Monthly Archives: May 2026

Common sense wins. Strong balance sheets do not happen by accident. And in this business, the future belongs to the institutions that fund tomorrow’s promises before those promises come due.

When you review the top U.S. life insurance carriers, one truth stands out quickly: the strongest players do not treat Insurance Company Owned Life Insurance (ICOLI) as an afterthought. They use it as a strategic balance-sheet asset. At Schiff Executive Benefits, that is exactly the lens we bring to every review. We reverse engineer goals, measure available capacity, and help leadership teams make decisions that restore alignment and retention.

Executive Summary

Analysis of Insurance Company Owned Life Insurance (ICOLI) holdings for the top 50 U.S. life insurance carriers. Focus: comparing admitted ICOLI assets against statutory surplus to identify industry benchmarks and individual carrier purchase capacity.

This report is designed for a peer review setting. It is formal in structure, practical in tone, and built to support executive discussion. The central question is simple: how are leading carriers using ICOLI to support long-term executive liabilities and non-qualified plan obligations while maintaining strong capital positions?

The answer matters. If the institutions that manufacture and distribute life insurance are also deploying it as a strategic internal asset, that is not coincidence. That is a benchmark.

Report Scope and Benchmark Framework

This analysis compares admitted ICOLI assets to statutory surplus across the top 50 U.S. life insurance carriers. The purpose is twofold:

• Identify where leading carriers currently sit on the ICOLI utilization curve


• Highlight potential additional purchase capacity based on peer positioning


• Provide a practical reference point for executive benefit funding discussions


• Frame ICOLI as a strategic tool rather than a passive holding

In plain English, this is about more than rankings. It is about capacity. It is about solvency. And it is about whether a carrier is using one of the most efficient balance-sheet tools available to support long-duration obligations.

Full Comparison Data Table: Top 50 U.S. Life Insurance Carriers

Carrier	ICOLI Admitted / Estimated Holdings	Peer Review Observation
Prudential	Peer review benchmarked	Major carrier; benchmark participant in admitted ICOLI to surplus comparison
New York Life	$4.6 Billion	One of the clear industry leaders in admitted ICOLI holdings
MetLife	$4.1 Billion	Top-tier benchmark carrier with substantial admitted ICOLI deployment
MassMutual	$3.0 Billion	Leading mutual carrier with meaningful ICOLI position
Northwestern Mutual	Peer review benchmarked	Large mutual benchmark; strong relevance for comparative capacity review
TIAA	Peer review benchmarked	Significant institutional benchmark participant
Corebridge	Peer review benchmarked	Relevant large-carrier comparison point for executive liability funding
Lincoln	Peer review benchmarked	Established benchmark carrier in the non-qualified funding conversation
Athene	Peer review benchmarked	Active participant in large-carrier capital efficiency comparisons
Jackson	Peer review benchmarked	Useful benchmark for admitted asset utilization review
Manulife	Peer review benchmarked	Large-scale peer reference point
Equitable	Peer review benchmarked	Relevant benchmark for executive benefit funding strategy
Nationwide	Peer review benchmarked	Large diversified participant in peer analysis
Principal	Peer review benchmarked	Strong comparative relevance for non-qualified liability funding
Brighthouse	Peer review benchmarked	Included as part of top-carrier benchmarking set
Pacific Life	Peer review benchmarked	Major life carrier and useful peer capacity reference
Transamerica	Peer review benchmarked	Included in admitted ICOLI benchmark analysis
Allianz	Peer review benchmarked	Large institutional comparison point
Great-West	Peer review benchmarked	Relevant strategic funding benchmark
Global Atlantic	Peer review benchmarked	Included in peer review universe
Voya	Peer review benchmarked	Useful benchmark for executive liability funding discussions
Sammons	Peer review benchmarked	Included in top-carrier comparison set
Thrivent	Peer review benchmarked	Mutual benchmark participant
Talcott	Peer review benchmarked	Included in comparative review
Ameriprise	Peer review benchmarked	Relevant participant in peer benchmark data set
State Farm	Peer review benchmarked	Significant carrier included for industry comparison
Guardian	Peer review benchmarked	Important mutual benchmark reference
Protective	Peer review benchmarked	Included in comparative capacity review
Western & Southern	Peer review benchmarked	Relevant participant in the top-50 peer group
Securian	Peer review benchmarked	Included in executive liability funding comparison
American Family	Peer review benchmarked	Top-50 benchmark participant
Mutual of Omaha	Peer review benchmarked	Material benchmark reference for admitted holdings review
Cigna	Peer review benchmarked	Included in broader peer analysis
Aetna	Peer review benchmarked	Included in comparative review framework
Unum	Peer review benchmarked	Relevant top-50 benchmark participant
AFLAC	Peer review benchmarked	Included in carrier peer group analysis
Humana	Peer review benchmarked	Included in broad comparative benchmark
UnitedHealthcare	Peer review benchmarked	Large-scale comparison point within review set
F&G	Peer review benchmarked	Included in peer review benchmark
Genworth	Peer review benchmarked	Included in carrier comparison set
Ohio National	Peer review benchmarked	Relevant benchmark participant
National Life Group	~$615 Million	Meaningful existing holdings with visible room for strategic expansion
Ameritas	Peer review benchmarked	Capacity identified for an additional $400 Million purchase
Kansas City Life	Peer review benchmarked	Included in comparative review
Horace Mann	Peer review benchmarked	Included in top-50 benchmark set
Primerica	Peer review benchmarked	Included in broad carrier comparison
Penn Mutual	Peer review benchmarked	Mutual benchmark participant
Midland National	Peer review benchmarked	Included in peer capacity review
Security Benefit	Peer review benchmarked	Included in top-carrier analysis
Southern Farm Bureau	Peer review benchmarked	Included in final comparison set

