Gen Re has released its 2024 US group term life (GTL) market survey, providing data on inforce and new sales for both GTL and accidental death & dismemberment (AD&D) insurance.
A total of 25 insurers submitted GTL results, while 21 provided data for AD&D. The combined inforce premium for GTL and AD&D reached US$35.5 billion in 2024, with GTL accounting for 94% of the total.
The 2024 survey also saw slightly lower participation compared to the prior year, with 25 companies submitting GTL results versus 26 in 2023. In 2023, the combined GTL and AD&D inforce premium totaled US$33.7 billion, with GTL comprising 93%.
That year also marked a 6% increase in AD&D inforce premium – the strongest growth in that segment since 2017 – while GTL inforce premium grew 2%, continuing a positive trend established post-2016.
GTL inforce premium increased 5% year over year, while AD&D inforce premium rose by 3%. Since 2016, both lines have reported steady growth in inforce premium. In 2024, 80% of companies recorded growth in GTL inforce premium, and 76% reported growth in AD&D inforce premium.
New sales and inforce case counts for GTL both rose by 1% during the year. According to companies that submitted case size breakdowns, 55% of new sales were in the 10-99 life segment, while 26% fell into the 1-9 category.
Inforce case distributions followed a similar pattern, with 52% in the 10-99 group and 27% in the 1-9 segment. Less than 1% of cases involved 5,000 or more lives.
The number of lives covered under new GTL sales declined by 6% in 2024, following moderate growth in 2023. The number of lives covered by inforce business remained flat compared to the prior year.
In terms of pricing, the average face amount for new GTL sales declined 3% in 2023. In contrast, the inforce average face amount increased by 4%. Average premium per life rose for both new and inforce business, and monthly premium rates increased across both segments.
Meanwhile, survey participants reported US$33.2 billion in total GTL inforce premium, representing a 5% increase from 2023. New GTL sales premium reached US$3.2 billion in 2024, up 12% from the prior year.
The average face amount for new GTL sales was US$131,355, while inforce business averaged US$104,899. Premium per case grew by 11% for new sales and 4% for inforce business.
Group AD&D new sales and inforce premium also grew by 3% compared to 2023 levels.
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