“Al Bayan Economic” magazine published in its April 2024 issue (Issue No. 629) an overview on the evolution of life insurance premiums at the 29 life insurance companies operating in Lebanon in the year 2023. More specifically, the article unveiled that life insurance premiums dropped by 62.1% in 2023 to $94.75 million, down from $249.81 million in 2022.

From another perspective, Al Bayan revealed that the ten largest insurance companies operating in Lebanon amassed 89.8% of the total life insurance premiums in the year 2023, with the twenty largest companies controlling a stake of 99.6%. Among said companies, Metlife topped the list of insurance companies, with its life premiums aggregating to $34.67 million (53.4% y-o-y decrease), followed by SNA ($14.63 million; 50.4% y-o-y drop), Bankers ($8.89 million; 54.2% y-o-y decrease), and Libano Suisse ($5.95 million; 10.4 y-o-y drop), only to name a few.

Only three insurance companies saw an increase in their life insurance premiums in 2023, with Trust Compass registering the largest annual rise of 25.6%, followed by Arabia (18.3% increase) and Amana (5.7% rise). It is worth noting that the share of life insurance premiums at insurance companies affiliated to banks stood at 5.95% ($5.64 million) of total life insurance premiums in Lebanon in the year 2023 compared to a stake of 52.5% in 2019.