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STAMFORD, CONNECTICUT: Gen Re LifeHealth and JHA released the
results of the 2005 U.S. Group Life Market Survey, a leading industry
benchmark survey covering Group Term Life (GTL), and Voluntary Group Term Life
(VGTL) new sales and inforce premium, volume, lives, and cases. Thirty-three
companies participated in the 2005 survey, representing over $16.7 billion in
premium.
GTL inforce premium grew 3% in 2005, reaching over $15 billion. VGTL
inforce premium increased 9% in 2005 to nearly $1.4 billion.
Survey results also indicate that 2005 GTL new sales premium increased by 2% to
$1.8 billion; GTL volume increased by 10%, as compared to 2004. New VGTL
sales premium increased by 10% to $210 million; VGTL volume increased by 6%, as
compared to 2004.
New lives for GTL grew by 13% while cases grew by 2% causing the average lives
per case on new sales to increase 11% in 2005. Inforce GTL cases also
grew, albeit slightly in 2005.
“Although growth in new GTL inforce cases was only 2% in 2005, this is an
improvement over prior years. This is the first time GTL inforce cases
grew since the inception of our study,” said Daniel Wolak, Senior Vice
President of Gen Re LifeHealth.
The annual Gen Re LifeHealth U.S. Group Life Market Survey reports new
sales and inforce for both group term and voluntary group term life
products. In addition, the survey covers premium, volume, lives, and
cases. Participating companies receive the full report. To obtain a
summary of the U.S. Group Life Market Survey results, visit Gen Re
LifeHealth’s website at
www.genrelifehealth.com
and select North America.
Gen Re LifeHealth and Gen Re are global brands belonging to General Re
Corporation, a subsidiary of Berkshire Hathaway Inc. and a holding company for
global reinsurance and related risk management operations.
JHA, a subsidiary of General Re Life Corporation, is a disability reinsurance,
consulting, and research firm located in Portland, ME. Since 1986, JHA
has been helping insurers, TPAs, employers, brokers, and benefit consultants
improve their disability business performance. Through its research
practice and consulting work, JHA is the leading source for information about
the disability market.
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