MarketLineIC UnitedStatesLifeInsurance 280820

MarketLine Industry Profile
Life Insurance in the United States

July 2020
Reference Code: 0072-0976
Publication Date: July 2020
WWW.MARKETLINE.COM
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AND IS NOT TO BE PHOTOCOPIED
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Industry Profiles
1. Executive Summary
1.1. Market value

The United States life insurance market grew by 4.9% in 2018 to reach a value of $593.4 billion.
1.2. Market value forecast

In 2023, the United States life insurance market is forecast to have a value of $729.2 billion, an increase of 22.9% since
2018.
1.3. Category segmentation

Pension/ annuity is the largest segment of the life insurance market in the United States, accounting for 54.4% of the
market's total value.
1.4. Geography segmentation

The United States accounts for 21.5% of the global life insurance market value.
1.5. Market share

MetLife is the leading player in the United States life insurance market, generating a 6.5% share of the market's value.
1.6. Market rivalry

Rivalry within the US life insurance market remains strong due to the presence of many medium to large sized
incumbents as well as high exit barriers.
1.7. Competitive Landscape

The US life insurance market has experienced sluggish growth overall during the historic period. The market consists
of four main leaders, MetLife Inc, The Northwestern Mutual Life Insurance Co, New York Life Insurance Co and
Prudential plc. The market leaders are based in the US and the UK, indicating the strong presence of US and UK based
life insurance providers in the market. Most of the leading players in the market have a strong presence in the market,
which was gained through diversified product portfolio and numerous awards the companies were able to win. In
addition, the life insurance market in general consists of debt offerings, acquisitions and finance ventures, as it is the

Industry Profiles
primary characteristic of companies operating in this market and one of the most important techniques of raising
capital.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................. 2
1.2. Market value forecast ...................................................................................................................2
1.3. Category segmentation ................................................................................................................2
1.4. Geography segmentation .............................................................................................................2
1.5. Market share ................................................................................................................................ 2
1.6. Market rivalry ................................................................................................................................ 2
1.7. Competitive Landscape ................................................................................................................2
2. Market Overview 8
2.1. Market definition ........................................................................................................................... 8
2.2. Market analysis ............................................................................................................................ 8
3. Market Data 10
3.1. Market value ............................................................................................................................... 10
4. Market Segmentation 11
4.1. Category segmentation ..............................................................................................................11
4.2. Geography segmentation ...........................................................................................................12
5. Market Outlook 13
5.1. Market value forecast .................................................................................................................13
6. Five Forces Analysis 14
6.1. Summary .................................................................................................................................... 14
6.2. Buyer power ............................................................................................................................... 16
6.3. Supplier power ........................................................................................................................... 17
6.4. New entrants .............................................................................................................................. 18
6.5. Threat of substitutes ...................................................................................................................19
6.6. Degree of rivalry ......................................................................................................................... 20
7. Competitive Landscape 21

Industry Profiles
7.1. Market share .............................................................................................................................. 21
7.2. Who are the leading players?.....................................................................................................22
7.3. What strategies do the leading players follow? ..........................................................................22
7.4. What is the rational for the recent M&A activity?........................................................................23
8. Company Profiles 24
8.1. MetLife Inc .................................................................................................................................. 24
8.2. The Northwestern Mutual Life Insurance Co ..............................................................................28
8.3. Prudential Financial Inc ..............................................................................................................32
8.4. New York Life Insurance Co.......................................................................................................36
9. Macroeconomic Indicators 40
9.1. Country data ............................................................................................................................... 40
Appendix 42
Methodology............................................................................................................................................ 42
9.2. Industry associations ..................................................................................................................43
9.3. Related MarketLine research .....................................................................................................43
About MarketLine .................................................................................................................................... 44

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LIST OF TABLES
Table 1: United States life insurance market value: $ billion, 2014–18 10
Table 2: United States life insurance market category segmentation: $ billion, 2018 11
Table 3: United States life insurance market geography segmentation: $ billion, 2018 12
Table 4: United States life insurance market value forecast: $ billion, 2018–23 13
Table 5: United States life insurance market share: % share, by value, 2018 21
Table 6: MetLife Inc: key facts 24
Table 7: MetLife Inc: Annual Financial Ratios 25
Table 8: MetLife Inc: Key Employees 26
Table 9: MetLife Inc: Key Employees Continued 27
Table 10: The Northwestern Mutual Life Insurance Co: key facts 28
Table 11: The Northwestern Mutual Life Insurance Co: Key Employees 30
Table 12: The Northwestern Mutual Life Insurance Co: Key Employees Continued 31
Table 13: Prudential Financial Inc: key facts 32
Table 14: Prudential Financial Inc: Annual Financial Ratios 33
Table 15: Prudential Financial Inc: Key Employees 34
Table 16: Prudential Financial Inc: Key Employees Continued 35
Table 17: New York Life Insurance Co: key facts 36
Table 18: New York Life Insurance Co: Key Employees 38
Table 19: New York Life Insurance Co: Key Employees Continued 39
Table 20: United States size of population (million), 2014–18 40
Table 21: United States gdp (constant 2005 prices, $ billion), 2014–18 40
Table 22: United States gdp (current prices, $ billion), 2014–18 40
Table 23: United States inflation, 2014–18 40
Table 24: United States consumer price index (absolute), 2014–18 41
Table 25: United States exchange rate, 2014–18 41

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LIST OF FIGURES
Figure 1: United States life insurance market value: $ billion, 2014–18 10
Figure 2: United States life insurance market category segmentation: % share, by value, 2018 11
Figure 3: United States life insurance market geography segmentation: % share, by value, 2018 12
Figure 4: United States life insurance market value forecast: $ billion, 2018–23 13
Figure 5: Forces driving competition in the life insurance market in the United States, 2018 14
Figure 6: Drivers of buyer power in the life insurance market in the United States, 2018 16
Figure 7: Drivers of supplier power in the life insurance market in the United States, 2018 17
Figure 8: Factors influencing the likelihood of new entrants in the life insurance market in the United States,
2018 18
Figure 9: Factors influencing the threat of substitutes in the life insurance market in the United States, 201819
Figure 10: Drivers of degree of rivalry in the life insurance market in the United States, 2018 20
Figure 11: United States life insurance market share: % share, by value, 2018 21

Industry Profiles
2. Market Overview
2.1. Market definition

The value of the life insurance market is shown in terms of gross premium incomes from mortality protection and
retirement savings plans. All currency conversions have been calculated using constant 2018 annual average exchange
rates. The insurance market depends on a variety of economic and non-economic factors and future performance is
difficult to predict. The forecast given in this report is not based on a complex economic model, but is intended as a
rough guide to the direction in which the market is likely to move.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

The US life insurance market has experienced moderate growth during the historic period. The market is expected to
be moderate during the forecast period.
High levels of household disposable income alongside with low consumer confidence and low interest rates than the
previous years, boosted sales for life insurance products. As consumers are looking to secure themselves from any
health condition or natural disaster such as heavy rains, hurricanes and earthquakes. In developed countries
consumers are buying life insurance mostly because they want to secure their families in case of death. On the other
hand, in developing countries consumers tend not to buy life insurance even though consumer confidence is low and
life threatening events higher than developed countries, just because the household disposable income is too low and
barely enough for them to live.
The US life insurance market had total gross written premiums of $593.4bn in 2018, representing a compound annual
growth rate (CAGR) of 2.8% between 2014 and 2018. In comparison, the European and Asia-Pacific markets grew with
CAGRs of 2.7% and 5.2% respectively, over the same period, to reach respective values of $904.4bn and $1,094.1bn in
2018.
Insurance markets are impacted by interest rates, as higher rates increase the attractiveness of insurance products
and premium income while also decreasing the liabilities of insurers. The US central bank, the Federal Reserve, kept
interest rates near zero at 0.25% from December 2008 until late 2016. Since then, the rate has been gradually
increasing, and stood at 1.5% in December 2017 and 2.7% in December 2018.
US household savings rate declined between 2013 and 2017 according to the OECD, and real wages haven’t improved
much either. As incomes haven’t improved significantly beyond inflation, there is less spare to save or invest.
The Pension/ annuity segment was the market's most lucrative in 2018, with total gross written premiums of
$323.0bn, equivalent to 54.4% of the market's overall value. The Life insurance segment contributed gross written
premiums of $270.4bn in 2018, equating to 45.6% of the market's aggregate value.

