Independent Life Insurance Company 2024 Growth Report
John Darer • March 16, 2025
7 Year Old Gets Good Marks |Room for Improvement
In the structured settlement annuity (SSA) industry, dominated by many of the largest life insurers in the United States, Independent Life Insurance Company (ILIC) achieved significant milestones in 2024.
Not only did the "pre-pubescent" life insurance company, that only issues structured settlement annuities, surpass $1 billion dollars in funded premium since it began to write business in 2018, it also made national headlines in the insurance press as one of the Fastest-Growing Small to Medium Annuity Issuers, Q3 2024, in the United States. Independent Life realized many accomplishments across key metrics, reinforcing its position as a continually emerging force in the SSA industry.
Independent Life insurance Company Key 2024 Financial Milestones:
- Annual Production grew from $312.7M in 2023 to $451.7M in 2024, a 44.5% increase.
- Total Production Since Inception climbed from $909.1M in 2023 to $1.36B in 2024, a 49.7% increase.
- Market Share Expansion: ILIC's share of the SSA industry rose from 3.60% to 4.73%.
- Policies Issued expanded from 721 in 2023 to 905 in 2024, exhibiting strong demand and customer trust.
- Court Approvals (Since Inception) reached 1,755, up from 1,365, reinforcing ILIC's track record of success.
- Assignors (Since Inception) rose from 465 to 545, reflecting nationwide expansion.
Source: Independent Life
The term "Assignors" in the Independent Life press release is believed to refer to Defendants, Respondents or Insurers who agreed to assign their obligation to pay future periodic payments to Independent's qualified assignment company. What is a Qualified Assignment?
Pluses
- Seasoned industry professionals, including a co-author of the seminal industry textbook, Structured Settlements and Periodic Payment Judgments.
- Independent Life is the only structured settlement annuity issuer that only issues structured settlement annuities.
- Independent Life Insurance Company advertises a Payee Protection Policy to help protect its annuitants from abusive factoring. I have asked Independent Life to provide an ongoing status report of activity in this area as it was promised when the company started writing structured settlement annuity business.
- Independent Life currently has the industry's only uncapped index linked structured settlement annuity which is marketed under the name I-Structure.
- According to Independent Life "The Company's focus for 2025 will be strongly linked to ongoing new business growth, introduction of one or more market-based structured settlement annuity solutions" Very strong competition is on the horizon with Pacific Life, although the competing product is not coming onto the market until later this year at the earliest.
- Independent Life offers its appointed brokers a unique in industry 2%-4%-6% duration based compensation schedule, born when short term interest rates were much lower. See Duration Based Structured Settlement Compensation Model
- Independent Life issues policies lightening fast.
Concerns and Room for Improvement
- Questions over possible concentration of sources of inbound premium
- Concerns of how HanoverRe, is represented by certain appointed brokers in sales presentations. Independent Life has SRO Tier 1 ratings, but unlike its competition, it is not rated by A. M. Best, Moodys, Standard & Poors or Fitch. Independent Life has been clear about what the reinsurance is all about. See my April 24, 2024 updated of my April 22, 2021 post Independent Life's Reinsurance with Hannover Life Re | What It Is and Isn't.. But one wonders to what extent it monitors and/or oversees how it is being portayed by certain brokers.
- It will be interesting to see how Independent copes with Athene, ANICO and purportedly as many as two other industry newcomers in 2025, all of whom have A.M. Best ratings and others.
- Weiss Rating. There has been some improvement but needs more.
Prudential and Pacific Life have once again been named among the world's most ethical companies. Prudential received the award for the 11th time., Pacific Life received the award for the 8th time. Prudential and Pacific Life are leading issuers of structured settlement annuities.
John Darer reviews structured settlement annuity market expansion featuring 3 new entrants Athene Life & Annuity, American National (ANICO) and Puritan Life as well as MetLife's development of a best in class
What is a Settlement Agreement and Release? What is the role of a Settlement Agreement and Release in establishing a structured settlement? What is a compromise?
John Darer reviews the primary structured settlement market, secindary market and tertiary structured settlement markets
A structured settlement annuity does not drive the tax consequences of structured settlement annuity payments. It is the type of damages the structured settlement annuity payments represent, as reflected in the relevant settlement documentation executed by the settling parties
Structured settlement beneficiary death claim. An executor cannot change the beneficiary of a structured settlement annuity. StructuredTypically, settlement agreements permit the Payee to name or change a beneficiary, provided such change is in writing and submitted to the Assigmment Company or annuity issuer in writing and in proper form.
Which life insurance companies write structured settlement annuities for personal injury and wrrongful death settlements in Bronx, Brooklyn, Staten Island, Queens, Manhattan, Long Island, Westchester, Erie, Rockland, Albany,Monroe in 2025 through licensed representatives?
Why Structured Settlements? Because Certain Sells® Structured settlements offer predictable income streams, which can be appealing to rein in uncertainty. John Darer reviews some other reasons that structured settlements are increasingly being used to settle cases:
Structured settlements have roots that trace back more than 100 years, from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as the core personal injury settlement planning tool it is today.
Plaintiff lawyers and their clients settling taxable settlement must be mindful of the effect a taxable settlement will have on plaintiffs, including their spouses and dependents, who are:
enrolled in the Health Insurance Marketplace and receiving Advance Premium Tax Credits
