The top 25 large-group disability carriers in the US
June 28, 2018 3:29 PM
The top 25 large-group disability carriers in the US
Employee Benefit Adviser, in partnership with business intelligence data analytics firm miEdge, lists the top 25 disability carriers in the U.S. Companies are ranked based on in-force premiums for both short- and long-term group disability plans.
Premiums used to compile the listing for the following companies are based on Form 5500 Schedule A data submitted to the Department of Labor. As such, groups under 100 lives, government entities and church plans are not required to file. Any disclosure on Schedule Cs are not contemplated in these numbers.
While the data reflect premiums in the group market only, Erin Marino, senior director of research and marketing at Eastbridge Consulting Group, expects to see the trend of employers increasingly switching their DI coverage from employer-paid to voluntary to continue and “fuel growth of voluntary disability sales.”
Last year, Marino says, both short- and long-term disability products represented 20% of voluntary benefit sales. “From a funding perspective, the number of employers offering full employer-paid short-term or long-term disability coverage has been declining for many years,” she says, “creating opportunity for voluntary disability coverage.”
Premiums used to compile the listing for the following companies are based on Form 5500 Schedule A data submitted to the Department of Labor. As such, groups under 100 lives, government entities and church plans are not required to file. Any disclosure on Schedule Cs are not contemplated in these numbers.
While the data reflect premiums in the group market only, Erin Marino, senior director of research and marketing at Eastbridge Consulting Group, expects to see the trend of employers increasingly switching their DI coverage from employer-paid to voluntary to continue and “fuel growth of voluntary disability sales.”
Last year, Marino says, both short- and long-term disability products represented 20% of voluntary benefit sales. “From a funding perspective, the number of employers offering full employer-paid short-term or long-term disability coverage has been declining for many years,” she says, “creating opportunity for voluntary disability coverage.”
25. Companion Life Insurance Company
STD: $810,765
LTD: $2,778,364
Total: $3,589,129
Earlier this year, Companion Life announced it received an A+ rating from A.M. Best Company for the 16th consecutive year. President Philip Gardham said of the distinction, “The organization’s sustained accomplishment is a byproduct of Companion Life’s commitment to exploring strategic opportunities while maintaining disciplined execution in a competitive market. This rating validates our long-term strategy, acknowledges our solid financial position and brings additional confidence to our business partners, employees and customers.”
LTD: $2,778,364
Total: $3,589,129
Earlier this year, Companion Life announced it received an A+ rating from A.M. Best Company for the 16th consecutive year. President Philip Gardham said of the distinction, “The organization’s sustained accomplishment is a byproduct of Companion Life’s commitment to exploring strategic opportunities while maintaining disciplined execution in a competitive market. This rating validates our long-term strategy, acknowledges our solid financial position and brings additional confidence to our business partners, employees and customers.”
24. The Union Labor Life Insurance Company
STD: $3,433,023
LTD: $175,799
Total: $3,608,822
Some of Ullico’s disability plan features include a variety of weekly benefit plans available to members upon a non-occupational sickness or accident, coverage for up to 13 or 26 weeks or a maximum of 52 weeks and the choice of non-contributory or contributory plans, according to the company.
LTD: $175,799
Total: $3,608,822
Some of Ullico’s disability plan features include a variety of weekly benefit plans available to members upon a non-occupational sickness or accident, coverage for up to 13 or 26 weeks or a maximum of 52 weeks and the choice of non-contributory or contributory plans, according to the company.
23. American United Life Insurance Company
STD: $2,650,194
LTD: $2,811,975
Total: $5,462,169
AUL’s products are designed to support employers throughout the disability leave process, according to the company’s website. It accomplishes this goal by streamlining leave coordination with simplified administration and timely claims resolutions that averages a three-day turnaround on group claims.
LTD: $2,811,975
Total: $5,462,169
AUL’s products are designed to support employers throughout the disability leave process, according to the company’s website. It accomplishes this goal by streamlining leave coordination with simplified administration and timely claims resolutions that averages a three-day turnaround on group claims.
22. Symetra
STD: $2,252,003
LTD: $4,565,153
Total: $6,817,156
Symetra’s Group Online platform allows participants to view claim details, calculate premium and submit payments, and more, according to the company’s website. Employees have 24/7 access to submit and check the status of their disability or leave of absence claims as well.
