Thrivent Financial for Lutherans accounted for about 45% of the total combined direct individual life, annuity and accident and health premiums among US fraternal insurers through the first nine months of 2023.

In total, the 61 fraternal insurers combined to write $8.92 billion in individual direct life and accident and health (A&H) premiums and annuity considerations during the nine months ended Sept 30, with Thrivent accounting for $3.99 billion, according to an S&P Global Market Intelligence review of regulatory filings.

The Minnesota-based carrier reported the highest premium or considerations within the three main as-reported business lines during the period, with annuity considerations of $2.31 billion, $1.40 billion in life premiums and combined A&H lines premium of $276.7 million.

Annuity considerations show growth

Overall, US fraternal insurers reported total individual annuity considerations of $4.92 billion for the nine-month period, compared to $4.50 billion during the prior-year period. Six of the 10 fraternals with the largest annuity considerations reported double-digit year-over-year increases.

– Read an article reviewing the US life industry's third-quarter performance. – Read S&P Global Market Intelligence's Life and Annuity Market Report.

The Catholic Order of Foresters recorded the largest year-over-year growth in annuity consideration among the largest insurers. The carrier's annuity considerations jumped almost 113% to $75.2 million during the period. The other insurers with double-digit annuity growth were Catholic Life Insurance, Woodmen of the World Life Insurance Society, Gleaner Life Insurance Society, First Catholic Slovak Union of the United States of America & Canada and GBU Financial Life.

Modern Woodmen of America's $689.5 million in annuity consideration during the period makes it the second-largest annuity provider among fraternal insurers.

Life premiums fall year over year

Combined individual life insurance premiums among fraternals fell to $3.54 billion between Jan. 1 and Sept. 30, a decrease of about 1% from the same period in 2022.

Six insurers recorded life premiums of more than $100 million year to date, with four of them showing year-over-year decreases.

Knights of Columbus ranked second in reported life insurance premiums. Its life premiums declined 2.6% from the 2022 period to $858.9 million in the first nine months of 2023.

Woodmen of the World Life Insurance Society's life premiums decreased by 4.6% year over year to $234.8 million in 2023, the largest annual decline among the six insurers with life premiums of more than $100 million year to date. Modern Woodmen and United States Branch of the Independent Order of Foresters were the other insurers that also reported decreases.

Royal Neighbors of America Inc. and Thrivent life premiums grew 9% and 1.7, respectively, year over year.