As we prepare for the release of the 4th quarter earnings over the next two weeks, let’s review the first three quarters of 2022 for the supplemental worksite carriers to see where they stand.
The supplemental carriers are ten public insurance companies and are some of the industry’s leading carriers. The data is based on information in 10Q and 10K public filings from 2018 to the 3rd quarter of 2022.
What Products Are Employees Purchasing?
The attached file reflects the products that employees have purchased at open enrollment. The report is for 2018 – 2021 by carrier and product line. You will notice that not every carrier is focused on the same products. For example, Lincoln National, The Hartford, and Prudential only product with any clear positioning is their term life product (61% of their combined written premiums). Likewise, MetLife and Aflac have more balance in their product line. MetLife led the industry in term life premium, dental, vision, accidental death, and long-term disability. Aflac led the industry in accident, cancer, critical illness, short-term disability, and hospital indemnity premium.
Guardian and UnitedHealthcare are the 2nd and 3rd largest dental carriers but dental is their only product with a strong presence. New York Life is similar; its only strong presence is its term life product.
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