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25 Largest Life Insurance Companies in USA in The Year of 2023
25 Largest Life Insurance Companies in USA-
According to National
Association of Insurance Commissioners (NAIC) in 2024, there are 25 Largest Life Insurance Companies in the USA.
These companies have generated billions of US Dollar (USD) of Direct Premiums.
.jpg "25 Largest Life Insurance Companies in USA")
Many people in the USA still believe in Life insurance and still
use these insurance products. According to Investopedia, life insurance is a contract between a life insurance company
and a policy owner. A life insurance policy guarantees the insurer pays a sum
of money to one or more named beneficiaries when the insured person dies in
exchange for premiums paid by the policyholder during their lifetime. Finally,
it serves as financial safety, offering protection and giving peace of mind by
ensuring that the people are financially secure in the event of the
policyholder's passing.
All the data were obtained from Life/Fraternal Market Share report
2023 published by the National Association of Insurance Commissioners (NAIC), a
non-profit organization which has a goal to protect insurance consumers by
promoting uniformity of insurance laws and state regulations in the United
States. Structurally, National Association of Insurance
Commissioners (NAIC) is the U.S.
standard-setting organization governed by the chief insurance regulators from
the 50 states, the District of Columbia, and five U.S. territories to
coordinate regulation of multistate insurers. Historically, NAIC was founded in
1871. Here is the rank of 25
Largest Life Insurance Companies in 2023. The data ranking was arranged based
on the Direct premium generated by insurance companies in 2023.
The Rank of 25 Largest Life Insurance Companies in the USA
|
Rank |
Name of
Insurance Companies |
Total Direct
Premiums of Life Insurance in 2023 |
Market Share
in USA |
|
(US Dollar
(USD)) |
(%) |
||
|
1 |
New York Life
Group |
13,287,777,787 |
6.86 |
|
2 |
Northwestern
Mutual Group |
13,061,706,856 |
6.74 |
|
3 |
Metropolitan
Group |
12,284,718,024 |
6.34 |
|
4 |
Prudential Of
Amer Group |
10,923,713,601 |
5.64 |
|
5 |
Mass Mutual
Life Insurance Group |
9,204,566,734 |
4.75 |
|
6 |
Lincoln
National Group |
8,322,502,167 |
4.3 |
|
7 |
Nationwide
Corp Group |
5,802,222,162 |
3 |
|
8 |
State Farm
Group |
5,754,456,473 |
2.97 |
|
9 |
Aegon Us
Holding Group |
5,103,997,736 |
2.64 |
|
10 |
Minnesota
Mutual Group |
4,954,030,541 |
2.56 |
|
11 |
Guardian Life
Group |
4,855,768,273 |
2.51 |
|
12 |
John Hancock
Group |
4,839,606,832 |
2.5 |
|
13 |
Pacific Life
Group |
4,590,611,714 |
2.37 |
|
14 |
Dai-Ichi Life
Holdings Inc Group |
4,439,730,008 |
2.29 |
|
15 |
American
International Group |
3,533,216,196 |
1.82 |
|
16 |
Mutual of
Omaha Group |
3,443,769,898 |
1.78 |
|
17 |
Globe Life
Inc Group |
3,089,650,656 |
1.6 |
|
18 |
National Life
Group |
3,043,310,604 |
1.57 |
|
19 |
Penn Mutual
Group |
3,008,158,857 |
1.55 |
|
20 |
Primerica
Group |
2,974,065,043 |
1.54 |
|
21 |
Equitable
Holdings Inc Group |
2,963,444,112 |
1.53 |
|
22 |
Principal
Financial Group |
2,549,107,022 |
1.32 |
|
23 |
Unum Group |
2,436,762,865 |
1.26 |
|
24 |
Sammons
Enterprises Group |
2,285,859,395 |
1.18 |
|
25 |
Hartford Fire
& Cas Group |
2,279,035,635 |
1.18 |
|
Total
Industry |
193,653,622,981 |
100 |
|
|
Source: NAIC, 2024 |
|||
Brief Description of 25 Largest Life Insurance Companies in USA
.jpg "Brief Description of Largest Life Insurance Companies in USA")
1.New York Life Insurance
New Life started its financial and insurance business in 1845.
Along with business development, New York Life is still one of the biggest life
insurance companies in the USA with total assets of around USD 231 billion.
