Background
The 2025 U.S. Group Disability Market Survey provides an industry perspective of new sales and in-force business for short-term disability (STD), long-term disability (LTD), and paid family and medical leave (PFML) insurance products sold in the United States in 2023 and 2024. This summary report includes several key results from the 2025 U.S. Group Disability Market Survey.
STD premium in the 2025 Group Disability Market Survey generally does not include statutory disability or PFML coverages unless a carrier was not able to split PFML or statutory disability from its STD business. PFML was defined to include the following coverages in this survey: MA PFML, CA VDI1 & PFL, NJ TDI2 & FLI3, NY DBL4 & PFL, HI TDI, CO PFML, WA PFML, OR PFML, and CT PFML. We note that some companies include voluntary PFL in other states.
In-force business
The participating companies reported $19.9 billion in combined LTD, STD, and PFML in-force premium in 2024, an increase from $19.0 billion reported by the same companies in 2023. LTD in-force premium increased by 4.2%, STD in-force premium increased by 5.2% and PFML in-force premium increased by 3.3% as shown in Figure 1. Note that totals and percentage increases may not match exactly due to rounding.
Figure 1: Total in-force premium among participating companies from 2023 and 2024 ($ billions)
The survey data were used to calculate average in-force premium per life (PPL) metrics for LTD and STD, as shown in Figure 2. The average LTD in-force PPL increased by 3.5% from 2023 to 2024, whereas the average STD in-force PPL increased by 3.1%.
Figure 2: 2024 average in-force premium per life
| PRODUCT | AVERAGE PPL | PPL GROWTH RATE |
|---|---|---|
| STD | $224.7 | 3.1% |
| LTD | $292.3 | 3.5% |
Figure 3 shows growth rates for in-force cases, premium, and covered lives from 2023 to 2024 for STD and LTD.
Figure 3: Group disability in-force growth rates
| STD | LTD | |
|---|---|---|
| Cases | 1.9% | 0.8% |
| Premium | 5.2% | 4.2% |
| Lives | 2.0% | 0.7% |
New sales
The combined LTD, STD, and PFML new sales premium increased from $2.5 billion in 2023 to $2.7 billion in 2024, as shown in Figure 4. The LTD new sales premium increased by 10% from $1.3 billion in 2023 to $1.4 billion in 2024. The STD new sales premium increased by 5.1% from $1.0 billion in 2023 to $1.1 billion in 2024. PFML sales from carriers who submitted sales in both 2023 and 2024 increased by 6.1% from $0.24 billion in 2023 to $0.25 billion in 2024.
Figure 4: Total new sales premium among participating companies from 2023 and 2024 ($ billions)
Figure 5 shows average PPL metrics for new sales in 2024 for STD and LTD, and the PPL growth rate from 2023 to 2024. Average PPL decreased by 2.8% for STD products and decreased by 13.5% for LTD products.
Figure 5: 2024 average new sales premium per life
| PRODUCT | AVERAGE PPL | PPL GROWTH RATE |
|---|---|---|
| STD | $221.1 | −2.8% |
| LTD | $214.2 | −13.5% |
Figure 6 shows STD and LTD new sales growth rates for cases, premium, and covered lives from 2023 to 2024.
Figure 6: Group disability new sales growth rates
| STD | LTD | |
|---|---|---|
| Cases | 1.9% | −2.3% |
| Premium | 5.1% | 9.9% |
| Lives | 8.1% | 27.0% |
Other key results
Figures 7 through 12 provide additional details of the in-force and new sales premium reported by survey participants. The company rankings in these tables are based on reported premium in 2024.