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Pension/annuity was the most valuable segment for the life insurance market in 2018, as consumers looking to invest
in their pension funds as a backup plan or as an additional stream of revenue for when they would reach the age of
retirement and onwards. In addition, life insurance was the second most valuable segment for the life insurance
market in 2018. That was mainly due to the fact that consumers with low consumer confidence and high disposable
income are more than willing to invest in life insurance in order to safeguard their families and themselves in case of
an accident or death.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 4.2% for the five-year period
2018 - 2023, which is expected to drive the market to a value of $729.2bn by the end of 2023. Comparatively, the
European and Asia-Pacific markets will grow with CAGRs of 2.4% and 4.7% respectively, over the same period, to
reach respective values of $1,017.5bn and $1,374.7bn in 2023.
The US will be subject to uncertainty given the unknown future of the NAFTA trade agreement and its more
belligerent trade policy, including the prospect of a trade war between China and the US. However, the Federal
Reserve has indicated it will continue to tighten monetary policy to keep a lid on inflation and economic growth,
which will assist US insurers.

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3. Market Data
3.1. Market value

The United States life insurance market grew by 4.9% in 2018 to reach a value of $593.4 billion.
The compound annual growth rate of the market in the period 2014–18 was 2.8%.
Table 1: United States life insurance market value: $ billion, 2014–18
Year $ billion € billion % Growth

2014 531.1 449.7
2015 554.7 469.7 4.5%
2016 557.6 472.1 0.5%
2017 565.8 479.1 1.5%
2018 593.4 502.4 4.9%
CAGR: 2014–18 2.8%
SOURCE: MARKETLINE MARKETLINE
Figure 1: United States life insurance market value: $ billion, 2014–18

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4. Market Segmentation
4.1. Category segmentation

Pension/ annuity is the largest segment of the life insurance market in the United States, accounting for 54.4% of the
market's total value.
The Life insurance segment accounts for the remaining 45.6% of the market.
Table 2: United States life insurance market category segmentation: $ billion, 2018
Category 2018 %
Pension/ Annuity 323.0 54.4%
Life Insurance 270.4 45.6%
Total 593.4 100%
Figure 2: United States life insurance market category segmentation: % share, by value, 2018

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4.2. Geography segmentation

The United States accounts for 21.5% of the global life insurance market value.
Asia-Pacific accounts for a further 39.6% of the global market.
Table 3: United States life insurance market geography segmentation: $ billion, 2018
Geography 2018 %
Asia-Pacific 1,094.1 39.6
Europe 904.4 32.7
United States 593.4 21.5
Rest of the World 172.9 6.3
Total 2,764.8 100.1%
Figure 3: United States life insurance market geography segmentation: % share, by value, 2018

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5. Market Outlook
5.1. Market value forecast

In 2023, the United States life insurance market is forecast to have a value of $729.2 billion, an increase of 22.9% since
2018.
The compound annual growth rate of the market in the period 2018–23 is predicted to be 4.2%.
Table 4: United States life insurance market value forecast: $ billion, 2018–23
Year $ billion € billion % Growth

2018 593.4 502.4 4.9%
2019 614.1 520.0 3.5%
2020 629.8 533.2 2.5%
2021 655.2 554.7 4.0%
2022 692.9 586.7 5.8%
2023 729.2 617.5 5.2%
CAGR: 2018–23 4.2%
Figure 4: United States life insurance market value forecast: $ billion, 2018–23

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6. Five Forces Analysis

The life insurance market will be analyzed taking insurance firms as players. The key buyers will be taken as individual,
commercial, and corporate consumers, and information and communication technology manufacturers as the key
suppliers.
6.1. Summary
Figure 5: Forces driving competition in the life insurance market in the United States, 2018
Rivalry within the US life insurance market remains strong due to the presence of many medium to large sized
incumbents as well as high exit barriers.
Buyers’ power is moderate overall as they are able to switch between different players with relative ease but at the
same time most cannot backwards integrate and become players themselves (this especially being the case for
individual buyers). The threat of new entrants is moderate as well, despite the market fluctuating in value. Despite
savings and investments being among the alternative methods of insuring one’s self, substitutes possess a weak force
in the market, due to the expertise and capital required for investment. Like buyers and new entrants, suppliers
possess moderate power as well, as many suppliers are large in size but will also find it difficult to forward integrate
due to the expertise required in operating in the life insurance market.
The demand for life insurance is determined by various factors: i.e. gross domestic product, average length of life
expectancy, inflation and interest rates. Additionally, in developing countries like the US, factors such as market
structure, the presence of foreign investors and financial development of economies should be taken into
consideration. There are also various reasons for getting a life insurance policy. Such a policy guarantees a
replacement income for one’s dependents in case of death or major illness. Some types of life insurance create a cash
value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request, which makes it
an important element of sound financial planning and investment.
Since most people consider paying their life insurance policy premiums a high priority, buying a cash-value type policy
can create a kind of “forced” savings plan. Various companies can also use group life insurance to cover their
employees or corporate-owned life insurance (COLI). COLI was originally purchased by companies to hedge against

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the financial cost of losing key employees to unexpected death, the risk of recruiting and training replacements of
necessary or highly-trained personnel, or to fund corporate obligations to redeem stock upon the death of an owner.

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6.2. Buyer power

Figure 6: Drivers of buyer power in the life insurance market in the United States, 2018
Due to the nature of the market and importance of the product offered, there are many individual consumers,
diminishing buyer power, as the impact of losing an individual customer is rather marginal. Large corporate clients
have a lot more bargaining power with insurance companies as they usually pay millions of dollars a year in premiums
and losing such high-margin corporate clients can negatively affect a player's revenues. This increases buyer power to
some extent.
Consumer loyalty in the sector is low. Customers are willing to shop around for the best deal in regards to factors such
as price and the level of coverage provided by insurance firms. The advent of online technology such as comparison
websites and blogging has strengthened buyer power as consumers with access to the internet are now able to
compare and contrast prices, services and experiences amongst themselves. An example in the US market is
PolicyGenius.
Buyer power is weakened to an extent by the existence of switching costs. For individuals, switching from one player
to another will often involve surrendering a policy early (an exception is where a term policy reaches its end and the
buyer chooses a different company for their next policy). The payout on a surrendered policy may be taxable, whereas
the payout on the death of the insured person is tax-free; also early surrender of an index-linked plan may mean that
the policyholder misses out on some interest payments.
Private pension funds are hugely popular in the US market, making it one of the few national markets globally where
the pension/annuity segment dominates. The necessity of pension means that potential buyers in the US market are
more inclined to enter this market than in other parts of the world.
Buyer power is assessed as moderate overall.

