“Al Bayan Economic” magazine published in its June 2023 issue (Issue No. 619) an overview on the life insurance premiums collected by the 29 life insurance companies operating in Lebanon in the year 2022. More specifically, the article unveiled that life insurance premium collections dropped by 32.4% in 2022 to $249.81 million, from $369.28 million in 2021. The article also noted that figures pertaining to the year 2022 are not entirely representative of the actual market conditions due to several reasons namely the methods of payment adopted by the insured clients to settle their bills, the monetary crisis that the country is facing and the exchange rate used to convert LBP figures into US Dollars.

From another perspective, and according to the article, the ten largest insurance companies operating in Lebanon amassed 89.2% of life insurance premiums in the year 2022, with the twenty largest companies controlling a stake of 99.2%. Among said companies, Metlife topped the list of insurance companies, with its life premium collections aggregating to $74.33 million (9% y-o-y decrease), followed by Bancassurance ($37.64 million; 45.4% y-o-y drop), Allianz ($29.50 million; 42.6% y-o-y increase), and Bankers ($19.41 million; 14.4% y-o-y drop), only to name a few.

All insurance companies saw a drop in their life insurance premium collections in 2022, with Burgan registering the smallest annual decrease of 4.8%, followed by Metlife (9% contraction) and Arope (11.1%), among others.