Figure 7: STD new sales premium in 2023 and 2024 ($ millions)
| RANK | COMPANY | 2023 | 2024 | % CHANGE |
|---|---|---|---|---|
| 1 | UNUM | $175.8 | $182.7 | 3.9% |
| 2 | LINCOLN | $101.5 | $151.5 | 49.3% |
| 3 | METLIFE | $150.4 | $135.1 | −10.1% |
| 4 | GUARDIAN | $93.7 | $124.7 | 33.2% |
| 5 | NEW YORK LIFE GROUP BENEFIT SOLUTIONS | $104.7 | $91.3 | −12.8% |
| 6 | MUTUAL OF OMAHA | $92.3 | $89.9 | −2.5% |
| 7 | THE STANDARD | $65.8 | $72.5 | 10.1% |
| 8 | PRUDENTIAL INSURANCE CO. | $52.6 | $55.5 | 5.6% |
| 9 | PRINCIPAL FINANCIAL GROUP | $47.1 | $43.7 | −7.0% |
| 10 | SYMETRA | $16.9 | $22.5 | 33.0% |
| 11 | VOYA FINANCIAL* | $31.4 | $21.7 | −30.9% |
| 12 | UNITEDHEALTHCARE | $18.7 | $19.6 | 4.6% |
| 13 | DEARBORN GROUP | $16.9 | $17.8 | 5.5% |
| 14 | EQUITABLE | $24.3 | $16.0 | −34.2% |
| 15 | ONEAMERICA | $14.3 | $13.3 | −6.9% |
| 16 | USABLE LIFE | $3.8 | $3.5 | −6.5% |
| 17 | NORTHWESTERN MUTUAL | $2.1 | $2.2 | 7.7% |
| 18 | TRUSTMARK INSURANCE - VB | $0.6 | $0.5 | −16.0% |
| 19 | SHELTERPOINT LIFE INSURANCE COMPANY | $0.0 | $0.0 | N/A |
| 20 | NYSIF | N/A | N/A | N/A |
* Voya’s results may be overstated because statutory disability / PFML were not split out
Figure 8: STD in-force premium from 2023 and 2024 ($ millions)
| RANK | COMPANY | 2023 | 2024 | % CHANGE |
|---|---|---|---|---|
| 1 | UNUM | 870.1 | 899.4 | 3.4% |
| 2 | NEW YORK LIFE GROUP BENEFIT SOLUTIONS | 897.9 | 875.3 | 2.6% |
| 3 | LINCOLN | 802.4 | 842.5 | 5.0% |
| 4 | METLIFE | 595.8 | 623.1 | 4.6% |
| 5 | MUTUAL OF OMAHA | 502.3 | 549.2 | 9.3% |
| 6 | GUARDIAN | 440.9 | 476.3 | 8.0% |
| 7 | PRUDENTIAL INSURANCE CO. | 360.4 | 383.5 | 6.4% |
| 8 | THE STANDARD | 370.0 | 376.5 | 1.7% |
| 9 | PRINCIPAL FINANCIAL GROUP | 272.3 | 285.2 | 4.7% |
| 10 | DEARBORN GROUP | 109.3 | 118.4 | 8.3% |
| 11 | VOYA FINANCIAL* | 96.7 | 105.9 | 9.5% |
| 12 | SYMETRA | 62.8 | 79.4 | 26.5% |
| 13 | UNITEDHEALTHCARE | 74.8 | 77.3 | 3.3% |
| 14 | ONEAMERICA | 72.9 | 69.4 | −4.9% |
| 15 | EQUITABLE | 40.0 | 56.8 | 42.0% |
| 16 | USABLE LIFE | 39.1 | 35.2 | −9.9% |
| 17 | NORTHWESTERN MUTUAL | 21.6 | 22.6 | 4.6% |
| 18 | TRUSTMARK INSURANCE - VB | 4.6 | 4.6 | 1.3% |
| 19 | SHELTERPOINT LIFE INSURANCE COMPANY | 0.0 | 0.0 | 6.6% |
| 20 | NYSIF | N/A | N/A | N/A |
* Voya’s results may be overstated because statutory disability / PFML were not split out