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6.3. Supplier power

Figure 7: Drivers of supplier power in the life insurance market in the United States, 2018
Suppliers in the life insurance market include ICT manufacturers and software houses. Certain insurance companies
require specialized computer systems, tailored towards their unique range of products or services. Underwriters, for
instance, use computer applications known as "smart systems" to manage risks. These types of systems are complex
and are often linked up to an internet database. The complexity of the products being offered and the subsequent
reliance players can have on them increases the power of suppliers.
A secure and reliable ICT infrastructure is essential and companies are often reliant on one supplier. This is normally a
large and reputable company, such as IBM. Such suppliers may have their own unique and patented systems. This
creates a disincentive for insurance companies to switch suppliers as many employers are reluctant to allocate
resources in training of staff on new systems. Moreover, a complete overhaul of a company’s IT systems can severely
disrupt business for an extended period of time. These combined factors strengthen supplier power.
Despite many insurance companies maintaining their own IT departments, there is little likelihood of significant
backward integration, which further strengthens suppliers (although it is equally unlikely that suppliers would attempt
to integrate forwards into insurance services).
Life insurers also require the services of reinsurance companies, in order to reduce their own exposure to insured
risks. Many reinsurers are large players with a global presence such as Swiss Reinsurance Company Ltd or Hannover
Re increasing supplier power. However, it is possible for life insurance players to engage in reinsurance, thereby
reducing reliance on suppliers solely providing reinsurance services. An example is Chubb Limited which engages in
life insurance as well as in reinsurance.
Consolidation within the reinsurance market in recent years has meant that many of the suppliers are large global
giants, which increases supplier power. In 2015 for example the XL Group acquired the Catlin Group Limited in a
$4.1bn deal. The risk of further consolidation is further strengthening the position of suppliers.
Overall supplier power is moderate in the life insurance market.

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6.4. New entrants

Figure 8: Factors influencing the likelihood of new entrants in the life insurance market in the United States, 2018
Barriers to entry to the life insurance market are often described as low; however new players entering the market
must decide whether to initially enter on a large or small scale, with each holding varying benefits and risks. The
opportunity to enter the market on a small scale boosts the threat of new entrants. Entry into the market for well-
developed insurance companies is capital intensive and players need to ensure some level of integration if market
entry is to be a success. Leading incumbents in this market have strong reputation and consumer recognition, and
they usually offer a vast range of services with which new entrants must compete.
Most of the threat from new entrants lies within the insurance industry itself. Repeat business is difficult to attain in
this market, since consumers will typically replace their life insurance policies at infrequent intervals only. This means
that the underwriting of new policies is vital, and access to distribution networks is a key criterion for successful
market entry.
The sluggish behavior of the US life insurance market thereby reduced the threat of new entrants as well.
The threat of new entrants is also increased due to the fact that the US market is not highly concentrated. The top
four players in the market for example together make up 23.9% of the market’s value. Therefore a plethora of life
insurance players exist in the US market ranging from huge global players like MetLife to smaller more regional
players like Benchmark Bankshares, Inc. The lack of concentration in the market makes it more attractive for new
entrants thereby increasing the threat they pose.
Some companies have carved out niche areas in which they underwrite insurance. These insurance companies are
fearful of being squeezed out by the bigger players. Another threat for many insurance companies is other financial
services companies entering the market. Indeed, some banks and investment banks have started to offer insurance
products, while certain financial commitments, such as mortgages, have life policies attached to them.
Government regulation is generally stringent, limiting market entries by imposing capital adequacy and other
requirements on players. The National Association of Insurance Commissioners (NAIC) is a voluntary association
composed of state insurance regulators for all 50 states, the District of Columbia and five US territories. The standards
for solvency regulation, including risk-based capital requirements, are established by the NAIC and vary by state.
The likelihood of new entrants is assessed as moderate overall in the US market.

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6.5. Threat of substitutes

Figure 9: Factors influencing the threat of substitutes in the life insurance market in the United States, 2018
There are a number of alternatives to taking out an insurance policy, i.e. in the form of other financial products, such
as savings and investments. Savings and investments include deposits, mutual funds and direct investments in equities
and bonds. Wills are also a way of accounting for risk and protecting family members after death. These options could
be a cheaper alternative to life insurance, but savings do not guarantee protection in the same way as life insurance,
which reduces the benefit of this option.
Whilst life insurance is not compulsory like other products such as motor insurance, generally the more developed the
market is the more individuals feel that life insurance is an essential purchase, regardless of the relative quality of the
product. Consumers can adopt risk management strategies, such as 'self-insurance', whereby an eligible risk is
retained, but a calculated amount of money is set aside. An organization could choose to operate its own 'captive'
structure and form its own insurance company subsidiary.
The threat of substitutes with respect to the life insurance market is assessed as weak overall.

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6.6. Degree of rivalry

Figure 10: Drivers of degree of rivalry in the life insurance market in the United States, 2018
The life insurance market in the US is fairly fragmented, with small and large companies working alongside each other.
For example, the four leading players (Metlife, Northwestern Mutual, Prudential Financial and New York Life
Insurance Group) account for just under a quarter of the overall market value. Players offer similar services but some
are diversified, and pursue a number of non-life insurance lines, which tends to ease the rivalry to some extent. The
leading players are large companies, offering similar life products, although there are a number of different plans
including temporary, permanent and various subclasses.
Because of the homogenous nature of the leading players, insurance has become more like a commodity - an area in
which an insurance company with a low cost structure, greater efficiency and better customer service will outcompete
its rivals.
Entry barriers, though not insignificant, are lower than exit barriers. For example, the regulatory system, may
implement measures, such as capital adequacy, which is designed to prevent insurers from going out of business, as
this would be to the detriment of policyholders.
When exit barriers in a market are high, players may weather poor market conditions where necessary, which tends
to boost rivalry. Insurance companies also use higher investment returns and a variety of insurance investment
products to try to lure in customers. This leads to greater consolidation within the market. Larger companies prefer to
take over or merge with other companies rather than spend the money to market and advertise to people. Most
other types of insurance have been increasing in price, but life insurance is different. Increasing life expectancies
cause insurance companies to pay out less, driving the cost down.
Weak market performance will intensify the degree of rivalry.

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7. Competitive Landscape
The US life insurance market has experienced sluggish growth overall during the historic period. The market consists
of four main leaders, MetLife Inc, The Northwestern Mutual Life Insurance Co, New York Life Insurance Co and
Prudential plc. The market leaders are based in the US and the UK, indicating the strong presence of US and UK based
life insurance providers in the market. Most of the leading players in the market have a strong presence in the market,
which was gained through diversified product portfolio and numerous awards the companies were able to win. In
addition, the life insurance market in general consists of debt offerings, acquisitions and finance ventures, as it is the
primary characteristic of companies operating in this market and one of the most important techniques of raising
capital.
7.1. Market share
Table 5: United States life insurance market share: % share, by value, 2018
Company % Share
MetLife 6.5%
Northwestern Mutual 6.3%
New York Life 5.6%
Prudential of America 5.5%
Other 76.0%
Total 100%
Figure 11: United States life insurance market share: % share, by value, 2018

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7.2. Who are the leading players?