LTD: $4,565,153
Total: $6,817,156
Symetra’s Group Online platform allows participants to view claim details, calculate premium and submit payments, and more, according to the company’s website. Employees have 24/7 access to submit and check the status of their disability or leave of absence claims as well.
21. Principal Financial Group
STD: $1,838,571
LTD: $5,065,428
Total: $6,903,999
Principal’s first-quarter financial results for 2018 included an increase of 8% in its Specialty Benefits premium and fees, compared to one year ago. “Our continued growth reflects very strong investment performance, and ongoing investments in our businesses to enhance our solution set, expand our distribution reach, improve the customer experience and deliver better outcomes for customers and clients,” said Dan Houston, chairman, president, and CEO of Principal.
LTD: $5,065,428
Total: $6,903,999
Principal’s first-quarter financial results for 2018 included an increase of 8% in its Specialty Benefits premium and fees, compared to one year ago. “Our continued growth reflects very strong investment performance, and ongoing investments in our businesses to enhance our solution set, expand our distribution reach, improve the customer experience and deliver better outcomes for customers and clients,” said Dan Houston, chairman, president, and CEO of Principal.
20. Health Care Service Corporation
STD: $4,103,427
LTD: $5,211,766
Total: $9,315,193
In March, HCSC announced it is committing $1.5 billion over three years to reduce healthcare expenses for its members. “Over the last several years, we reduced our expenses, managed medical costs across the healthcare system and remained true to our commitment to stand with customers — even in tough market conditions when others wavered,” said Paula Steiner, president and chief executive officer of HCSC.
LTD: $5,211,766
Total: $9,315,193
In March, HCSC announced it is committing $1.5 billion over three years to reduce healthcare expenses for its members. “Over the last several years, we reduced our expenses, managed medical costs across the healthcare system and remained true to our commitment to stand with customers — even in tough market conditions when others wavered,” said Paula Steiner, president and chief executive officer of HCSC.
19. UnitedHealthcare
STD: $1,856,270
LTD: $7,802,537
Total: $9,658,807
UnitedHealthcare announced in May its value-based care program for knee, hip and spine procedures is generating nearly $18 million in savings for participating employers. With a bundled payment program that brought a 22% reduction in hospital readmissions and 17% fewer complications for people undergoing knee- and hip-replacement surgeries, employers are saving an average of $18,000 per procedure, according to UHC.
LTD: $7,802,537
Total: $9,658,807
UnitedHealthcare announced in May its value-based care program for knee, hip and spine procedures is generating nearly $18 million in savings for participating employers. With a bundled payment program that brought a 22% reduction in hospital readmissions and 17% fewer complications for people undergoing knee- and hip-replacement surgeries, employers are saving an average of $18,000 per procedure, according to UHC.
18. USAble Life
STD: $4,387,197
LTD: $6,050,175
Total: $10,437,372
Some of the options of USAble Life’s long-term disability plans include rehabilitation, vocational assistance, family care, survivor benefits and workplace modification, according to the company’s website.
LTD: $6,050,175
Total: $10,437,372
Some of the options of USAble Life’s long-term disability plans include rehabilitation, vocational assistance, family care, survivor benefits and workplace modification, according to the company’s website.
17. Voya Financial
STD: $4,574,809
LTD: $8,019,156
Total: $12,593,965
In April, Voya brought in Daniel Palermino as vice president, sales for the company’s Employee Benefits business. “I am excited to join Voya Employee Benefits and be part of an organization that puts so much emphasis on what customers truly need and works closely with Voya’s retirement and investment teams to provide comprehensive financial solutions,” he said. “I look forward to working with the team and our distribution partners to arm clients and their employees with solutions that will help prepare them financially for life’s challenges.”
LTD: $8,019,156
Total: $12,593,965
In April, Voya brought in Daniel Palermino as vice president, sales for the company’s Employee Benefits business. “I am excited to join Voya Employee Benefits and be part of an organization that puts so much emphasis on what customers truly need and works closely with Voya’s retirement and investment teams to provide comprehensive financial solutions,” he said. “I look forward to working with the team and our distribution partners to arm clients and their employees with solutions that will help prepare them financially for life’s challenges.”
