Legal & General America’s individual insurance division (LGIA) has revealed a record single-year sales volume of $160 million Annualized Premium Equivalent (APE), which represents a 39% increase in APE over 2022.
The record $160 million APE builds on a successful track record for LGIA over the past few years, having generated $103 million in 2020, $124 million in 2021 and $129 million in 2022. LGIA explained that with its year set to close on December 31, the record will continue to expand.
Mark Holweger, LGIA president and CEO, commented, “We’ve grown through a laser focus on protecting more American families by implementing a digital transformation strategy to reimagine the way life insurance is bought in the United States.
“Consumer response to this approach shines through in our results. We are proud to deliver affordable solutions that are helping to close the life insurance coverage gap and creating a brighter tomorrow for our customers and their families.”
Sir Nigel Wilson, CEO of Legal & General Group, added, “We are thrilled at the rapid growth by LGIA and its commitment to technological innovations and underwriting process advancements.
“With a focus on continued growth, LGIA and Legal & General Group in the UK continue to work in lockstep, leveraging shared capabilities to deliver constant digital innovation and affordable pricing, to provide a more robust solution in the US market.”
In Q3 of 2023, LGIA’s term policy counts increased by 38%, outperforming the industry’s 2% increase, with the company “poised for continued growth in 2024.”
Through June 2023, LGIA generated $86 million in APE (June 2022 $62 million), and accumulated a new business Contractual Service Margin (CSM) of $131 million (June 2022 $73 million) and a total balance of $1.299 billion CSM.
