by Anna Patrick | Mar 13, 2020
CSG Actuarial recently updated quarterly
premium results of some of the leading supplemental health carriers in the
country. The supplemental health market has been a growing market and CSG
Actuarial expects continued growth as carriers try to diversify their product
offerings, and as employers add worksite supplemental products for employee
benefits, and look to expand products to the senior market. While there
are many companies finding success in these markets, CSG Actuarial analyzed the
fourth quarter premium results of four of the larger supplemental health
producers: Aflac, Colonial Life and Accident, Washington
National and Torchmark. Combined, these companies accounted
for over $8.35 billion in supplemental health premium for 2019, up from $8.15
billion in 2018.
Aflac (US Operations) - Aflac, the leader in the supplemental health
insurance market, is reporting $1.443 billion in earned premium during 4th Quarter 2019, an increase of $15 million compared
to 4th Quarter 2018. The company also reported annualized new sales
premium of $393 million (only including HIP, CI, Accident, Dental/Vision
product lines) during 4th Quarter 2019,
down $1 million when compared to 4th Quarter
2018. This is the fourth straight quarter where new sales premiums were
down when compared to the same quarter in 2018. For Calendar year 2019 the
company is reporting total annualized new sales premium of $1.128 billion (only
including HIP, CI, Accident, Dental/Vision product lines), compared to $1.151
billion in 2018, a drop of $23 million. This is the first annual drop in
new sales premium since 2016.
Colonial Life and Accident (a segment of Unum)
- Colonial Life & Accident
Company (segment of Unum) reported premium income for their Accident, Sickness,
Disability, Cancer and Critical Illness products of $336 million during 4th Quarter 2019, an increase of $10 million compared
to 4th Quarter 2018. The company also reported
annualized new sales premium of $156 million during 4th Quarter 2019, down $9 million when compared
to 4th Quarter 2018.
Washington National - Washington National (a segment of CNO
Financial Group), one of the leading companies in offering Cancer and Critical
Illness products, reported supplemental health earned premiums of $160 million
during 4th Quarter 2019, an increase of $5 million compared to 4th Quarter 2018. The company also reported
annualized new sales premium of $35 million during 4th Quarter
2019, an increase of $9 million when compared to 4th Quarter 2018,
and the largest quarter of growth in recent history.
Torchmark - Torchmark reported supplemental health earned
premiums of $148 million during 4th Quarter 2019,
an increase of $7 million compared to 4th Quarter
2018. The company also reported annualized new sales premium of $30
million during 4th Quarter 2019, and increase of
$5 million when compared to 4th Quarter 2018.
CSG Actuarial - CSG helps companies analyze market
opportunities, develop new products, and provides competitive intelligence
products for the supplemental health insurance markets. From benchmarking
current products, to full service product development and pricing, CSG can
help. For more information on our Market Opportunity Reports, Competitive
Intelligence Guides and Consulting Services visit our website (Reports, Guides, Services),
send us an email, or give us a call.
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