Strategic Insights

The market leaders are not using ICOLI casually. They are using it deliberately to fund long-term executive liabilities, support deferred compensation obligations, and create a more efficient funding mechanism for non-qualified plans. That matters because executive benefit promises are easy to make in a good year. Funding them responsibly over time is the real discipline.

What makes ICOLI especially attractive in the carrier environment?

• Balance-sheet efficiency: ICOLI can help offset long-duration executive obligations with a purpose-built asset.


• 0% RBC charge: Under applicable treatment, ICOLI can offer highly favorable capital treatment, which is a major reason sophisticated carriers continue to use it.


• Tax-advantaged growth: Policy cash value growth improves internal asset efficiency versus many taxable alternatives.


• Death benefit recovery: The life insurance chassis provides long-term cost recovery that supports employer economics.


• Plan funding flexibility: ICOLI works especially well when paired with non-qualified deferred compensation, supplemental executive retirement plans, and other targeted retention designs.

This is where the Schiff Method matters. We do not start with a product. We start with the goal. Then we reverse engineer the structure around the liability, the timeline, the culture, and the economics. That is how you build a plan that is not only technically sound, but also practical inside a real company with real people and real constraints.

If you are reviewing admitted ICOLI relative to surplus, you are really asking a sharper question: how much strategic capacity remains before a carrier reaches its own comfort threshold? That is the kind of question that keeps a peer review meeting productive.

Selected Carrier Commentary

New York Life

At $4.6 Billion in admitted ICOLI, New York Life stands out as one of the clearest industry benchmarks. Size alone does not tell the story. What matters is what that size signals: long-term confidence in ICOLI as a funding vehicle for executive liabilities and institutional promises.

MetLife

At $4.1 Billion, MetLife reflects the same disciplined use of ICOLI as a strategic balance-sheet asset. This is not window dressing. This is infrastructure.

MassMutual

At $3.0 Billion, MassMutual remains firmly in the top tier. The carrier’s position reinforces the broader takeaway that large, well-capitalized institutions continue to rely on ICOLI where efficiency and long-term liability management matter.

National Life Group

With approximately $615 Million in holdings, National Life Group shows meaningful participation while still leaving visible room for expansion relative to likely peer capacity bands.

Ameritas

Ameritas is especially notable from a peer review standpoint because our analysis indicates capacity for an additional $400 Million purchase. That does not mean a carrier should buy simply because it can. It means there is room to evaluate whether strategic underutilization is leaving value on the table.

Why This Matters Beyond the Carrier Space

Even though this report focuses on insurance carriers, the lesson travels well. The same core logic applies when corporations and partnerships use COLI to attract, retain, and reward key talent, fund non-qualified obligations, and prepare for the business “What Ifs” that can hit without warning.

That is why the peer review process is valuable. It turns abstract strategy into measurable comparison. It helps answer questions like:

• Are we underutilizing a highly efficient funding tool?


• Are we carrying long-term executive liabilities without a matching asset?


• Are we solving retention problems in a cost-effective way?


• Are we planning for replacement cost, retirement income, or ownership transition before the point of no return?

For leaders thinking bigger about non-qualified benefit design, The Perfect Plan® conversation is always about alignment first. Strategy second. Product last.

Conclusion

ICOLI continues to be a primary strategic vehicle for cost-effectively managing executive benefits and non-qualified liabilities across the life insurance sector.

That is the big takeaway from this peer review analysis. The strongest carriers continue to use ICOLI because it works. It supports long-term promises. It helps preserve capital efficiency. And it gives leadership teams a disciplined way to fund obligations before those obligations become pressure points.

If you want to evaluate how these same planning principles translate into executive benefit strategy, non-qualified design, or COLI implementation, we would be glad to walk through it with you. You can also explore more insights on our posts page or join us at The Perfect Plan®.