Figure 9: LTD new sales premium from 2023 and 2024 ($ millions)
| RANK | COMPANY | 2023 | 2024 | % CHANGE |
|---|---|---|---|---|
| 1 | UNUM | $247.6 | $282.3 | 14.0% |
| 2 | METLIFE | $228.6 | $274.8 | 20.2% |
| 3 | LINCOLN | $136.8 | $199.1 | 45.5% |
| 4 | THE STANDARD | $109.9 | $118.0 | 7.4% |
| 5 | NEW YORK LIFE GROUP BENEFIT SOLUTIONS | $133.8 | $111.2 | −16.9% |
| 6 | GUARDIAN | $92.3 | $103.1 | 11.8% |
| 7 | PRUDENTIAL INSURANCE CO. | $103.1 | $88.9 | −13.8% |
| 8 | MUTUAL OF OMAHA | $83.6 | $81.4 | −2.7% |
| 9 | PRINCIPAL FINANCIAL GROUP | $46.6 | $43.5 | −6.6% |
| 10 | VOYA FINANCIAL | $28.2 | $28.0 | −0.8% |
| 11 | SYMETRA | $19.0 | $26.9 | 41.6% |
| 12 | UNITEDHEALTHCARE | $17.8 | $18.8 | 6.1% |
| 13 | EQUITABLE | $17.2 | $16.3 | −5.1% |
| 14 | DEARBORN GROUP | $14.1 | $15.3 | 8.4% |
| 15 | ONEAMERICA | $12.8 | $11.0 | −14.1% |
| 16 | USABLE LIFE | $3.6 | $4.6 | 26.9% |
| 17 | NORTHWESTERN MUTUAL | $4.1 | $4.2 | 2.3% |
| 18 | TRUSTMARK INSURANCE - VB | $0.1 | $0.1 | −8.6% |
| 19 | SHELTERPOINT LIFE INSURANCE COMPANY | $0.0 | $0.0 | N/A |
| 20 | NYSIF | N/A | N/A | N/A |
Figure 10: LTD in-force premium from 2023 and 2024 ($ millions)
| RANK | COMPANY | 2023 | 2024 | % CHANGE |
|---|---|---|---|---|
| 1 | UNUM | $1,946.1 | $2,004.6 | 3.0% |
| 2 | LINCOLN | $1,883.8 | $1,935.8 | 2.8% |
| 3 | METLIFE | $1,778.5 | $1,930.7 | 8.6% |
| 4 | NEW YORK LIFE GROUP BENEFIT SOLUTIONS | $1,553.8 | $1,587.1 | 2.1% |
| 5 | THE STANDARD | $1,112.6 | $1,139.7 | 2.4% |
| 6 | PRUDENTIAL INSURANCE CO. | $968.5 | $982.3 | 1.4% |
| 7 | GUARDIAN | $598.7 | $653.9 | 9.2% |
| 8 | MUTUAL OF OMAHA | $534.9 | $574.3 | 7.4% |
| 9 | PRINCIPAL FINANCIAL GROUP | $392.6 | $401.0 | 2.2% |
| 10 | VOYA FINANCIAL | $155.6 | $173.8 | 11.7% |
| 11 | DEARBORN GROUP | $124.3 | $130.4 | 4.9% |
| 12 | SYMETRA | $106.3 | $124.2 | 16.8% |
| 13 | NORTHWESTERN MUTUAL | $103.6 | $101.2 | −2.3% |
| 14 | UNITEDHEALTHCARE | $74.5 | $78.1 | 4.9% |
| 15 | ONEAMERICA | $83.2 | $76.5 | −8.1% |
| 16 | EQUITABLE | $59.1 | $66.7 | 13.0% |
| 17 | USABLE LIFE | $64.9 | $60.8 | −6.4% |
| 18 | TRUSTMARK INSURANCE - VB | $1.7 | $1.7 | −1.8% |
| 19 | SHELTERPOINT LIFE INSURANCE COMPANY | $0.2 | $0.2 | −5.2% |
| 20 | NYSIF | N/A | N/A | N/A |
Not all carriers participated in the PFML component of the survey; however, the results from those that contributed data for PFML are shown in Figures 11 and 12.