16. American Fidelity Assurance Company
STD: $6,607,057
LTD: $7,889,888
Total: $14,496,945
American Fidelity recently received an A+ rating from A.M. Best Company for the 36th consecutive year. “American Fidelity focuses on providing supplemental benefits to help support our policyholders’ financial security,” said Chief Financial Officer Robert Brearton. “It’s vital to have a history of financial stability ourselves and having the A.M. Best rating allows us to demonstrate that strength.”
LTD: $7,889,888
Total: $14,496,945
American Fidelity recently received an A+ rating from A.M. Best Company for the 36th consecutive year. “American Fidelity focuses on providing supplemental benefits to help support our policyholders’ financial security,” said Chief Financial Officer Robert Brearton. “It’s vital to have a history of financial stability ourselves and having the A.M. Best rating allows us to demonstrate that strength.”
15. Transamerica Life Insurance Company
STD: $14,490,513
LTD: $79,462
Total: $14,569,975
In February, Transamerica announced its Wealth + Health brand identity designed to help participants effectively managing both their wealth and their health. “At Transamerica, connecting the Wealth + Health of our customers is our driving focus. Our objective is to offer simple, sound and holistic guidance that will help people improve the overall quality of their lives,” said Dave Paulsen, executive vice president and chief distribution officer at Transamerica. “We are excited to lead this movement, because if you are capably managing both your Wealth + Health, you may add more years to your life, and more life to your years.”
LTD: $79,462
Total: $14,569,975
In February, Transamerica announced its Wealth + Health brand identity designed to help participants effectively managing both their wealth and their health. “At Transamerica, connecting the Wealth + Health of our customers is our driving focus. Our objective is to offer simple, sound and holistic guidance that will help people improve the overall quality of their lives,” said Dave Paulsen, executive vice president and chief distribution officer at Transamerica. “We are excited to lead this movement, because if you are capably managing both your Wealth + Health, you may add more years to your life, and more life to your years.”
14. The Northwestern Mutual Life Insurance Company
STD: $2,676,550
LTD: $16,470,379
Total: $19,146,929
Fortune magazine in January named Northwestern Mutual one of the “world’s most admired companies.” The company is No. 1 for “quality of products and services” and “financial soundness.” The company also ranked highly in “quality of management.”
LTD: $16,470,379
Total: $19,146,929
Fortune magazine in January named Northwestern Mutual one of the “world’s most admired companies.” The company is No. 1 for “quality of products and services” and “financial soundness.” The company also ranked highly in “quality of management.”
13. AIG
STD: $1,707,399
LTD: $20,937,963
Total: $22,645,362
American International Group, Inc., in May reported net income of $938 million for the first quarter of 2018. “In the first quarter we made progress toward delivering consistent results with net favorable reserve development, a stable General Insurance accident year loss ratio, and solid Life and Retirement results. Our emphasis on fundamental underwriting practices, increasing accountability across our businesses, and disciplined decision making is taking hold. In the quarter, we added world class talent across the organization, particularly in General Insurance to position AIG for long-term profitable growth,” said Brian Duperreault, president and CEO.
LTD: $20,937,963
Total: $22,645,362
American International Group, Inc., in May reported net income of $938 million for the first quarter of 2018. “In the first quarter we made progress toward delivering consistent results with net favorable reserve development, a stable General Insurance accident year loss ratio, and solid Life and Retirement results. Our emphasis on fundamental underwriting practices, increasing accountability across our businesses, and disciplined decision making is taking hold. In the quarter, we added world class talent across the organization, particularly in General Insurance to position AIG for long-term profitable growth,” said Brian Duperreault, president and CEO.
12. Guardian
STD: $11,025,154
LTD: $11,780,541
Total: $22,805,695
Features of Guardian’s DI product include customized, tailored solutions for income protection, productivity and compliance benefits serviced by tenured claims case managers who ensure continuity of care, according to the company’s website.
LTD: $11,780,541
Total: $22,805,695
Features of Guardian’s DI product include customized, tailored solutions for income protection, productivity and compliance benefits serviced by tenured claims case managers who ensure continuity of care, according to the company’s website.
11. Anthem
STD: $4,764,107
LTD: $20,082,022
Total: $24,846,129
Members who have both medical and disability insurance with Anthem receive enhanced support and clinical coordination “to help prevent claims, reduce the duration of claims and increase member engagement,” according to the company’s website. Anthem’s medical director and in-house member assistance program help to manage claims, and claimants remain with the same case manager throughout their case.