MetLife Inc (MetLife) is the largest provider of life insurance in the US with a 6.5% market share. The company is
based in New York, the US and is a provider of insurance, employee benefits, annuities and asset management
products and services. It offer insurance products for term life, variable life, universal life, dental, vision and accident
and health, group short- and long-term disability, individual disability, critical illness, and accidental death and
dismemberment. It also offers prepaid legal plans, retirement and income solutions, and personal and commercial
lines of property and casualty insurance, including small business owners’ insurance, homeowners’ insurance and auto
insurance. The company markets and sells its products and services to individuals, corporations and their respective
employees, and other institutions and their respective members through independent agencies, brokerage firms,
sales offices, direct marketing, career agency, bancassurance, other third-party distribution and e-commerce channel.
It operates in the US, Asia, Europe, Japan, Latin America and the Middle East.
The Northwestern Mutual Life Insurance Co (Northwestern Mutual) is the second largest provider of life insurance in
the US with a 6.3% market share. The company is based in Milwaukee, Wisconsin, the US and is a provider of life
insurance and investment products. Its offerings include term life insurance, whole life insurance, universal life
insurance, long-term care insurance, disability insurance and annuities. Its investment products include stocks, mutual
funds, exchange-traded funds, bonds, 529 college saving plans and annuities. It also offers trust services, brokerage
and advisory services, wealth management services, and discretionary portfolio management solutions. The company
operates through its subsidiaries including Northwestern Mutual Wealth Management Company, Northwestern
Mutual Investment Services, LLC, Northwestern Long Term Care Insurance Company and Mason Street Advisors, LLC.
The company operates in the US.
New York Life Insurance Co (New York Life) is the third largest provider of life insurance in the US with a 5.6% market
share. The company is based in New York, the US and offers a wide range of insurance and investment products and
services, which includes life insurance, annuities, long-term care insurance, disability insurance, pension products, and
mutual funds. Its life insurance products include whole life insurance, term life insurance and universal life insurance.
It also offers securities brokerage, trust services, financial planning and investment advisory services. New York Life
operates through a network of offices and customer service centers in the US. The company principally operates in
the US.
Prudential plc (Prudential) is the fourth largest provider of life insurance in the US with a 5.5% market share and
operates in the country through its subsidiary The Prudential Insurance Company of America. The company is based in
London, the UK and is a financial services group that offers long-term savings and protection products. The group,
through its subsidiaries, provides retirement benefits and insurance coverage for various risks such as illness, death
and critical life events. It also provides investment solutions across various asset classes, including equities, multi
asset, ?xed income, infrastructure and alternatives. The group offers its products and services to middle class and
ageing population through independent agents, regional broker dealers, independent broker-dealer firms,
warehouses and banks. Its operations are spanned across Asia, Africa, the US, the UK and Europe.
7.3. What strategies do the leading players follow?

MetLife strong market position enables the company to sustain client confidence and consequently win recurring
business in the foreseeable future. It is one of the leading brands in the US and global insurance markets. MetLife,
through its subsidiaries and affiliates, is one of the largest life insurance companies in the world. It is also one of the
leading institutional investors in the US in terms of $452bn of general account portfolio being invested in structured
finance securities, investment grade corporate bonds, US Treasury and agency securities, mortgage loans and real
estate and corporate equity in 2018. It also holds leading market positions in Japan, Latin America, Asia, Europe, and
the Middle East. Through its subsidiaries and affiliates, the company serves more than 100 million customers in about
50 countries across the world. It also serves over 90 of the top 100 Fortune 500 companies in the US. Furthermore,
the company’ subsidiaries, including American Life Insurance Company, Metropolitan Life Insurance Company,
MetLife Insurance K.K. and Metropolitan Tower Life Insurance Company, were affirmed with insurer financial strength
ratings of AA- with a stable outlook by Standard & Poor's in February 2019. Also, its subsidiaries, Metropolitan Life

Industry Profiles
Insurance Company and Metropolitan Tower Life Insurance Company were affirmed with insurer financial strength
ratings of Aplus with a stable outlook by A.M. Best Company and AA- with stable outlook by Fitch Ratings.
Northwestern Mutual is able to broad its client base and increase profitability due its strong market position. The
company is one of the largest direct providers of individual life insurance in the US. It was ranked 104 among the top
Fortune 500 companies. It was also ranked in the list of Fortune’s 2019 ranking for financial soundness and use of
corporate assets. In 2018, it served 4.5 million clients with more than 9,000 financial professionals. The company was
among the top independent broker-dealer with client assets under management of $128bn in 2018. Northwestern
Mutual was the second largest disability income service provider in the US and served 564,000 individuals and
181,000 business owners and employees. The company was also the third largest long term care insurer with 233,000
clients.
New York Life strong brand image enables the company to gain new growth avenues. The company is one of the
leading life insurance companies in the US. The company has a robust brand image in its market, which is reflected
through various awards being conferred on it for its strong and quality operations. It was ranked 69th in the Fortune
500 list for 2018. In October 2018, the company was included in the Best Adoption-Friendly Workplaces List by the
Dave Thomas Foundation for Adoption. In the same month, the company was recognized among 100 Best Companies
by Working Mother magazine. Also, in the same month, the company was ranked seventh in the list of 50 Best
Companies for Latinas to Work for in the US by LATINA Style magazine. In July 2018, the company was affirmed with
financial strength rating of ‘Aplusplus’ with stable outlook by A.M.Best, and ‘Aaa’ with stable outlook by Moody’s.
7.4. What is the rational for the recent M&A activity?

MetLife has entered into a definitive agreement to acquire PetFirst Healthcare, LLC, a pet health insurance
administrator. PetFirst currently administers insurance coverage on more than 40,000 pets. PetFirst currently
distributes its pet insurance products through animal welfare agencies, direct-to-consumer channels and employers.
Following the acquisition, PetFirst will continue to market pet insurance through animal welfare societies and its
direct-to-consumer channel. The deal comes as a strategic plan of MetLife to gain a market share of the pet insurance
market.
Prudential plc and Standard Chartered Bank have extended their exclusive long-term bancassurance partnership to
Ghana to jointly serve the fast-growing demand for life insurance products and services. The collaboration will focus
on value propositions which are customized to client needs. This partnership will be supported by a digital platform
that will provide a top quality customer experience. Furthermore, both organizations are looking at exploring
opportunities to extend this collaboration to other African markets such as Kenya and Uganda.

Industry Profiles
8. Company Profiles
8.1. MetLife Inc
8.1.1. Company Overview
MetLife Inc (MetLife) is a provider of insurance, employee benefits, annuities and asset management products and
services. It offer insurance products for term life, variable life, universal life, dental, vision and accident and health,
group short- and long-term disability, individual disability, critical illness, and accidental death and dismemberment. It
also offers prepaid legal plans, retirement and income solutions, and personal and commercial lines of property and
casualty insurance, including small business owners’ insurance, homeowners’ insurance and personal auto insurance.
The company markets and sells its products and services to individuals, corporations and their respective employees,
and other institutions and their respective members through independent agencies, brokerage firms, direct
marketing, career agency, bancassurance and other third-party distribution channels. It operates in the US, Asia,
Europe, Japan, Latin America and the Middle East. MetLife is headquartered in New York City, New York, the US.The
company reported direct premium of US$42,513 million for the fiscal year ended December 2019 (FY2019), a
decrease of 3.8% over that in FY2018. Its net premium was US$42,235 million in FY2019, a decrease of 3.7% over that
in FY2018.
The company reported revenues of (US Dollars) US$69,750 million for the fiscal year ended December 2019 (FY2019),
an increase of 2.6% over FY2018. In FY2019, the company’s operating margin was 11.1%, compared to an operating
margin of 10.9% in FY2018. In FY2019, the company recorded a net margin of 8.5%, compared to a net margin of 7.5%
in FY2018. The company reported revenues of US$18,310 million for the first quarter ended March 2020, an increase
of 6% over the previous quarter.
8.1.2. Key Facts
Table 6: MetLife Inc: key facts
Head office: 200 Park Ave , New York City, New York, United States
Number of Employees: 48000
Website: www.metlife.com/
Financial year-end: December
Ticker: MET
Stock exchange: New York Stock Exchange
SOURCE: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
MetLife Inc (MetLife) is a provider of insurance, asset management, annuities and employee benefits products and
services.
Through its subsidiaries and affiliates, MetLife holds leading market positions in the US, Asia, Europe, Japan, Latin
America, Africa and the Middle East.
MetLife classifies its business into six segments: US, MetLife Holdings, Asia, Latin America, EMEA, and Corporate and
Other.