Restoring Alignment and Retention.

Time has a funny way of moving both slowly and at breakneck speed. They say the only constant in life is change, but in the world of executive benefits, the only constant is complexity. Today, as I sit in my office on this Wednesday, April 15, 2026, I’m reflecting on a journey that started exactly two decades ago.

In 2006, I made a choice that felt both terrifying and inevitable. I walked away from a comfortable role as Managing Director at NYLEX Benefits. I was managing a massive operation, hitting high-stakes premium goals, and overseeing regional directors. But I felt a pull toward something more personal, more technical, and frankly, more innovative. I wanted to build a firm where the "chief bottle washer" (that was me) was also the creative mind behind the most sophisticated plan designs in the industry.

Schiff Executive Benefits was born from that desire. And twenty years later, our mission remains the same: Restoring Alignment and Retention.

The Universal Truth of Growth

There is a universal truth in business: Growth without a plan is just a slow-motion collision with reality.

When we started SEB, the landscape was different. 409A regulations were the "new kid on the block" causing headaches for every C-suite in America. Fast forward to today, and while the regulations have evolved, the underlying anxiety for business owners hasn't changed. You still worry about the same things at 2:00 AM.

You worry about your legacy. You worry about your people. And you worry about the "What Ifs."

At Schiff Executive Benefits, we built our technical legacy by answering those "What Ifs" before they become "What Nows."

That legacy was built through a series of very real milestones:

• The Perfect Plan® PRESENTED BY MATT SCHIFF, CLU, CHFC, WMCP


• Schiff Executive Benefits (SEB)'s story


• Established Schiff Benefits Group May 2006 (after leaving NYLEX Benefits as Managing Director)
  
  
  • Managing Director NYLEX Benefits 1998-2006
  
  
  • Member Firm of NFP (Partners) 2006-2008
  
  
  • Valmark Member Firm 2009-2012 (Top 20 of 150 firms)
  
  
  • 12 Year MassMutual Executive Benefits Specialist (in MMEPA and MMGP)
  
  
  • Was a Member Firm of Lion Street in 2020 to 2022
  
  
  • Top Ten Firm with AgencyOne in 2024
  
  
  • Helped draft 409A and 101(j) in 2003 and 2005 as a ranking member of AALU's NQDC Committee with Michael Goldstein
  
  
  
  

The Five "What Ifs" That Keep You Up

Over the last twenty years, I’ve sat across the table from hundreds of CEOs, partners, and founders. Whether it’s a high-growth tech firm or a multi-generational manufacturing company, the questions are remarkably consistent. We frame our entire philosophy around these five what-if anchors:

1. What if you end up in business with your partner’s widow or widower? (The Succession Crisis)


2. What if you need to buy out a partner, but the cash isn’t there? (The Buy-Out Dilemma)


3. What if your top talent walks across the street to your biggest competitor? (The Retention Risk)


4. What if a senior executive retires, and the cost to replace them sinks your EBITDA? (The Replacement Cost)


5. What if you: the person who built it all: run out of money in retirement? (The Personal Risk)

If you haven't asked yourself these questions lately, now is the time. We call this the process of building The Perfect Plan®. It’s not just a catchy name; it’s a registered methodology designed to ensure that your business remains an asset, not a liability, to your family and your future.

A Technical Legacy: Beyond the 401(k)

Twenty years ago, many companies thought a robust 401(k) was enough to keep top-tier talent. We knew better. We’ve spent two decades educating the market on why a 401(k) is often a "math problem" for high earners. When you’re dealing with contribution limits, your most valuable people are often the most underserved.

Our technical legacy is rooted in the "Golden Handcuffs": strategies that actually work. We’ve specialized in:

• Non-Qualified Deferred Compensation (NQDC): Helping executives save significantly more than the standard $23,000 annual limit.


• Corporate Owned Life Insurance (COLI): Using institutional-grade insurance to fund future liabilities while providing tax-efficient growth.


• Split Dollar Arrangements: Creating sophisticated ways to provide life insurance benefits while retaining corporate control of the cash value.


• ESOPs and Buy/Sell Funding: Ensuring that when a transition happens, it’s funded with "discounted dollars" rather than current cash flow.

Innovation through Partnership: The Ridgeback Era

You can’t stay at the top of your game for twenty years by standing still. Sixteen months ago we took a massive leap forward by joining The Ridgeback Group as a founding firm.

Why? Because the technical demands of our clients were outpacing traditional consulting. By integrating AI-powered modeling systems, we’ve been able to automate plan management and maintain ongoing client tracking. One of the biggest mistakes I see in this industry is the "set it and forget it" mentality. A plan designed in 2018 might be completely irrelevant by 2026 if tax laws or interest rates shift. And we must practice whaat do for our client. 

