ESBD_503812_1775238397362_Financial Experience FY2024.pdf
PDF 376 KB Posted
- Solicitation number
- RFP-01-SBA-26-280
- Issued by
- Brazos County, Texas
About this file
This is a financial experience report from The Hartford detailing life and accidental death and dismemberment (AD&D) insurance claims experience for The Texas A&M University System covering the four-year period from September 1, 2020, through August 31, 2024. The report analyzes claims data across six insurance product categories: Basic Life, Basic Dependent Life, Supplemental Life, Supplemental Dependent Life, Basic Stand-Alone AD&D, and Supplemental Stand-Alone AD&D, all underwritten under policy numbers 681835G and 681794G.
The financial data reveals total billed premiums across all product lines of approximately $77.6 million over the four-year period, with total incurred claims of approximately $73 million, resulting in a combined incurred loss ratio of 94%. Basic Life claims represented the largest exposure with total incurred claims of $12.6 million against $8.95 million in premiums (140% loss ratio), while Supplemental Life demonstrated the strongest performance with an 80% loss ratio on $62.92 million in premiums. The covered population declined gradually from approximately 140,576 lives in Basic coverage to 64,928 in Supplemental coverage, with dependent coverage ranging from 44,002 to 137,959 lives. The most recent policy period (September 1, 2023, through August 31, 2024) shows particular deterioration in Basic Dependent Life coverage, with incurred claims reaching 74% of premium, and overall claim frequency remained relatively stable with 1,408 total claims across all basic products during the four-year measurement period.
View the file
Other files
Show all 21
On GovTribe
Work with this file
- Download the original file
- Contacts named in this file
- Similar government files
- Ask GovTribe AI about this file
Text version
477116 02/24 © 2024 The Hartford. Confidential. No part of this document may be reproduced, published or posted without the permission of The Hartford.16
Life Experience
Experience – Basic Life
EXPERIENCE - BASIC LIFE
Account Name: THE TEXAS A&M UNIVERSITY SYSTEM
Policy Numbers: 681835G, 681794G
Employee
All claims reported as of 08/31/2024 on an accident year basis.
PERIODS
From 09/01/2020 09/01/2021 09/01/2022 09/01/2023
TOTAL
Through 08/31/2021 08/31/2022 08/31/2023 08/31/2024
Billed Premium (BP) $ 2,299,789 $ 2,254,047 $ 2,232,573 $ 2,165,913 $ 8,952,322
Constant Premium (CP) $ 2,299,789 $ 2,254,047 $ 2,232,573 $ 2,165,913 $ 8,952,322
Total Paid Claims $ 3,148,057 $ 2,890,648 $ 3,120,897 $ 2,805,628 $ 11,965,230
Total Incurred Claims $ 3,148,057 $ 2,890,648 $ 3,241,860 $ 3,289,480 $ 12,570,046
Incurred Loss Ratio 137% 128% 145% 152% 140%
Number of Claims 401 355 350 302 1,408
Lives 35,823 35,371 35,019 34,363 140,576
Experience – Basic Dependent Life
EXPERIENCE - BASIC DEP LIFE
Account Name: THE TEXAS A&M UNIVERSITY SYSTEM
Policy Numbers: 681835G, 681794G
Dependent
All claims reported as of 08/31/2024 on an accident year basis.
PERIODS
From 09/01/2020 09/01/2021 09/01/2022 09/01/2023
TOTAL
Through 08/31/2021 08/31/2022 08/31/2023 08/31/2024
Billed Premium (BP) $ 120,010 $ 131,334 $ 127,448 $ 127,731 $ 506,523
Constant Premium (CP) $ 120,010 $ 131,334 $ 127,448 $ 127,731 $ 506,523
Total Paid Claims $ 15,001 $ 15,000 $ 20,017 $ 90,024 $ 140,042
Total Incurred Claims $ 15,001 $ 15,000 $ 21,136 $ 94,500 $ 145,637
Incurred Loss Ratio 12% 11% 17% 74% 29%
Number of Claims 3 3 4 11 21
Lives 35,499 35,109 33,936 33,415 137,959
Experience – Supplemental Life
EXPERIENCE - SUPP LIFE
Account Name: THE TEXAS A&M UNIVERSITY SYSTEM
Policy Numbers: 681835G, 681794G
Employee
All claims reported as of 08/31/2024 on an accident year basis.