Operationally, New York Life still has a central office in the New York Life
Building, New York, USA.
Financially, in 2023, according to
the balance sheet of the annual report, total assets of New York Life Insurance reached
USD 231 billion with total liabilities around USD 206 billion. Based on the
business performance in 2023, the company gained total revenue of USD 23 billion with net income around USD 0.027 billion.
In addition, according to NAIC’s market share data report in 2023, New York
Life Insurance gained a direct premium of USD 13,287,777,787 in life insurance
in the USA.
2.Northwestern Mutual
Northwestern Mutual was founded in 1857 and has been grown into
one of the world’s biggest insurance companies in life insurance industries.
Northwestern still became one of the most trusted companies in the life
insurance industries with some good ratings from several financial
institutions. As of 2023, Northwestern Mutual received AA+ from S&P Global,
Aaa from Moody’s, AAA from Fitch Ratings, and A++ from A.M.
Financially, according to the annual report in 2023, Northwestern
Mutual has total assets of USD 358 billion with total liabilities of USD 320
billion. Furthermore, in 2023, based on business performance in 2023,
Northwestern Mutual gained total revenue of USD 36.1 billion with net income of
USD 0.71 billion. In addition, according to NAIC’s market share data report in
2023, Northwestern Mutual got USD 13,061,706,856 and is still the 2nd
biggest direct premium than other insurance companies in the USA.
3. MetLife
MetLife Inc is one of the oldest and the biggest
insurance companies in the world. Historically, the company was founded on
March 24, 1868. In terms of operational condition, the company has head office
in the MetLife Building, New York City, USA. With 153 years of experience and
presence in 40 markets globally, MetLife has still become one of the world’s
leading financial services companies, providing insurance, annuities, employee
benefits and asset management. As of 2023, financially in 2023, the company has
total assets around USD 687 billion and total liabilities around USD 657
billion. Based on its business performance in 2023, the company positively gain
revenue around USD 66.9 billion and net income around USD 1.6 billion.
According to NAIC’s market share data report in 2023, MetLife successfully
collected USD 12,284,718,024 of direct premium in life insurance of USA’s
market.
4.Prudential Financial
Prudential Financial, Inc. is an American insurance company that
was founded in 1875. Along with business development, Prudential Financial has
served 50 million customers in over 50 countries in the United States, Asia,
Europe, and Latin America. In the financial aspects of 2023 according to its annual
report, total assets of Prudential are around USD 721 billion with total liabilities of USD 691 billion. In terms of the business performance in
2023, the company has total revenue of USD
53.9 billion and successfully gained net income of USD 2.5 billion. In
addition, according to the NAIC report, Prudential Financial gained USD
10,923,713,601 direct premium of life insurance
in the United States of America (USA).
5.MassMutual
The Massachusetts Mutual Life Insurance Company, known as
MassMutual, is an insurance company founded in 1851. Operationally, MassMutual
still has a central office in Springfield, Massachusetts, USA. As an insurance
company, MassMutual has some financial ratings from several institutions
including A++ from A.M. Best Company, AA+ from Fitch Ratings, Aa3 from Moody’s
Investors Service, and AA+ from Standard & Poor’s. Financially, according
to the annual report in 2023, the total assets of MassMutual reached USD 335
billion with total liabilities of USD 306 billion. Based on the direct premium,
according to the NAIC
report of 2023, MassMutual gained a direct
premium of USD 9,204,566,734 in the USA’s life insurance market.
6.Lincoln Financial
Lincoln National Corporation or Lincoln Financial Group is an Insurance and Asset
Management company that was founded in 1905 by Perry Randall. in the life
insurance industry, Lincoln Financial has two products including Temporary Life
and Permanent Life. Based on the financial ratings, Lincoln National got AM
Best (A), Fitch (A+), Moody’s (A1), and S&P (A+). Based on the business
performance, Lincoln National suffered net loss around USD -2.2 billion. The
data from the National Association of Insurance Commissioners (NAIC) in 2023
showed that Lincoln Financial gained $ 8,322,502,167 of direct premium written
in the life insurance of the United States of
America (USA).