Industry Profiles
Table 7: MetLife Inc: Annual Financial Ratios
Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % -6.73 1.45 3.72 13.36 -3.59
Operating Income Growth % -31.95 -20.25 -14.21 59.25 4.32
EBITDA Growth % -31.95 -20.25 -14.21 59.25 4.32
Net Income Growth % -14.84 -84.18 371.76 27.76 15.15
EPS Growth % -36.38 -7.60 32.45 15.92 24.90
Equity Ratios
EPS (Earnings per Share) USD 3.45 3.14 4.26 4.91 6.06
Dividend per Share USD 1.48 1.57 1.60 1.66 1.74
Dividend Cover Absolute 2.34 1.99 2.66 2.96 3.48
Book Value per Share USD 61.88 61.44 56.23 55.02 72.26
Profitability Ratios
Operating Margin % 11.11 8.93 7.49 10.93 11.11
Net Profit Margin % 8.75 1.40 6.43 7.54 8.46
PBT Margin (Profit Before Tax) % 9.20 7.03 5.67 9.28 9.74
Return on Equity % 7.91 1.26 6.83 9.71 8.92
Return on Capital Employed % 0.78 0.61 0.65 1.08 1.05
Return on Assets % 0.60 0.10 0.50 0.73 0.83
Operating Costs (% of Sales) % 88.89 91.07 92.51 89.07 88.89
Administration Costs (% of Sales) % 15.23 14.41 14.12 12.46 12.10
Leverage Ratios
Debt to Equity Ratio Absolute 0.31 0.29 0.32 0.30 0.25
Net Debt to Equity Absolute 0.13 0.11 0.11 0.01
Debt to Capital Ratio Absolute 0.24 0.23 0.24 0.23 0.20
Efficiency Ratios
Asset Turnover Absolute 0.07 0.07 0.08 0.10 0.10
Fixed Asset Turnover Absolute 64.63 135.32 89.03 48.56 33.31
Capital Employed Turnover Absolute 0.07 0.07 0.09 0.10 0.09
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 8: MetLife Inc: Key Employees
Name Job Title Board

Head Client Solutions and Product Specialist
Adam Ruggiero Senior Management
Group
Executive Vice President Global Technology
Bill Pappas Senior Management
and Operations
Bill Pappas Head Global Technology and Operations Senior Management
Carlos M. Gutierrez Director Non Executive Board
Catherine R. Kinney Director Non Executive Board
Cheryl W. Grise Director Non Executive Board
Cindy Pace Chief Diversity Officer Global Senior Management
Cindy Pace Global Chief Inclusion Officer Senior Management
Darla Finchum Head MetLife Auto and Home Senior Management
David L. Herzog Director Non Executive Board
Head Stable Value Investments, MetLife
David Starr Senior Management
Investment Management
Denise M. Morrison Director Non Executive Board
Diana McKenzie Director Non Executive Board
Edward J. Kelly, III Director Non Executive Board
Esther Lee Executive Vice President Senior Management
Esther Lee Global Chief Marketing Officer Senior Management
Gerald L. Hassell Director Non Executive Board
Graham Cox Head Retirement and Income Solutions Senior Management
John D. McCallion Chief Financial Officer Senior Management
John D. McCallion Executive Vice President Senior Management
Kishore Ponnavolu President Asia Senior Management
Chief Marketing Officer MetLife Investment
Laura Manley Senior Management
Management
Lyndon Oliver Executive Vice President Senior Management
Lyndon Oliver Treasurer Senior Management
Mark A. Weinberger Director Non Executive Board
Marlene Debel Chief Risk Officer Senior Management
Marlene Debel Executive Vice President Senior Management
Head Strategic Planning and Business
Martin Smit Management, MetLife Investment Senior Management
Management
Matthew Le Belenger Head Sales for the UAE Senior Management
Michel A. Khalaf Chief Executive Officer Executive Board

Industry Profiles
Table 9: MetLife Inc: Key Employees Continued

Michel A. Khalaf Director Executive Board
Michel A. Khalaf President Executive Board
Nigel Murdoch Head Institutional Client Group, EMEA Senior Management
Oscar Schmidt President Latin America Senior Management
Patrik Ringstroem Chief Strategy Officer Senior Management
R. Glenn Hubbard, Ph.D. Chairman Executive Board
Ramy Tadros President U.S. Business. Senior Management
Richard Nunn Chief Executive Officer Australia Senior Management
Stephen W. Gauster Executive Vice President Senior Management
Stephen W. Gauster General Counsel Senior Management
Executive Vice President and Chief
Steven J. Goulart Senior Management
Investment Officer
Susan Podlogar Chief Human Resources Officer Senior Management
Susan Podlogar Executive Vice President Senior Management
Tamara L. Schock Chief Accounting Officer Senior Management
Tamara L. Schock Executive Vice President Senior Management
William E. Kennard Director Non Executive Board

Industry Profiles
8.2. The Northwestern Mutual Life Insurance Co
The Northwestern Mutual Life Insurance Co (Northwestern Mutual) is a provider of life insurance and investment
products. Its offerings include term life insurance, whole life insurance, universal life insurance, long-term care
insurance, disability insurance and annuities. Its investment products include stocks, mutual funds, exchange-traded
funds, bonds, 529 college saving plans and annuities. It also offers trust services, brokerage and advisory services,
wealth management services, and discretionary portfolio management solutions. The company operates through its
subsidiaries including Northwestern Mutual Wealth Management Company, Northwestern Mutual Investment
Services, LLC, Northwestern Long Term Care Insurance Company and Mason Street Advisors, LLC. The company
operates in the US. Northwestern Mutual is headquartered in Milwaukee, Wisconsin, the US.The company reported
premiums of US$18,036 million for the fiscal year ended December 2018 (FY2018), an increase of 0.8% over that in
FY2017.
8.2.2. Key Facts
Table 10: The Northwestern Mutual Life Insurance Co: key facts
Head office: 720 East Wisconsin Avenue Milwaukee, Wisconsin, United States
Website: www.northwesternmutual.com
The Northwestern Mutual Life Insurance Co (Northwestern Mutual) is a financial services company offers life
insurance and investment products and services. The company, through its subsidiaries and affiliates, offers term life
insurance, whole life insurance, long-term care insurance, employee benefits, mutual funds and annuities. It also
offers financial planning and advisory services. The company through these products and services serves middle to
upper income individuals, small business owners and professionals, estates and corporations. In FY2018, the company
served more than 4.5 million clients through over 9000 financial professionals.
The company’s operations are classified into three segments: Insurance, Investment and Planning Services.
The Insurance segment offers life insurance products such as term life, whole life and universal life insurance. It also
offers disability income insurance, long-term care insurance and annuities. It served 3.9 million individuals with life
insurance protection in force of US$1.8 trillion in FY2018. It offered disability income insurance products to 564,000
individuals and 181,000 business owners and employees; long term care insurance to 233,000 individuals and
annuities to 412,000 clients with US$29.8 billion assets.
Northwestern Mutual’s Investment segment offers investment products and services. Its offerings include stocks,
individual retirement account (IRAs), mutual funds, 401(k)s, exchange-traded funds (ETFs), 529 college savings plans,
bonds, annuities and certificates of deposit (CDs).
The company, through its Planning Services segment offers financial planning, retirement planning, private client
services, estate planning, long-term care and business services. The company’s principal subsidiaries include Mason
Street Advisors, LLC (Mason Street), Northwestern Long Term Care Insurance Company (Northwestern), Northwestern
Mutual Investment Services, LLC (Northwestern Mutual Investment), and Northwestern Mutual Wealth Management
Company (Northwestern Mutual Wealth). Mason Street is an investment advisor for Northwestern Mutual Series

