This is the latest, most updated version of the top insurance companies listings. These listings are presented in a Top 100 Ratings Guide format. Listings are arranged alphabetically to help brokers and insurance agents locate the right insurer. Compare your opinions. What can you rate an insurance company? I’ll briefly discuss the different ways and show you the methodology I used to write this article.
BY NUMBER OFF AGENTS
The rating guide listing method uses the number of licensed insurance agents and brokers under contract to evaluate the insurer. Contact the carrier. This evaluation is void for many reasons. There are thousands of agents in many career life and health insurance agencies. However, up to 80% are still relatively new agents trying to establish credibility within the industry. Only 6% of the total insurance agency workforce will continue to produce enough work four years later.
My findings also reveal inaccuracies in this method due the licensing renewal process state insurance department imposes on the insurer. The renewal report forms are sent by most state insurance departments on an annual basis. Each agent must pay a fee for renewal. It is difficult because of the different procedures each state has for removing inactive reps. For the insurance company to make changes, there are a lot of paperwork. These forms can be time-consuming and costly. The insurer often chooses to renew all sales reps because it is cheaper. The insurance company can boast about how many of their sales representatives they have written for.
Personally, I was identified in the state insurance department records and shown as being licensed for 11 year after my last case.
INSURANCECO FINANCIAL RANKING LIST There are four to five independent firms that use this rating system for a company. It is based on a variety of financial factors. It is important to project the financial stability and viability of the insurer. It is done by analyzing the past and current financial records. This includes information about the performance of the insurer’s investments and the rate at which they return. A comprehensive insurance evaluation includes the cash available, as well as how much money is in reserve to cover future and present claims.
Life insurance association members agree that the highest-rated insurers are the best. Association members account for less than 12%. These are not the only insurance brokers and agents that agree with their clients. Logic says that an insurer with a recent history of being a quality one is not likely to be the best. My clients purchased what I presented to them. It was not the highest-rated company by rating agencies nearly half of the time. However, I was able to sell the client what they needed. Many of the insurance companies that ranked in the top 100 in financial rankings later failed financially, as they still do today.
BY RANKING OF PREMIUMS COLLECTED
This listing and ranking is very common. The total amount of premiums that an insurance company has collected in a given year is what determines how it is rated. It is unfair to combine annuity premiums with all the dollars collected. Producers are well aware that it is much easier to sell an $20,000 term insurance policy than a $20,000 annuity. Another problem I see with total premiums is who actually contributed some of the premiums. Some companies did not collect a large amount of these premiums from their sales staff. Many institutional buyers bought annuity premiums worth hundreds of thousands of dollars directly.
BY RATES IMPORTANT TO THE HEALTH AND LIFE SELLERS
This is how I do it. From a sales representative perspective, as fair and balanced as possible. The 1,500,000 agents who sell insurance policies in this sector make premiums. These sales often take place one at a time. Additionally, there are 450,00 independent brokers, semiindependent agents, and some career representatives who write. Depending on the company, this could mean that 50% to 100% of that co-business is written.
This ranking system is in place because I believe the directory of insurance companies is beneficial. This directory is for independent brokers and semi-independent representatives. It also contains some career reps. This guide directory contains information about other insurance companies that you might consider writing production for.
Rating guide to the 100 best insurance companies is alphabetical, and not by financial data or premiums. We have excluded some companies that are heavily involved in investment products and annuities.
This guide to life and health insurance companies is accurate in the eyes of the average broker.
1. Aetna 2. AIG Life Insurance Company** 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 Assurance14 Aviva Life and Annuity Company15 AXA Equitable 16.Bankers Life and Casualty Company 17 Banner 18. Beneficial Life 19. C.M. C.M. Colonial Life & Accident 21. Columbus Life 22. Conseco Life 23. Farmers New World 24. First-Penn Pacific 26.Forethought 26. General American 27. Genworth 28. Gerber 29. Great American 30. Great-West Life & Annuity 32. 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 42.. Lafayette 42.. Liberty Life Assurance Co of Boston 43.. Liberty National 45.. Life Ins Company of North America 46. Life Ins Company of the Southwest 46. Life Investors Ins Co of America 47. Lincoln Benefit 48. Lincoln Heritage 49. Lincoln National 50. Massachusetts Mutual 51. Metropolitan 52. Midland National 53. Minnesota Life 54. Monumental Life 55. MONY – America 56. MONY – New York 56. 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. Protective 72. Provident Life and Accident 72. Pruco 74. Prudential – America 75. Reassure America 76. Reliance Standard 777. ReliaStar 78. Riversource 79. Security Life of Denver y 81. Standard 81. Stonebridge 82. Sun Life and Health 83. Sunset 84. Surety 85. Symetra 86. Transamerica 87. Transamerica Occidental 88. Trustmark 89. U.S. Financial 90. Union Central 91. Union Security 92. United Healthcare 93. United Ins Company of America 95. United Investors 95. United of Omaha 96. United States Life 97. Unum 98. West Coast 99. Southern Life 100 and Western Life 100. Western Reserve Life Assurance Co. of Ohio Note: Sagicor Life, Foresters, Illinois Mutual should be on the top 3 listings, replacing those listed as #6, 2 and 7.
** AIG Life Insurance Company American General Life, American General Life and Casualty comments
This group of companies used to be the most premium-generating and highest-ranked insurance companies in America. The future remains uncertain despite two huge Federal Bailouts. AIG Life is therefore no longer worthy of being included in this top 100 list guide.
GUIDE TO THE QUESTIONABLE LIFE INSURED COMPANY LISTINGS
These insurance companies could often be included in various types of top 100 Life Ins company rankings , IF premiums were being evaluated. Sometimes, premiums include substantial amounts of annuity Premiums. Insurers whose sales are not dominated by sales representatives or salespeople will also be included. It is instead written by independent broker-dealers and security stock brokerage firms that offer variable investment contracts, which are not governed under insurance departments. Other products might be targeted at teachers, military personnel, or credit unions. There are companies that have pending litigation in a few cases. Below is a list of these insurers:
1. Cuna Mutual 2. Genworth Life and Annuity Harford Life and Annuityy 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 10. NYLife of Arizona 12. PHL Variable 13. Sun Life Assurance Co of Canada 14. Teachers Ins and Annuity Assoc of America 15. USAA 16. Shenandoah — financial difficulties
In every state in the United States, there are over 600 licensed life/health companies. Some aren’t currently writing new business. You will also find them missing from the top list of insurance companies. The actual listing count for most states is between 220 and 330.
Advisor’s predition. Foresters is my top choice as the next rising star if I look at the list of providers. Foresters’ innovative niche products are attracting a lot of attention. Genworth’s stock has soared, and Genworth is highly adaptable to market opportunities.
