Gen Re Releases U.S. Group Term Life Market Survey Results

Positive Growth for 2021 Group Term Life Business

PORTLAND, Maine--(BUSINESS WIRE)--Gen Re has released results of the 2021 U.S. Group Term Life Market Survey. This annual industry benchmark survey covers Group Term Life and Accidental Death & Dismemberment (AD&D) in-force and new sales results for the U.S. market, representing combined employer-paid and employee-paid business.

Twenty-nine companies participated in this year’s survey, reporting both Group Term Life and AD&D results. For those providing comparable data year to year, both sales premium and in-force premium increased.

Key observations of the survey include:

• Participants reported $29.7 billion in total Group Term Life In-force premium, a 6% increase compared to 2020 results.
• With New Sales totaling just over $2.7 billion in 2021, participants reported a 7% increase in new Group Term Life sales premium.
• Reported In-force and New Sales average face amounts for Group Term Life policies both reached over $100,000 for the second year in a row ($108,922 and $104,069, respectively).
• Reported Group Term Life premium per life averaged above $200 across both Sales and In-force.
• For Group AD&D, In-force premium was up by 3% and New Sales premium increased by 1% compared to 2020.

The Market Survey is an annual benchmark survey produced by Gen Re, with the full results available only to participating companies. A summary report is available online at https://www.genre.com/knowledge/publications/2022/june/surveylhgtlsum2206-en.

About Gen Re

Gen Re, a Berkshire Hathaway Company, is one of the leading Life/Health and Property/Casualty reinsurers in the world. Our North American Life/Health reinsurance company, General Re Life Corporation, has superior financial strength ratings among Life and Health reinsurers. Gen Re delivers customized reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness, and Individual Disability Income markets. Through our research, we also offer valuable information and insights. www.genre.com