7.Nationwide
Nationwide Mutual Insurance Company is one of the biggest life
insurance companies in the United States of America (USA). Historically,
Nationwide was founded in the 1920s as Farm Bureau Mutual and later in 1955,
the name was changed into Nationwide insurance. Operationally, this company has
headquartered in One Nationwide Plaza, Columbus, Ohio, U.S.A. Furthermore,
Nationwide has some financial ratings from different financial institutions
including A+ from AM Best, A1 from Moody’s, and A+ Standard & Poor’s.
Financially, according to the annual report of 2023, The
Nationwide Mutual Insurance Company generated total revenue of USD 60.3 billion
with total net income of USD 1.3 billion. Based on the report of the National
Association of Insurance Commissioners (NAIC), Nationwide gained a direct
premium written around USD 5,802,222,162 in
the life industry in the USA.
8.State Farm
State Farm Insurance is one of the largest life insurance
companies based in Bloomington, Illinois, USA. Historically, George J. Mecherle
initiated the foundation of the corporation in June 1922. George is a retired
farmer who is widely regarded as one of the most powerful figures in the
insurance business. With the development of its business, the State Farm employs
over 57,000 people. In terms of financial ratings from Financial Intuition in
USA, State Farm Insurance has financial ratings of A++ from A.M. Best®, Aa1
from Moody’s®, and AA from Standard & Poor’s. In the other financial aspects, according to the annual
report of 2023, State Farm Insurance has total assets of USD 220 billion but unfortunately
State Farm suffered net loss of USD 4.7 billion. Based
on the Report of National Association of Insurance Commissioners (NAIC) in
2023, the State Farm Insurance gained a direct premium of USD 5,754,456,473 in the life
industry of the USA.
9.AEGON US Holding
Aegon N.V. is an insurance company that was founded in 1844. This
company still has a central office in Hague, Netherlands. Until the year 2023,
Aegon has served 23.9 million customers globally. In 2023, based on the
financial structure of the company, Aegon has total assets around EUR 301
billion or equivalent to USD 313 billion with total liabilities around EUR 292
billion or equivalent to USD 303 billion. In terms of the business performance
of 2023, the company successfully gained revenue around EUR 10.3 billion or equivalent to USD 10.7 billion but suffered net loss around (EUR -0.199 billion) or
equivalent to (USD -0.206 billion). Based on the report of the National
Association of Insurance Commissioners (NAIC), geographically in USA’s market,
AEGON gained a direct premium written around USD 5,103,997,736 in the life
insurance industry.
10. Minnesota Life Insurance
Company
Minnesota Life Insurance Company is a subsidiary of Securian
Financial, one of the largest insurance groups in the United States. Minnesota
Life has financial ratings from independent agencies namely A+ from A.M. Best,
AA from Fitch ratings, Aa3 from Moody’s, and AA- Standard & Poor’s.
Financially, in 2020, the total equity of this company reached $ 6.8 billion
and assets under management reached $ 97.8 billion. Furthermore, in 2023 of the life insurance industry in
the United States of America (USA), Minnesota Life
insurance gained a direct premium of around USD 4,954,030,541.
11.Guardian Life Insurance
Guardian Life’s insurance and investment company that was founded
in 1860 by Hugo Wesendonck. Along with business development, Guardian has
employed 8,000 people. Furthermore, Guardian still has a central office in New
York. Based on its life insurance products, the some life products of Guardian Life
include Term life insurance, Whole life insurance, and Universal life
insurance. In addition, financially, according to
the annual report of 2023, total assets of Guardian
Life reached USD 80.2 billion with total liabilities of USD 71.1 billion. In terms
of business performance, Guardian Life gained net income of USD 362 million. In
the market share data report of NAIC, Guardian Life Insurance gained a direct
premium of around USD 4,855,768,273 in the United States of America (USA).
12. John Hancock
John Hancock Life Insurance Company, is a Boston-based insurance
company that was established April 21, 1862. Empirically, the company’s name was
destined in honor of John Hancock, one of the prominent American Patriots. In
the life insurance industry, this company has two types of life insurance
products, namely Term life insurance and Permanent life insurance. Financially,
in the life insurance industry, John Hancock
earned USD 4,839,606,832 according to the Report of National Association of
Insurance Commissioners (NAIC) in the United
States’ life insurance market.
