Coverage
How representative our universe is of the U.S. life & annuity industry — and exactly what we don't yet cover.
US coverage % = sum of US-domiciled firms' GAAP group assets/premiums vs the industry statutory aggregate; bases differ → directional. Global firms (shown separately) report in native currency and are excluded from the US %.
Covered assets by sub-sector
Cross-regime capital adequacy — 28 insurers, 8 regimes
| Insurer | Regime | Reported | Normalized adequacy (0–100) |
|---|---|---|---|
| Aflac Incorporated | US RBC | 650% | Very Strong · 98 |
| Jackson Financial Inc. | US RBC | 567% | Very Strong · 94 |
| Legal & General · curated | EU/UK Solvency II | 232% | Very Strong · 89 |
| Prudential Financial, Inc. | US RBC | 500% | Very Strong · 88 |
| Prudential plc · curated | HK GWS | 280% | Strong · 87 |
| Dai-ichi Life · curated | Japan ESR (J-ICS) | 226% | Strong · 86 |
| Zurich Insurance Grp · curated | Swiss SST | 224% | Strong · 85 |
| AXA SA · curated | EU/UK Solvency II | 216% | Strong · 82 |
| Unum Group | US RBC | 455% | Strong · 80 |
| Manulife Financial | Canadian LICAT | 136% | Strong · 80 |
| Principal Financial Grp. | US RBC | 450% | Strong · 79 |
| Equitable Holdings, Inc. | US RBC | 450% | Strong · 79 |
| Allianz SE · curated | EU/UK Solvency II | 209% | Strong · 79 |
| Assicurazioni Generali · curated | EU/UK Solvency II | 210% | Strong · 79 |
| Sun Life Financial | Canadian LICAT | 134% | Strong · 77 |
| Aviva plc · curated | EU/UK Solvency II | 203% | Strong · 76 |
| Samsung Life Insurance · curated | Korea K-ICS | 198% | Strong · 76 |
| Corebridge Financial | US RBC | 430% | Strong · 75 |
| F&G Annuities & Life | US RBC | 430% | Strong · 75 |
| Lincoln National Corp. | US RBC | 420% | Strong · 74 |
| Brighthouse Financial | US RBC | 420% | Strong · 74 |
| AIA Group · curated | HK GWS | 236% | Strong · 74 |
| The Canada Life Assurance Company | Canadian LICAT | 129% | Strong · 72 |
| Reinsurance Group of Am. | US RBC | 400% | Adequate · 70 |
| Apollo Global Mgmt. | US RBC | 400% | Adequate · 70 |
| Ping An Insurance · curated | China C-ROSS II | 209% | Adequate · 69 |
| China Life Insurance · curated | China C-ROSS II | 205% | Adequate · 67 |
| MetLife, Inc. | US RBC | 380% | Adequate · 64 |
Each insurer's home-regulator capital ratio (US RBC · Canadian LICAT · EU/UK Solvency II · Swiss SST · HK GWS) normalized onto one 0–100 band via capital_norm — methodology open. International (non-US/Canada) ratios are curated from public FY2024 disclosures (annual results & solvency reports), confidence-flagged; their financial statements await a structured data feed.
Annuity sales by distribution channel (industry, 2024)
Third-party distribution is ~81% of annuity sales and ~53% of life. Per-firm channel attribution lands with the Distribution module. · Public industry annuity-sales statistics, 2024
Universe coverage by distribution channel
Channel participation across the 4 covered firms that disclose a per-product distribution channel (curated product catalogs from public filings). Per-channel sales-share attribution vs the industry mix requires channel-level new-business data — a later pass. (4 of 22 covered firms disclose channels)
Structural fingerprint across the covered universe — 19 firms
| Firm | Entities | Reins. / captive | Fund / SPV | Intl | Countries | Top domicile |
|---|---|---|---|---|---|---|
| Apollo Global Mgmt. APO | 1,355 | 0.8% | 28% | 36.5% | 22 | Delaware (837) |
| MetLife, Inc. MET | 807 | 0.7% | 30.7% | 27.6% | 45 | Delaware (554) |
| Prudential Financial, Inc. PRU | 570 | 1.2% | 41.8% | 38.8% | 29 | Delaware (319) |
| Equitable Holdings, Inc. EQH | 141 | 2.1% | 13.5% | 51.1% | 41 | Delaware (57) |
| Principal Financial Grp. PFG | 132 | 3% | 6.8% | 60.6% | 25 | Delaware (31) |
| Voya Financial, Inc. VOYA | 105 | 0% | 25.7% | 8.6% | 5 | Delaware (79) |
| Reinsurance Group of Am. RGA | 76 | 18.4% | 14.5% | 43.4% | 16 | Missouri (38) |
| Aflac Incorporated AFL | 75 | 0% | 20% | 28% | 5 | Delaware (43) |
| Jackson Financial Inc. JXN | 50 | 6% | 52% | 18% | 2 | Delaware (27) |
| Genworth Financial GNW | 45 | 4.4% | 0% | 20% | 6 | Delaware (15) |
| CNO Financial Group CNO | 33 | 3% | 27.3% | 3% | 1 | Delaware (13) |
| Lincoln National Corp. LNC | 28 | 25% | 10.7% | 17.9% | 4 | Vermont (5) |
| Unum Group UNM | 26 | 0% | 3.8% | 30.8% | 3 | England and Wales (6) |
| Corebridge Financial CRBG | 25 | 0% | 44% | 16% | 3 | Delaware (13) |
| F&G Annuities & Life FG | 23 | 17.4% | 21.7% | 13% | 2 | Delaware (13) |
| Brighthouse Financial BHF | 17 | 5.9% | 29.4% | 0% | 0 | Delaware (14) |
| Primerica, Inc. PRI | 12 | 8.3% | 16.7% | 33.3% | 1 | Canada (4) |
| Ameriprise Financial AMP | 7 | 0% | 0% | 14.3% | 1 | Minnesota (3) |
| Globe Life Inc. GL | 5 | 0% | 0% | 20% | 1 | Nebraska (2) |
Structural signals derived from each firm's disclosed legal-entity list (Exhibit 21). Functional type and strategy bucket are inferred from entity names and domiciles and are indicative.
Reinsurance counterparty network — across 13 cedants
Reinsurers cited as counterparties by two or more covered cedants, plus counterparties that are themselves covered firms (intra-ecosystem links). Built from each firm's counterparty map (public filings); names are entity-resolved and indicative. A firm ceding to its own affiliate is not counted as a cross-firm link.
Named uncovered pipeline (28)
Sources: Public US life & annuity industry aggregates, 2024 ($9.3T net admitted assets) · Public industry fact books, 2024/2025 · Public annuity-sales statistics, 2024 ($434B retail annuity sales, ~81% third-party)