American Association for Long-Term Care Insurance

Top 10 LTC Companies

The nation’s top 10 LTC (long-term care insurance companies) have over 73 percent of all covered lives according to the American Association for Long-Term Care Insurance.

“A relatively few companies account for the majority of in force policies,” reports Jesse Slome, director of the organization.  “Genworth remains the largest of the companies with over 1.1 million policyholders.”

Slome was sharing the information with a consumer group seeking an industry update.  “The long-term care insurance industry continues to evolve,” Slome shared with the group.  “Where once there were dozens of companies offering policies, today on a few still do.  But even when an insurer stops selling new policies, they continue to service and pay claims on existing policies.”

Of the top-10 long-term care insurance companies based on in-force policies, Mutual of Omaha, New York Life, Bankers Life and Northwestern Mutual continue to offer new policies.  “Traditional long-term care insurance policies now account for a smaller percentage of new policy sales,” Slome states.  “The majority of new policies are linked-benefit policies that generally include a combination of life insurance and long-term care insurance benefits.”

Top 10 LTC Companies In-Force Lives

The following are the top 10 long-term care insurers.

                                         Lives in Force      Market Share %

Genworth                      1,167,238               22.09

John Hancock               893,317               16.90

Met Life                             448,748               8.49

Continental Cas.            413,485               7.83

Northwestern Mutual     260,077              4.92

Transamerica                  251,211               4.76

Prudential                        211,771               4.01

Mutual of Omaha           200,391               3.79

New York Life                 149,660              2.83

Bankers Life                    131,981               2.51

To access the latest long-term care insurance statistics and data visit the organization’s website at www.aaltci.org/LTCFacts-2022/.   To obtain long-term care insurance costs from a long-term care insurance specialist call the organization at 818-597-3227 or visit their website www.aaltci.org.

This entry was posted on Thursday, December 16th, 2021. Trackback from your own site.