Long-Term Care Insurance
Carriers providing insurance for nursing home and home health expenses.
Market snapshot
These figures describe Life & Annuity Insurance (3.3.4), the segment that Long-Term Care Insurance sits within — not Long-Term Care Insurance on its own.
- Market size
- ~$601B
- Growth
- ~3.7%CAGR (2017–22, nominal)
- Companies
- ~6,400
U.S. Census Bureau 2022 CBP/Economic Census, NAICS 524113 (Direct Life) + 525190 (Other Insurance Funds); revenue is premiums and considerations.
Business model & economics
Revenue model
Premiums and spread on investing long-duration liabilities
Key economics
- Recurring revenue
- High
- EBITDA margin
- Spread- and investment-driven
- Capex intensity
- Low
long-duration policy obligations
Characteristics
- Spread business on long-duration liabilities and float.
- PE/alternative managers acquiring blocks for permanent capital.
- Investable float is the strategic prize.
Geographic concentration
Life and annuity carriers cluster in the Northeast insurance corridor — Connecticut's Hartford anchor plus Delaware and New Hampshire — with Nebraska a secondary Midwest hub; a genuine industry home rather than a population effect.
U.S. Census Bureau — 2022 County Business Patterns (establishments by state), NAICS 524113. Concentration shown by location quotient.
M&A deal context
Who’s acquiring
- PE & alternative-asset managers
- Annuity/life consolidators
- Reinsurance-backed platforms
What’s driving deals
- PE acquisition and reinsurance of life/annuity blocks.
- Permanent capital and investable-float strategy.
- Consolidation of legacy blocks.
Find Long-Term Care Insurance acquisition targets
Search Acquisera’s index for companies classified under Long-Term Care Insurance (3.3.4.4) and build a targeted deal pipeline.
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