Industry Profiles
Fund variable annuity and variable life products. Northwestern provides long-term care insurance. Northwestern
Mutual Investment is a broker-dealer, and investment advisor. Northwestern Mutual Wealth offers financial planning,
investment advisory and trust services.

Industry Profiles
Table 11: The Northwestern Mutual Life Insurance Co: Key Employees

AbimKolawole Vice President Policy Benefits Senior Management
Aditi Gokhale Chief Marketing and Communications Officer Senior Management
Aditi Gokhale Executive Vice President Senior Management
Chris Andricopoulos Managing Director Senior Management
Chris Gawart General Counsel Senior Management
Chris Gawart Vice President Senior Management
Christian Mitchell Chief Customer Officer Senior Management
Christian Mitchell Executive Vice President Senior Management
David Simbro Senior Vice President Risk Products Senior Management
Deborah Schultz Vice President Financial Management Senior Management
Don Robertson Chief Human Resources Officer Senior Management
Don Robertson Executive Vice President Senior Management
Vice President Campus and Event
Eric Christophersen Experiences and Strategic Philanthropy and Senior Management
Community Relations
Fawaz Rasheed Chief Information Security Officer Senior Management
Fawaz Rasheed Vice President Senior Management
Jason Klawonn Chief Actuary Senior Management
Jason Klawonn Senior Vice President Senior Management
Jeb Bentley Vice President Investment Strategy Senior Management
Jeffrey Lueken Senior Vice President Private Securities Senior Management
Joann M. Eisenhart Chief People Officer Senior Management
Joann M. Eisenhart Executive Vice President Senior Management
John E. Schlifske Chairman Executive Board
John E. Schlifske Chief Executive Officer Executive Board
John E. Schlifske President Executive Board
Executive Vice President Insurance Products
John M. Grogan Senior Management
and Client Services
John Mctigue Chief Distribution Advisor Senior Management
John Roberts Vice President Distribution Performance Senior Management
Kamilah Williams-Kemp Vice President New Business Senior Management
Vice President Digital Workplace and
Karl Gouverneur Senior Management
Corporate Solutions
Vice President Investment Risk and
Lisa Cadotte Senior Management
Operations

Industry Profiles
Table 12: The Northwestern Mutual Life Insurance Co: Key Employees Continued

Vice President Risk and Investment Client
Lori Brissette Senior Management
Services
Michael G. Carter Chief Financial Officer Senior Management
Michael G. Carter Chief Risk Officer Senior Management
Michael G. Carter Executive Vice President Senior Management
Neal Sample Chief Information Officer Senior Management
Raymond J. Manista Chief Legal Officer Senior Management
Raymond J. Manista Executive Vice President Senior Management
Raymond J. Manista Secretary Senior Management
Ronald P. Joelson Chief Investment Officer Senior Management
Ronald P. Joelson Executive Vice President Senior Management
Sandra Botcher Vice President Distribution Development Senior Management
Sarah Schneider Vice President Distribution Services Senior Management
Souheil Badran Chief Innovation Officer Senior Management
Souheil Badran Chief Technology Officer Senior Management
Souheil Badran Executive Vice President Senior Management
Stephanie Lyons Vice President Enterprise Risk Assurance Senior Management
Steven Radke Vice President Government Relations Senior Management
Tammy Roou Vice President Enterprise Compliance Senior Management
Thomas Guay Vice President Risk Selection Strategy Senior Management
Thomas Zale Vice President Real Estate Senior Management
Timothy Gerend Executive Vice President Senior Management
Timothy Gerend Head Career Distribution Senior Management
Todd Jones Controller Senior Management
Todd Jones Vice President Senior Management

Industry Profiles
8.3. Prudential Financial Inc
Prudential Financial Inc (Prudential) is a provider of financial products and services such as retirement-related
services, annuities, life insurance, investment management and mutual funds. Its offerings include individual variable
annuity, fixed annuity, individual variable life insurance, term life insurance, group life insurance, long-term and short-
term group disability insurance and universal life insurance products. It also offers pension risk transfer solutions,
guaranteed investment contracts, structured settlement annuities, investment-only stable value products, funding
agreements, and administrative services for qualified and non-qualified retirement plans. It provides these products
and services to individuals and institutional customers through proprietary and third-party distribution networks. The
company operates in the US, Europe, Asia and Latin America. Prudential is headquartered in Newark, New Jersey, the
US.The company reported direct premiums of US$33,260 million in FY2019, a decline of 5.1% over that in FY2018. Its
net premiums were US$34,202 million in FY2019, a decrease of 4.4% over that in FY2018.
The company reported revenues of (US Dollars) US$65,122 million for the fiscal year ended December 2019 (FY2019),
an increase of 2.9% over FY2018. In FY2019, the company’s operating margin was 7.8%, compared to an operating
margin of 7.6% in FY2018. In FY2019, the company recorded a net margin of 6.4%, compared to a net margin of 6.4%
in FY2018. The company reported revenues of US$13,464 million for the first quarter ended March 2020, a decrease
of 30.2% over the previous quarter.
8.3.2. Key Facts
Table 13: Prudential Financial Inc: key facts
Head office: 23rd Floor 751 Broad Street, Newark, New Jersey, United States
Website: www.prudential.com
Ticker: PRU
Stock exchange: New York Stock Exchange
Prudential Financial Inc (Prudential) is one of the leading financial services company with about US$1.551 trillion of
assets under management as of December 31, 2019. The company offers a range of financial products and services
such as retirement-related services, annuities, life insurance, investment management and mutual funds. It offers
these products and services to individuals and institutional customers through proprietary and third-party distribution
networks in over 40 countries. Its operations are spanned in the US, Europe, Asia and Latin America.
The company classifies its operations into four segments: PGIM, US Businesses, International Businesses and
Corporate and Others.