Our partnership with Ridgeback ensures that The Perfect Plan® stays aligned with real-world change. It’s about using data to predict where the "Executive Sandwich" might squeeze your leadership team: the decade where they are simultaneously supporting aging parents and funding their children’s education. It’s the riskiest decade of their careers, and we have the technical tools to protect them through it.

More Than Just Numbers

While I love the technical side: the IRC 101(j) compliance, the 409A structuring, the complex math of 401(k) excess plans: this anniversary isn't just about spreadsheets. It’s about people.

I also can’t look back on twenty years without thinking about the milestone relationships that helped shape our path. Along the way, we’ve had the privilege of working with and alongside organizations like NFP, Valmark, MassMutual, Lion Street, and AgencyOne. Each chapter sharpened our perspective. Each relationship expanded our technical depth. And each one reinforced a lesson that still guides us today: no firm builds a lasting legacy alone.

I remember a client from about ten years ago: a founder of a major construction firm. He was terrified of what would happen if his son wasn't ready to take over. We sat down and walked through the "What Ifs." We implemented a COLI-funded buy/sell agreement and a deferred compensation plan that kept his key foremen on board for the transition.

Last year, he sent me a photo from his boat in Florida. He’s retired. His son is thriving. His foremen are still there. That is what I mean by Restoring Alignment and Retention.

A Dedication to Education: The American College of Financial Services

Jayne and Matt at the Solomon Huebner Award ceremony honoring Albert J. “Bud” Schiff.

Our commitment to technical mastery is rooted in a deep respect for education and the professional standards of our industry. This is perhaps best exemplified by our family’s long-standing relationship with The American College of Financial Services.

Founded in 1927 by Dr. Solomon S. Huebner—often called the "father of insurance education"—The American College is the nation’s largest non-profit educational institution dedicated to the financial services profession. For nearly a century, it has set the benchmark for excellence through its rigorous designations, including the CLU®, ChFC®, and MSFS. Huebner was also one of the first to champion holistic planning through rigorous fact-finding: the discipline of asking deeper questions before recommending any solution. Today, that approach is widely recognized as the gold standard for fiduciaries, but it is a principle designees of The American College have practiced since the institution’s inception.

It was a profound honor for our family when my father, Albert J. “Bud” Schiff, CLU, ChFC, AEP, was recognized with the Solomon Huebner Award in November 2013. This award is the College’s highest honor, presented to individuals who have made significant, lifelong contributions to the industry and the College’s mission. Here, my mother, Jayne, and I are pictured at the ceremony celebrating his legacy of leadership and his unwavering dedication to the advancement of professional knowledge in insurance services. In 2018, Jayne Schiff was also named a distinguished alum of The American College for Financial Services. That legacy of disciplined inquiry still shapes how we work today. It is why we begin with deep questions, not quick answers, and why our planning process is built around understanding the full picture before designing a path forward.

Celebration Photos

Celebrating 20 years of professional achievement and the trusted relationships that helped define our technical legacy.

Twenty years in, and the strongest milestones are still built around people, partnership, and time well spent together.

An elegant moment that reflects what twenty years in this business has always been about: trust earned, relationships maintained, and a legacy built the right way.

Great work rarely happens alone. This milestone is also a celebration of the network, conversations, and shared momentum behind the last twenty years.

Even in a highly technical field, relationships still matter most. That truth has carried Schiff Executive Benefits through every chapter of the last twenty years.

The Next 20 Years

As we celebrate this milestone, I’m often asked, "What’s next, Matt?"

The answer is simple: More innovation. The national debt is rising, tax rates are a moving target, and the competition for talent has never been more global. Whether you are a bank, a massive C-Corp, or a growing partnership, the need for sophisticated, technically sound executive benefits is only going to grow.

We are continuing to expand our video library to help demystify these complex topics. We are refining The Perfect Plan® to account for new economic shifts. And we are continuing to ask the hard questions that other consultants avoid.

A Note of Gratitude

To our clients: Thank you for trusting us with your legacy. To our partners: Thank you for your collaboration. To my team: Thank you for being the engine that drives this technical legacy forward.

I started this firm as the "chief bottle washer." Today, I’m proud to lead a team that sets the standard for the entire executive benefits industry.

If you’ve been wondering if your current plan is actually doing what it’s supposed to do: if it’s truly rewarding your best people while protecting your bottom line: let’s talk. No high pressure, no complex jargon without context. Just a conversation about your business and your future.

Sit back, grab your coffee, and when you're ready, come join us for the next chapter.

Here’s to twenty years of innovation, and to many more.

Matt Schiff
President, Schiff Executive Benefits

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Want to see how we tackle these issues in real-time? Check out The Perfect Plan® Podcast for deep dives into the strategies that keep businesses thriving.