PERIODS
From 09/01/2020 09/01/2021 09/01/2022 09/01/2023
TOTAL
Through 08/31/2021 08/31/2022 08/31/2023 08/31/2024
Billed Premium (BP) $ 14,640,563 $ 14,821,223 $ 15,716,598 $ 17,742,373 $ 62,920,757
Constant Premium (CP) $ 14,640,563 $ 14,821,223 $ 15,716,598 $ 17,742,373 $ 62,920,757
Total Paid Claims $ 13,784,034 $ 10,985,424 $ 12,251,060 $ 10,754,861 $ 47,775,379
Total Incurred Claims $ 13,784,034 $ 10,985,424 $ 12,759,528 $ 12,788,734 $ 50,317,720
Incurred Loss Ratio 94% 74% 81% 72% 80%
Number of Claims 211 192 181 172 756
Lives 17,063 16,598 16,053 15,215 64,928
Experience – Supplemental Dependent Life
EXPERIENCE - SUPP DEP LIFE
Account Name: THE TEXAS A&M UNIVERSITY SYSTEM
Policy Numbers: 681835G, 681794G
Dependent
All claims reported as of 08/31/2024 on an accident year basis.
PERIODS
From 09/01/2020 09/01/2021 09/01/2022 09/01/2023
TOTAL
Through 08/31/2021 08/31/2022 08/31/2023 08/31/2024
Billed Premium (BP) $2,665,717 $2,437,298 $2,326,844 $2,264,576 $9,694,434
Constant Premium (CP) $2,665,717 $2,437,298 $2,326,844 $2,264,576 $9,694,434
Total Paid Claims $2,538,912 $2,167,261 $2,095,915 $1,380,837 $8,182,925
Total Incurred Claims $2,538,912 $2,167,261 $2,148,037 $1,589,327 $8,443,537
Incurred Loss Ratio 95% 89% 92% 70% 87%
Number of Claims 72 68 62 54 256
Lives 12,862 11,062 10,282 9,797 44,002
Experience – Basic Stand-Alone AD&D
EXPERIENCE - BASIC SAADD
Account Name: THE TEXAS A&M UNIVERSITY SYSTEM
Policy Numbers: 681835G, 681794G
Employee
All claims reported as of 08/31/2024 on an accident year basis.
PERIODS
From 09/01/2020 09/01/2021 09/01/2022 09/01/2023
TOTAL
Through 08/31/2021 08/31/2022 08/31/2023 08/31/2024
Billed Premium (BP) $ 54,020 $ 24,456 $ 24,948 $ 24,817 $ 128,240
Constant Premium (CP) $ 54,020 $ 24,456 $ 24,948 $ 24,817 $ 128,240
Total Paid Claims $ 12,500 $ 32,500 $ 60,000 $ 22,604 $ 127,604
Total Incurred Claims $ 12,500 $ 32,500 $ 61,195 $ 27,383 $ 133,577
Incurred Loss Ratio 23% 133% 245% 110% 104%
Lives 35,513 35,179 34,803 34,363 139,858
Experience – Supplemental Stand-Alone AD&D
EXPERIENCE - SUPP SAADD
Account Name: THE TEXAS A&M UNIVERSITY SYSTEM
Policy Numbers: 681835G, 681794G
Family
All claims reported as of 08/31/2024 on an accident year basis.
PERIODS
From 09/01/2020 09/01/2021 09/01/2022 09/01/2023
TOTAL
Through 08/31/2021 08/31/2022 08/31/2023 08/31/2024
Billed Premium (BP) $ 1,016,837 $ 993,444 $ 964,238 $ 941,889 $ 3,916,409
Constant Premium (CP) $ 1,016,837 $ 993,444 $ 964,238 $ 941,889 $ 3,916,409
Total Paid Claims $ 469,793 $ 549,500 $ 481,593 $ 338,500 $ 1,839,386
Total Incurred Claims $ 469,793 $ 549,500 $ 510,956 $ 455,951 $ 1,986,200
Incurred Loss Ratio 46% 55% 53% 48% 51%
Lives 17,994 17,236 16,386 15,510 67,127
File details come from the government source that posted it. Updated .