Industry Profiles
Table 14: Prudential Financial Inc: Annual Financial Ratios
Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % 2.83 7.32 4.28 4.71 6.34
Operating Income Growth % 341.67 -26.57 13.71 -25.48 5.19
EBITDA Growth % 341.67 -26.57 13.71 -25.48 5.19
Net Income Growth % 308.54 -22.58 80.01 -48.19 2.75
EPS Growth % 275.56 -18.60 16.24 -17.62 11.04
Equity Ratios
EPS (Earnings per Share) USD 12.17 9.71 11.25 9.14 10.10
Dividend per Share USD 2.44 2.80 3.00 3.60 4.00
Dividend Cover Absolute 4.99 3.47 3.75 2.54 2.53
Book Value per Share USD 94.53 106.76 128.35 118.37 158.25
Profitability Ratios
Operating Margin % 13.57 9.67 10.82 7.64 7.81
Net Profit Margin % 9.85 7.40 13.11 6.44 6.43
PBT Margin (Profit Before Tax) % 13.57 9.67 10.82 7.64 7.81
Return on Equity % 13.47 9.52 14.50 8.38 6.63
Return on Capital Employed % 1.03 0.73 0.78 0.59 0.57
Return on Assets % 0.74 0.57 0.97 0.49 0.49
Operating Costs (% of Sales) % 86.43 90.33 89.18 92.36 92.19
Administration Costs (% of Sales) % 22.92 23.40 23.36 21.00 24.09
Leverage Ratios
Debt to Equity Ratio Absolute 0.47 0.39 0.36 0.41 0.34
Net Debt to Equity Absolute 0.28 0.16 0.10 0.11 0.09
Debt to Capital Ratio Absolute 0.32 0.28 0.26 0.29 0.25
Efficiency Ratios
Asset Turnover Absolute 0.08 0.08 0.07 0.08 0.08
Fixed Asset Turnover Absolute 235.10
Capital Employed Turnover Absolute 0.08 0.08 0.07 0.08 0.07

Industry Profiles
Table 15: Prudential Financial Inc: Key Employees

Andy Sullivan Head US Businesses Senior Management
Andy Sullivan Senior Vice President Senior Management
Brad Hearn President Prudential Advisors Senior Management
Candace J. Woods Chief Actuary Senior Management
Candace J. Woods Senior Vice President Senior Management
Caroline Feeney Chief Executive Officer Individual Solutions Senior Management
Charles F. Lowrey Chairman Executive Board
Charles F. Lowrey Chief Executive Officer Executive Board
Christine A. Poon Director Non Executive Board
David Hunt Chief Financial Officer PGIM Senior Management
David Hunt President PGIM Senior Management
Douglas A. Scovanner Director Non Executive Board
Dylan Tyson President Prudential Annuities Senior Management
George Paz Director Non Executive Board
Gilbert F. Casellas Director Non Executive Board
John J. Kalamarides President Prudential Group Insurance Senior Management
Karl J. Krapek Director Non Executive Board
Ken Tanji Chief Financial Officer Senior Management
Ken Tanji Executive Vice President Senior Management
Lauren K. Day Chief Communications Officer Senior Management
Lucien A. Alziari Chief Human Resources Officer Senior Management
Lucien A. Alziari Executive Vice President Senior Management
Martina Hund-Mejean Director Non Executive Board
Michael A. Todman Director Non Executive Board
Michael Paulus President Assurance IQ Senior Management
Michael Rowell Chief Executive Officer Assurance IQ Senior Management
Chief Marketing Officer Investment
Naveen Agarwal Senior Management
Management
Nick Silitch Chief Risk Officer Senior Management
Nick Silitch Senior Vice President Senior Management
Peter R. Lighte Director Non Executive Board

Industry Profiles
Table 16: Prudential Financial Inc: Key Employees Continued

Phil Waldeck Head Workplace Solutions Group Senior Management
Roben Dunkin Chief Technology Officer PGIM Senior Management
Robert M. Falzon Director Executive Board
Robert M. Falzon Vice Chairman Executive Board
Salene Hitchcock-Gear President Individual Life Insurance Senior Management
Sandra Pianalto Director Non Executive Board
Scott Sleyster Executive Vice President Senior Management
Scott Sleyster Head International Businesses Senior Management
Stacey Goodman Chief Information Officer Senior Management
Stacey Goodman Executive Vice President Senior Management
Thomas J. Baltimore, Jr. Director Non Executive Board
Executive Vice President and General
Timothy P. Harris Senior Management
Counsel
Timothy Schmidt Chief Investment Officer Senior Management
Timothy Schmidt Senior Vice President Senior Management
Yanela Frias President Prudential Retirement Senior Management

Industry Profiles
8.4. New York Life Insurance Co
New York Life Insurance Co (New York Life) is a mutual life insurance company. The company offers a wide range of
insurance and investment products and services, which includes life insurance, annuities, long-term care insurance,
disability insurance, pension products, and mutual funds. Its life insurance products include whole life insurance, term
life insurance and universal life insurance. It also offers securities brokerage, trust services, financial planning and
investment advisory services. New York Life operates through a network of offices and customer service centers in the
US. The company principally operates in the US. New York Life is headquartered in New York City, New York, the
US.The company reported direct premiums of US$14,598 million for the fiscal year ended December 2018 (FY2018), a
decrease of 0.01% over FY2017. Its net premiums were US$15,002 million in FY2018, an increase of 1.72% over
FY2017.
8.4.2. Key Facts
Table 17: New York Life Insurance Co: key facts
Head office: 51 Madison Avenue New York, New York, United States
Website: www.newyorklife.com
New York Life Insurance Co (New York Life) is a US based mutual life insurance company. The company provides life
insurance, lifetime income plans, investment annuities, long-term care insurance and mutual funds. It also provides
employee benefit plans, disability insurance and annuity products. Furthermore, the company offers securities
brokerage, trust services, financial planning and investment advisory services, and capital financing. The company
markets and distributes insurance and annuity products through career agency force, brokers, third party banks, and
independent financial advisors in the US, Canada and Mexico. New York Life offers investment management and
advisory services in the US, Asia, Europe and Australia.
As of December 31, 2018, the company operated through 120 offices and had total assets under management of
US$572,285 million, and individual life insurance in force of US$1,029,308 million.
The company classified its offering into five categories: Life Insurance, Long-Term Care Insurance, Retirement Income,
Investment Annuities and Mutual Funds.
Under the Life Insurance category, the company offers term life insurance, whole life insurance, universal life
insurance and variable universal life insurance. It also offers family protection insurance, level premium convertible
term insurance, and corporate sponsored plans such as CorpExec Variable universal life insurance (CEVUL), CorpExec
accumulator variable universal life (CEAVUL) and CorpExec universal life insurance (CEUL).
New York Life’s Long-Term Care Insurance category provides long-term care insurance products.
Its Retirement Income category offers guaranteed lifetime income plans and guaranteed future income plans.
The company, through its Investment Annuities category, offers a range of variable and fixed deferred annuities. Its
product portfolio includes New York Life Premier Variable Annuity II, New York Life Complete Access Variable Annuity
II, New York Life Flexible Premium Variable Annuity III, New York Life Secure Term Choice Fixed Annuity, New York Life

Industry Profiles
Flexible Premium Fixed Annuity and New York Life Fixed Deferred Annuity Riders.New York Life’s Mutual Funds
category offer mutual funds.
The company’s life insurance subsidiaries include New York Life Insurance and Annuity Corporation and NYLIFE
Insurance Company of Arizona.