13.Pacific Life Insurance
Pacific life’s American Insurance company that was founded in 1868
by Leland Stanford. Operationally, this company still has a primary office in
Newport Beach, California with a few employees, around 3.8 thousand. In the
life insurance business, Pacific Life has some insurance products including Indexed Universal Life Insurance, Variable
Universal Life Insurance, Universal Life Insurance, and Term Life
Insurance. Financially, according to its annual report of 2023, Total Assets of
Pacific Life insurance reached USD 217 billion with total liabilities of USD
207 billion. In terms of business performance of 2023, Pacific company
successfully gained total revenue of USD 14.8 billion with net income of USD
915 million. In addition, according to a NAIC market share data report, Pacific
Life Insurance gained a direct premium of around USD 4,590,611,714 in the life insurance industry in
the United States of America (USA).
14.Dai-ichi Life Holdings
The Dai-ichi Life Insurance Company, Limited or Dai-Ichi
Seimei Hoken Kabushiki-kaisha (Japanese language) is one of the
biggest insurance companies from Japan. It was founded on September 15, 1902,
by Tsuneta Yano. As of 2023,
Daichi has presented in 10 counties serving 13.8 million customers in Japan.
Furthermore, this company also has 59,495 people. Financially, according to the
balance sheet in the annual report of 2023, Dai-chi has total assets around USD 237 billion with
total liabilities around USD 217 billion. Based on the business performance in
2023, the company gained total revenue around USD 27 billion with net income
around USD 1.3 billion. In addition, in 2023, according to Market share data of
life insurance industry at United States of America (USA) from NAIC, Dai-Ichi Life Holdings gained a direct premium
of around USD 4,439,730,008.
15. American International Group
American International Group, Inc., also known as AIG, is an
American multinational insurance corporation. Historically, it was founded by
Cornelius Vander Starr on December 19, 1919. Along with business development in
2023, in the labor force aspects, AIG had approximately 25,200 employees based
in approximately 50 countries as of December 2023.
In the year of 2023, based on the financial structure on the balance sheet in the
annual report of 2023, the American-based company has
total assets around USD 539 billion with total liabilities around USD 488
billion. Based on the business performance in 2023, the company can get revenue
around USD 46.8 billion with net income around USD 3.8 billion. According to
the report of National Association of Insurance Commissioners (NAIC), the
American International Group (AIG) gained a direct premium of around USD
3,533,216,196 in the life insurance industry in the United States of America (USA).
16. Mutual of Omaha
Mutual of Omaha is an insurance and financial company that has a
central office in Omaha, Nebraska. Historically, this company was founded in
1909. In the life insurance industry, Mutual of Omaha has some products
including Term Life Insurance, Whole Life Insurance, Children’s Whole Life
Insurance, Universal Life Insurance, and Accidental Death Insurance.
As of September 1st, 2023, Mutual of Omaha received financial
ratings from several financial institutions, namely A+ from A.M. Best Company,
A1 from Moody’s, A+ from S&P Global. Financially, according to the Annual
Report of the company in 2023, Mutual of Omaha has total assets of USD 10.9
billion with total liabilities of USD 6.9 billion. In the business aspects,
Mutual of Omaha suffered a net loss of USD 31 million. Furthermore, according to the
report of NAIC in 2023 in the life insurance industry, Mutual of Omaha gained
USD 3,443,769,898 of direct premium written in life insurance USA’s market.
17.Globe Life Inc.
Globe Life is an American Insurance company which was incorporated
in Delaware in 1979. Financially, in 2023 according to its annual report, Globe
Life has total assets of USD 28 billion with total liabilities of USD 23.5
billion. In terms of the business aspects, Globe Life successfully gained
revenue of USD 5.4 billion with a net income of USD 970 million. Furthermore,
according to NAIC, Globe life gained a direct premium of around USD
3,089,650,656 in life insurance.
18. National Life Group
National Life Group is an insurance company that has a primary
office in Montpelier, Vermont, United States. Historically, National Life was
chartered in 1848 by the Vermont General Assembly. As of 2023 according to its
annual report, National Life has total assets of USD 45.4 billion with total
liabilities of USD 42.9 billion. In terms of business aspects, National Life
successfully gained revenue of USD 3.7 billion with a net income of USD 217
million. In addition, this company also has some financial ratings A+ from A.M.
Best, A+ from Standard & Poor’s, A1 from Moody’s. According to NAIC’s data
of 2023, National Life Group has USD 3,043,310,604 of direct premium in the life insurance industry of
the USA.
