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.