Industry Profiles
Table 18: New York Life Insurance Co: Key Employees

Alain Karaoglan Senior Vice President Senior Management
Alexander I. Cook Chief Data & Analytics Officer Senior Management
Head Retail Life for New York Life’s Insurance
Alexander I. Cook Senior Management
and Agency Group
Alexander I. Cook Senior Vice President Senior Management
Anthony R. Malloy Chief Investment Officer Senior Management
Anthony R. Malloy Executive Vice President Senior Management
Betty C. Alewine Director Non Executive Board
Chief Staff to Chairman and Chief Executive
Carla T. Rutigliano Senior Management
Officer
Carla T. Rutigliano Senior Vice President Senior Management
Christina A. Gold Director Non Executive Board
Craig DeSanto Co-Chief Operating Officer Senior Management
Craig DeSanto President Senior Management
David J. Castellani Business Information Officer Senior Management
David J. Castellani Senior Vice President Senior Management
Donna H. Kinnaird Director Non Executive Board
Dylan W. Huang Head Retail Annuities Senior Management
Dylan W. Huang Senior Vice President Senior Management
Edward D. Shirley Director Non Executive Board
Eric Feldstein Chief Financial Officer Senior Management
Eric Feldstein Executive Vice President Senior Management
Gerald B. Smith Director Non Executive Board
Heather Nesle President New York Life Foundation Senior Management
Heather Nesle Vice President Senior Management
Joel Albarella Senior Vice President New York Life Ventures Senior Management
Katherine O’Brien Chief Human Resources Officer Senior Management
Katherine O’Brien Senior Vice President Senior Management
Mark L. Feidler Director Non Executive Board
Mark Madgett Executive Vice President Senior Management
Mark Madgett Head Agency Senior Management
Mark Madgett Senior Vice President Senior Management

Industry Profiles
Table 19: New York Life Insurance Co: Key Employees Continued

Matthew M. Grove Co-Chief Operating Officer Senior Management
Matthew M. Grove Executive Vice President Senior Management
Michele G. Buck Director Non Executive Board
Michelle Bottomley Chief Marketing Officer Senior Management
Pedram Afshar Senior Vice President Service Senior Management
Ralph de la Vega Director Non Executive Board
Robert B. Carter Director Non Executive Board
Robert F. Friel Director Non Executive Board
Sheila K. Davidson Chief Legal Officer Senior Management
Sheila K. Davidson Executive Vice President Senior Management
Sheila K. Davidson General Counsel Senior Management
Theodore A. Mathas Chairman Executive Board
Theodore A. Mathas Chief Executive Officer Executive Board
Thomas C. Schievelbein Director Non Executive Board
Chief Executive Officer New York Life
Yie-Hsin Hung Senior Management
Investment Management LLC
Yie-Hsin Hung Senior Vice President Senior Management

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 20: United States size of population (million), 2014–18
Year Population (million) % Growth

2014 318.9 0.8%
2015 321.4 0.8%
2016 323.8 0.8%
2017 326.3 0.8%
2018 328.9 0.8%
Table 21: United States gdp (constant 2005 prices, $ billion), 2014–18
Year Constant 2005 Prices, $ billion % Growth

2014 14,799.6 2.4%
2015 15,276.3 3.2%
2016 15,739.0 3.0%
2017 16,161.3 2.7%
2018 16,559.0 2.5%
Table 22: United States gdp (current prices, $ billion), 2014–18
Year Current Prices, $ billion % Growth

2014 17,420.2 3.9%
2015 18,313.5 5.1%
2016 19,223.8 5.0%
2017 20,145.1 4.8%
2018 21,077.3 4.6%
Table 23: United States inflation, 2014–18

Industry Profiles
Year Inflation Rate (%)

2014 1.8%
2015 2.0%
2016 2.1%
2017 2.3%
2018 2.3%
Table 24: United States consumer price index (absolute), 2014–18
Year Consumer Price Index (2005 = 100)

2014 121.5
2015 123.9
2016 126.4
2017 129.3
2018 132.2
Table 25: United States exchange rate, 2014–18
Year Exchange rate (€/$)

2014 1.3290
2015 1.1095
2016 1.1068
2017 1.1320
2018 1.1810

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of
each definition are carefully reviewed at the start of the research process to ensure they match the requirements of
both the market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data
to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which
can then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. National Association of Insurance Commissioners
2301 McGee Street, Suite 800, Kansas City, MO 64108-2662, USA

Tel.: 1 816 842 3600
Fax: 1 816 783 8175
www.naic.org
9.2.2. American Council of Life Insurers
101 Constitution Avenue, NW, Washington, DC 201-2133, USA

Tel.: 1 202 624 2000
9.2.3. International Association of Insurance Supervisors
c/o Bank for International Settlements, CH-4002 Basel, CHE

Tel.: 41 61 225 7300
Fax: 41 61 280 9151
www.iaisweb.org
9.2.4. Banking, Finance and Insurance Commission
Rue du Congrès 12-14, 1000 Brussels, BEL

Tel.: 32 2 220 5211
Fax: 32 2 220 5323
www.cbfa.be
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Life Insurance

Life Insurance in North America
Life Insurance in Europe
Life Insurance in Asia-Pacific

Industry Profiles
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MarketLine Industry Profile

Life Insurance in the United States

Reference Code: 0072-0976

Publication Date: July 2020

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

1.1. Market value

1.2. Market value forecast

1.3. Category segmentation

1.4. Geography segmentation

1.5. Market share

1.6. Market rivalry

1.7. Competitive Landscape

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

1.1. Market value ................................................................................................................................. 2

1.2. Market value forecast ...................................................................................................................2

1.3. Category segmentation ................................................................................................................2

1.4. Geography segmentation .............................................................................................................2

1.5. Market share ................................................................................................................................ 2

1.6. Market rivalry ................................................................................................................................ 2

1.7. Competitive Landscape ................................................................................................................2

2.1. Market definition ........................................................................................................................... 8

2.2. Market analysis ............................................................................................................................ 8

3.1. Market value ............................................................................................................................... 10

4.1. Category segmentation ..............................................................................................................11

4.2. Geography segmentation ...........................................................................................................12

5.1. Market value forecast .................................................................................................................13

6. Five Forces Analysis 14

6.1. Summary .................................................................................................................................... 14

6.2. Buyer power ............................................................................................................................... 16

6.3. Supplier power ........................................................................................................................... 17

6.4. New entrants .............................................................................................................................. 18

6.5. Threat of substitutes ...................................................................................................................19

6.6. Degree of rivalry ......................................................................................................................... 20

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

7.1. Market share .............................................................................................................................. 21

7.2. Who are the leading players?.....................................................................................................22

7.3. What strategies do the leading players follow? ..........................................................................22

7.4. What is the rational for the recent M&A activity?........................................................................23

8.1. MetLife Inc .................................................................................................................................. 24

8.2. The Northwestern Mutual Life Insurance Co ..............................................................................28

8.3. Prudential Financial Inc ..............................................................................................................32

8.4. New York Life Insurance Co.......................................................................................................36

9.1. Country data ............................................................................................................................... 40

9.2. Industry associations ..................................................................................................................43

9.3. Related MarketLine research .....................................................................................................43

About MarketLine .................................................................................................................................... 44

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 5

Table 6: MetLife Inc: key facts 24

Table 7: MetLife Inc: Annual Financial Ratios 25

Table 8: MetLife Inc: Key Employees 26

Table 9: MetLife Inc: Key Employees Continued 27

Table 13: Prudential Financial Inc: key facts 32

Table 14: Prudential Financial Inc: Annual Financial Ratios 33

Table 15: Prudential Financial Inc: Key Employees 34

Table 16: Prudential Financial Inc: Key Employees Continued 35

Table 17: New York Life Insurance Co: key facts 36

Table 18: New York Life Insurance Co: Key Employees 38

Table 20: United States size of population (million), 2014–18 40

Table 22: United States gdp (current prices, $ billion), 2014–18 40

Table 23: United States inflation, 2014–18 40

Table 24: United States consumer price index (absolute), 2014–18 41

Table 25: United States exchange rate, 2014–18 41