LTD: $20,082,022
Total: $24,846,129
Members who have both medical and disability insurance with Anthem receive enhanced support and clinical coordination “to help prevent claims, reduce the duration of claims and increase member engagement,” according to the company’s website. Anthem’s medical director and in-house member assistance program help to manage claims, and claimants remain with the same case manager throughout their case.
10. Mutual of Omaha
STD: $61,815,735
LTD: $73,130,840
Total: $134,946,575
In January, Mutual of Omaha CEO James Blackledge succeed Dan Neary as chairman of the company. “I’m honored to serve this great company,” Blackledge said. “We have an excellent leadership team, dedicated employees and a talented and engaged Board. There is no limit to what we can achieve on behalf of our customers.”
LTD: $73,130,840
Total: $134,946,575
In January, Mutual of Omaha CEO James Blackledge succeed Dan Neary as chairman of the company. “I’m honored to serve this great company,” Blackledge said. “We have an excellent leadership team, dedicated employees and a talented and engaged Board. There is no limit to what we can achieve on behalf of our customers.”
9. Sun Life Financial
STD: $46,545,353
LTD: $90,646,152
Total: $137,191,505
Sun Life in June acquired ben admin company Maxwell Health. “Bringing Maxwell Health’s leading benefits platform into the Sun Life family takes us another step toward our goal of transforming the benefits experience by making it easier for people to understand and choose the right benefits for themselves and their families,” says Dan Fishbein, president of Sun Life Financial U.S. “The acquisition gives us a total benefits solution and advances our strategy with small- and mid-sized employers, where we are focused on simplifying benefits and delivering leading enrollment solutions. Employer clients increasingly want simpler, integrated benefits along with digital services that ease the burden of benefits administration.”
LTD: $90,646,152
Total: $137,191,505
Sun Life in June acquired ben admin company Maxwell Health. “Bringing Maxwell Health’s leading benefits platform into the Sun Life family takes us another step toward our goal of transforming the benefits experience by making it easier for people to understand and choose the right benefits for themselves and their families,” says Dan Fishbein, president of Sun Life Financial U.S. “The acquisition gives us a total benefits solution and advances our strategy with small- and mid-sized employers, where we are focused on simplifying benefits and delivering leading enrollment solutions. Employer clients increasingly want simpler, integrated benefits along with digital services that ease the burden of benefits administration.”
8. Reliance Standard
STD: $98,848,467
LTD: $245,571,833
Total: $344,420,300
Reliance Standard’s Absence Solutions program has a 97% satisfaction rate, according to the company. Its web-based disability management tool, eServices, provides employees with 24/7 direct access to claims details, monthly reports, forms and applications.
LTD: $245,571,833
Total: $344,420,300
Reliance Standard’s Absence Solutions program has a 97% satisfaction rate, according to the company. Its web-based disability management tool, eServices, provides employees with 24/7 direct access to claims details, monthly reports, forms and applications.
7. Prudential
STD: $97,879,731
LTD: $250,953,649
Total: $348,833,380
Prudential’s short-term disability program is focused on reducing employers’ administrative burdens and minimizing costs with flexible funding options for customizable benefit plan options that utilize online benefits portals and provide “seamless claim transition” to long-term DI for integrated plans, according to the company’s website.
LTD: $250,953,649
Total: $348,833,380
Prudential’s short-term disability program is focused on reducing employers’ administrative burdens and minimizing costs with flexible funding options for customizable benefit plan options that utilize online benefits portals and provide “seamless claim transition” to long-term DI for integrated plans, according to the company’s website.
6. The Standard
STD: $87,488,352
LTD: $288,770,789
Total: $376,259,141
The Standard recently launched a quarterly award program for employers in its Workplace Possibilities disability program — “a unique, proactive approach to help prevent and manage absence and disability in the workplace,” according to the company’s website. Criteria used to select the winning organization include promoting the program to managers, supervisors and other staff members; partnering with The Standard to customize accommodations for employees; and training managers, supervisors and team leaders about the program.
