio Note: Sagicor Life, Foresters and Illinois Mutual should appear on the last 3 lists, replacing the companies listed above as numbers 6, 2 and 7.
**AIG Life Insurance Company, American General Life, American General Life and Casualty Comments
This group of companies was one of the most premium-generating and top-ranked insurance companies in the United States. Yet after two massive federal bailouts, the future is uncertain. Therefore, AIG Life no longer deserves to be on this top 100 list.
GUIDE TO SUSPICIOUS LISTINGS OF LIFE INSURANCE COMPANIES
The following insurance company lists can often be included in different types of top 100 life insurance company rankings IF you were evaluating the premiums written. Sometimes the premiums consist of considerable amounts of annuity premiums. Also included are insurers where a large portion of sales do not come from representatives and salespeople. Instead, it is written by securities firms and independent brokers of variable investment contracts not regulated by insurance services. In other cases, the products may be directly intended strictly for teachers, the military or credit unions. In a few cases, there are companies with ongoing litigation. A representation of this mix of insurers is shown below:
1. Cuna Mutual 2. Genworth Life and Annuity 3. Harford Life and Annuity y 4. John Hancock Variable Life 5. Mayflower National 6. Metlife – Connecticut 7. Metlife Investors USA 8. MML Bay State 9. Nationwide 10. Nationwide Life & Annuity 11. NYLife of AZ 12. PHL Variable 13. Sun Life Assurance Co of Canada 14. Teachers Ins and Annuity Assoc of America 15. USAA 16. Shenandoah — financial difficulties
There is a grand total of over 600 “active” licensed life/health insurance companies in every state in the United States. However, some are not currently writing new business. Also, there are many assets in just one or a few states, so you’ll find them missing from the lists of top insurance companies. Most states have a real real listing count of 220-330 life and health insurance home offices that are currently accepting new cases from licensed agents and brokers.
Advisor prediction. If I choose from the supplier lists above, Foresters would be my first choice as the next rising star. Its innovative niche products are beginning to create strong demand. Also watch Genworth, its stock market value has skyrocketed and the company is adapting very well to market opportunities.