19.Penn Mutual
Penn Mutual was an insurance and financial company which was
founded in 1847. Along with business development, as of 2022, Penn Mutual has
1.1 million of Clients which has been employing 3,300 of people. Penn Mutual
Life Insurance has total assets of USD 46.7 billion with total liabilities of
USD 42.6 billion. In the business aspects, Penn Mutual successfully gained
revenue of USD 5.3 billion with a net income of USD 201 million. Based on financial
strength, Penn
Mutual still got a financial rating, A+ from
AM Best. Furthermore, according to NAIC’s market report, Penn Mutual also
gained USD 3,008,158,857 of direct premium written in life insurance at USA’s
market.
20.Primerica
Primerica is a financial and insurance services company. Along
with business development, Primerica has 151,611 life insurance-licensed sales
representatives as of December 31, 2023. Financially, according to an annual
report in 2023, Primerica Insurance has total assets of USD 15 billion with
total liabilities of USD 12.9 billion. In terms of the business aspects,
Primerica Insurance successfully gained revenue of USD 3 billion with a net
income of USD 470 million. Furthermore, according to NAIC’s report, Primerica
gained USD 2,974,065,043 of Direct Premium of life insurance in the USA's market.
21. Equitable Holdings Inc Group
Equitable Holdings, Inc. is an American financial services and
insurance company that was founded in 1859 by Henry Baldwin Hyde. Along with
business development, this company has 12,400 employees and advisors with more
than $750 billion of Assets Under Management (AUM). Financially, according to
the annual report in 2023, Equitable Holding has total assets of USD 276
billion with total liabilities of USD 271 billion. In the business aspects,
Equitable Holding Insurance successfully gained revenue of USD 10.5 billion
with a net income of USD 1.6 billion. Furthermore, in 2023, Equitable Holdings
gained USD 2,963,444,112 of direct premium according to NAIC’s life insurance
market share data report in the United States of America (USA).
22.Principal Financial
Based on its history, Principal founded in 1879 with headquarters
in Des Moines, Iowa, U.S. Along with business development, Principal has
employed around 18 thousand people. Financially, Principal Financial has total
assets of USD 313 billion with total liabilities of USD 302 billion. In terms
of the business aspects, Principal Financial successfully gained revenue of USD
16.1 billion with a net income of USD 1.5 billion. Furthermore, Principal
Financial gained a direct premium of USD 2,549,107,022 in the life insurance industry in
the USA's market.
23. Unum Insurance
Unum is an American insurance company headquartered in
Chattanooga, Tennessee. Historically, it was founded as Union Mutual in 1848.
Along with business
development, Unum Insurance has total employees of more than 10,000 employees
worldwide. Financially in 2023, Unum Insurance has total assets of USD 63.3
billion with total liabilities of USD 53.6 billion. In business respects, Unum
Insurance successfully gained revenue of USD 12.3 billion with a net income of
USD 1.2 billion. Operationally, Unum operates in the United States, the United
Kingdom, Poland, and others. According to NAIC’s market data in the insurance
industry, Unum insurance gained USD 2,436,762,865 of direct premiums written.
24. Sammons Enterprises
Sammons Enterprises is a diverse business company founded in 1938
by Charles A. Sammons. Through Sammons Financial Group, Sammons has insurance
business in the USA including life insurance business. According to a NAIC
report about market share data in life insurance, Sammons Enterprises gained a
direct premium of around USD 2,285,859,395 in USA’s market.
25.The Hartford
Hartford Insurance started the business in 1810 as a fire
insurance company. Nowadays, this company is also one of the biggest insurance
companies in the life insurance industry. As of December 31, 2023, The Hartford
Insurance Group has total assets of USD 80.9 billion with total liabilities of
USD 64.4 billion. In terms of the business aspects, Unum Insurance successfully
gained revenue of USD 24.5 billion with a net income of USD 1.2 billion.
Overall, according to the National Association of Insurance Commissioners
(NAIC), the direct premium in life insurance of Hartford reached USD
2,279,035,635 in the year 2023.
The Summary of 20 Largest Insurance Companies in USA
.jpg "The Rank of 20 Largest Insurance Companies in USA")
Bibliography of 25 Largest Life Insurance Companies in USA
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