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Providing insights into the highest priorities of life insurance leaders as they tackle today’s challenges and embrace emerging opportunities.

Life Insurance Executive Survey 2023

Six Big Opportunities in an Evolving Market

by Rob Sims, Alison Salka, Joe Khoury, Todd Silverhart, Alex Dancu, and Ben Gherardi

Life insurers are navigating amid significant change. Demand has grown to unprecedented volumes, with near record-breaking premium levels in both 2021 and 2022. Moreover, demand is expected to remain strong. According to the 2023 Insurance Barometer Study, a report published by LIMRA and Life Happens, more than 100 million adults in the U.S. don’t have enough life insurance.

Meanwhile, interest rates and the yields on 10-year U.S. Treasury notes are back at levels not seen since before the global financial crisis, creating an attractive environment for insurers to grow in the U.S. The top 10 mutual insurers are in a particularly good position after expanding their share of the life insurance market by 10 percentage points from 2013 through 2022. They now control about 43 percent of the market.

Perhaps one of the most interesting developments is that private equity (PE) firms now own or control 137 insurers, up from 89 in 2019. PE-backed insurers have taken a particular interest in annuities, which saw historically high sales of $312.8 billion in the U.S. in 2022, propelled by higher interest rates and market volatility. Those sales were 18 percent higher than the previous record of $265 billion set in 2008.

It was in the context of an increasingly complex and vigorous market that BCG and LIMRA conducted the third edition of the biennial survey of life insurance executives. The slideshow presents the results of the 2023 survey, providing insights into the highest priorities and concerns of life insurance leaders.

Download a PDF of the Report         Download a PDF of the Appendix         Download the Webinar Briefing Booklet

Growth topped the list of challenges, cited by 33 percent of the respondents. Last year’s top challenge — technology — dropped to second place, cited by 28 percent of the respondents. In interviews, executives mentioned a broader set of emerging challenges, including macroeconomic uncertainty, the disruptive potential of new tools such as generative AI, and complex talent dynamics that have moved to the forefront of their strategic focus.

Insurers’ opportunities and challenges are creating a pivotal point for the industry, and leaders are already taking action. We’ve identified six key opportunities that insurers can take: focusing the portfolio, personalizing the journey, helping advisors to help clients, modernizing technology from front to back, partnering to accelerate innovation, and attracting and retaining talent. By being proactive, insurers can make the most of today’s robust consumer demand.


Rob Sims
Managing Director & Partner, BCG

Todd Silverhart
Corporate Vice President Research Quality & Markets Research, LIMRA and LOMA
Alison Salka
Senior Vice President &
Director of Research, LIMRA and LOMA

Alex Dancu

Project Leader, BCG

Joe Khoury
Managing Director & Partner, BCG

Ben Gherardi

Lead Knowledge Analyst, BCG

Meet the Project Director

Alison Salka, Ph.D.

Alison Salka joined LIMRA and LOMA in 2012 and is responsible for determining and implementing the strategy and direction of its global research program. She oversees a team of more than 80 researchers and other staff professionals in the research division who conduct consumer research, benchmark studies, and white papers focused on helping member companies better understand industry issues and trends. She is also the director of the Secure Retirement Institute.

Salka previously led the retirement research and competitive intelligence team at Prudential, and was also a director of retirement research and business analytics at MassMutual. She has earned a Master’s degree and holds a doctorate.


Senior Vice President and Director of Research

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