Figure 11: PFML new sales premium from 2023 and 2024 ($ millions)
| RANK | COMPANY | 2023 | 2024 | % CHANGE |
|---|---|---|---|---|
| 1 | LINCOLN | $53.2 | $47.2 | −11.3% |
| 2 | SHELTERPOINT LIFE INSURANCE COMPANY | $36.2 | $46.1 | 27.3% |
| 3 | METLIFE | $46.1 | $45.7 | −0.9% |
| 4 | MUTUAL OF OMAHA | $15.6 | $26.9 | 72.9% |
| 5 | GUARDIAN | $21.7 | $26.8 | 23.9% |
| 6 | PRINCIPAL FINANCIAL GROUP | $23.3 | $23.7 | 2.0% |
| 7 | PRUDENTIAL INSURANCE CO. | $24.7 | $18.0 | −27.0% |
| 8 | EQUITABLE | $4.0 | $5.0 | 25.5% |
| 9 | NYSIF | $5.8 | $4.7 | −18.3% |
| 10 | SYMETRA | $1.8 | $2.3 | 29.8% |
| 11 | UNITEDHEALTHCARE | $1.1 | $1.7 | 50.1% |
| 12 | USABLE LIFE | $2.0 | $1.4 | −28.6% |
Figure 12: PFML in-force premium from 2023 and 2024 ($ millions)
| RANK | COMPANY | 2023 | 2024 | % CHANGE |
|---|---|---|---|---|
| 1 | SHELTERPOINT LIFE INSURANCE COMPANY | $500.1 | $450.7 | −9.9% |
| 2 | METLIFE | $333.7 | $355.3 | 6.5% |
| 3 | LINCOLN | $295.1 | $314.1 | 6.4% |
| 4 | GUARDIAN | $212.7 | $206.3 | −3.0% |
| 5 | UNUM | $184.5 | $205.4 | 11.3% |
| 6 | PRUDENTIAL INSURANCE CO. | $128.3 | $134.5 | 4.9% |
| 7 | NYSIF | $118.6 | $114.4 | −3.6% |
| 8 | MUTUAL OF OMAHA | $52.7 | $79.1 | 50.2% |
| 9 | PRINCIPAL FINANCIAL GROUP | $34.6 | $59.4 | 71.8% |
| 10 | EQUITABLE | $18.7 | $18.3 | −2.3% |
| 11 | SYMETRA | $6.5 | $8.3 | 28.2% |
| 12 | UNITEDHEALTHCARE | $0.3 | $1.3 | 291.5% |
Survey participation
Companies that participate in Milliman’s U.S. Group Disability Market Survey receive a comprehensive report of metrics at no charge. Please contact the author if your company would like to participate in Milliman’s U.S. Group Disability Market Survey in the future.
The following insurance companies participated in the survey:
- Dearborn Group
- Equitable
- Guardian
- Lincoln
- MetLife
- Mutual of Omaha
- New York Life Group Benefit Solutions
- Northwestern Mutual
- NYSIF
- OneAmerica
- Principal Financial Group
- Prudential Insurance Co.
- ShelterPoint Life Insurance Company
- The Standard
- Symetra
- Trustmark Insurance – VB
- UnitedHealthcare
- Unum
- USABLE Life
- Voya Financial
Reliance and limitations
In performing the 2025 U.S. Group Disability Market Survey and preparing this report, Milliman relied upon the information provided by the participating companies. To the extent that these data are incomplete or inaccurate, the results may be materially affected. Submitted data were reviewed carefully; however, at times it appeared there were imperfections. If there were apparent imperfections, we then decided whether to contact the carrier, allow the data to flow through or attempt to correct or exclude it.
Qualifications
I, Maxwell Berube, FSA, MAAA, am a consulting actuary with Milliman. This report provides an opinion regarding trends in the group disability insurance market. I am a member of the American Academy of Actuaries and meet its qualification standards for rendering this opinion.
1 Voluntary Disability Insurance