LTD: $288,770,789
Total: $376,259,141
The Standard recently launched a quarterly award program for employers in its Workplace Possibilities disability program — “a unique, proactive approach to help prevent and manage absence and disability in the workplace,” according to the company’s website. Criteria used to select the winning organization include promoting the program to managers, supervisors and other staff members; partnering with The Standard to customize accommodations for employees; and training managers, supervisors and team leaders about the program.
5. MetLife
STD: $176,447,763
LTD: $604,342,486
Total: $780,790,249
MetLife in May announced Bill O’Donnell as the company’s new executive vice president and chief financial officer for the U.S. “I am delighted to welcome Bill to this important role,” said John McCallion, executive vice president and chief financial officer and treasurer. “Bill is a strong and disciplined leader and brings extensive finance and insurance experience to this role. I look forward to continuing to work with Bill.”
LTD: $604,342,486
Total: $780,790,249
MetLife in May announced Bill O’Donnell as the company’s new executive vice president and chief financial officer for the U.S. “I am delighted to welcome Bill to this important role,” said John McCallion, executive vice president and chief financial officer and treasurer. “Bill is a strong and disciplined leader and brings extensive finance and insurance experience to this role. I look forward to continuing to work with Bill.”
4. The Hartford
STD: $177,859,955
LTD: $627,129,571
Total: $804,989,526
Last fall, The Hartford agreed to acquire Aetna’s U.S. group life and disability business for cash consideration of $1.45 billion. “The combination of these two businesses strengthens our position as a leader in the large employer market and increases our presence among midsize employer clients. It also creates new opportunities to distribute additional products to a customer base of more than 20 million people who will be insured by the combined business,” said The Hartford’s Chairman and CEO Christopher Swift.
LTD: $627,129,571
Total: $804,989,526
Last fall, The Hartford agreed to acquire Aetna’s U.S. group life and disability business for cash consideration of $1.45 billion. “The combination of these two businesses strengthens our position as a leader in the large employer market and increases our presence among midsize employer clients. It also creates new opportunities to distribute additional products to a customer base of more than 20 million people who will be insured by the combined business,” said The Hartford’s Chairman and CEO Christopher Swift.
3. Unum
STD: $224,917,175
LTD: $654,519,808
Total: $879,436,983
Unum’s short-term disability plans are most commonly used for pregnancy (28%), followed by injuries (11%), according the company. Long-term plans are most used for cancer (16%), followed by back disorders (14%).
LTD: $654,519,808
Total: $879,436,983
Unum’s short-term disability plans are most commonly used for pregnancy (28%), followed by injuries (11%), according the company. Long-term plans are most used for cancer (16%), followed by back disorders (14%).
2. Lincoln Financial Group
STD: $231,403,380
LTD: $870,979,394
Total: $1,102,382,774
Lincoln Financial Group’s data include Liberty Mutual’s book of business. In May, the company was named one of America’s Best Employers for 2018 in the Banking and Financial Services sector by Forbes magazine. “Our success is underpinned by our exceptional employees whose contributions make Lincoln Financial a market leader,” said Dennis R. Glass, president and CEO, Lincoln Financial Group. “With the best talent in the industry, we strive to ensure our employees feel valued, supported and recognized throughout every step of their careers here.”
LTD: $870,979,394
Total: $1,102,382,774
Lincoln Financial Group’s data include Liberty Mutual’s book of business. In May, the company was named one of America’s Best Employers for 2018 in the Banking and Financial Services sector by Forbes magazine. “Our success is underpinned by our exceptional employees whose contributions make Lincoln Financial a market leader,” said Dennis R. Glass, president and CEO, Lincoln Financial Group. “With the best talent in the industry, we strive to ensure our employees feel valued, supported and recognized throughout every step of their careers here.”
1. Cigna
STD: $355,919,292
LTD: $995,906,280
Total: $1,351,825,572
Cigna’s short- and long-term disability plans consist of a broad plan portfolio with flexible funding arrangements that allow for customization for each employer, according to the company’s website. They include programs to help keep employees healthy, simplify administration of claims and vocational services that help at-risk employees stay healthy at work.
LTD: $995,906,280
Total: $1,351,825,572
Cigna’s short- and long-term disability plans consist of a broad plan portfolio with flexible funding arrangements that allow for customization for each employer, according to the company’s website. They include programs to help keep employees healthy, simplify administration of claims and vocational services that help at-risk employees stay healthy at work.
