25 Largest Life Insurance Companies in USA- According to National Association of Insurance Commissioners (NAIC) in 2023, there are 25 Largest Life Insurance Companies in the USA. These companies have a billion US Dollar of written premium.
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.
All the data in life insurance companies was obtained from National Association of Insurance Commissioners (NAIC) on its market share data report of the life insurance industry in the USA. Functionally, 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 was arranged based on the Direct premium.
The Rank of 25 Largest Life Insurance Companies in USA
| Rank | Name of Life Insurance Companies | Direct Premium | Market Share |
|---|---|---|---|
| (US Dollar($)) | (%) | ||
| 1 | Northwestern Mutual | 13,944,410,189 | 7.2 |
| 2 | New York Life Insurance | 12,480,218,090 | 6.45 |
| 3 | Met Life | 12,325,589,210 | 6.37 |
| 4 | Prudential Financial | 10,547,266,226 | 5.45 |
| 5 | MassMutual | 9,550,814,032 | 4.93 |
| 6 | Lincoln Financial | 8,562,280,491 | 4.42 |
| 7 | Nationwide | 6,101,563,522 | 3.15 |
| 8 | State Farm | 5,505,509,814 | 2.84 |
| 9 | Minnesota Life Insurance Company | 5,047,920,519 | 2.61 |
| 10 | AEGON US Holding | 5,035,603,528 | 2.6 |
| 11 | John Hancock | 4,912,842,586 | 2.54 |
| 12 | Guardian Life Insurance | 4,816,342,846 | 2.49 |
| 13 | Pacific Life Insurance | 4,748,443,297 | 2.45 |
| 14 | Dai-ichi Life Holdings | 4,209,772,175 | 2.17 |
| 15 | American International Group | 3,542,688,662 | 1.83 |
| 16 | Sammons Enterprises | 3,490,352,689 | 1.8 |
| 17 | Mutual of Omaha | 3,173,682,375 | 1.64 |
| 18 | Globe Life Inc. | 2,977,615,157 | 1.54 |
| 19 | Equitable Holdings | 2,883,666,679 | 1.49 |
| 20 | Primerica | 2,875,577,675 | 1.49 |
| 21 | Penn Mutual | 2,867,203,384 | 1.48 |
| 22 | National Life Group | 2,766,717,687 | 1.43 |
| 23 | Principal Financial | 2,503,067,679 | 1.29 |
| 24 | Unum Insurance | 2,430,396,014 | 1.26 |
25 | The Hartford | 2,098,443,445 | 1.08 |
INDUSTRY TOTAL | 193,599,474,495 | 100% |
Brief Description of 25 Largest Life Insurance Companies in USA
1.Northwestern Mutual
Northwestern Mutual was founded in 1857 and has been developed into one of the 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. Best Company. Furthermore, According to Annual Report in 2022, Northwestern Mutual gained net income around $912 million with total assets around $340 billion. As of NAIC’s market share data report in 2023, Northwestern Mutual got $ 13,944,410,189 and still the biggest direct premium than other insurance companies in the USA.
2.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 around $ 392 billion. Operationally, New York Life still has a central office in the New York Life Building, New York, USA. As of NAIC’s market share data report in 2023, New York Life Insurance gained a direct premium of $ 12,480,218,090.
3. MetLife
MetLife started the business on March 24th, 1868. Operationally, MetLife still has a central office in MetLife Building, New York City. In life insurance, MetLife provides some products including Term Life Insurance, Variable Life Insurance, and Universal Life Insurance. As one of the biggest companies in the Insurance Industry, according to an annual report in 2022, MetLife has total assets reaching USD 666 billion with net income around USD 2.3 billion. Furthermore, data from NAIC showed that Met Life’s direct premium reached $ 12,325,589,210.
4.Prudential Financial
Prudential Financial, Inc. is an American insurance company that was founded in 1875. Along with business development, Prudential Financial has 50 million customers in over 50 countries in the United States, Asia, Europe, and Latin America. Financially as of 2021, Prudential Financial has assets around USD 937 billion with USD 7.7 billion of net income. In addition, according to the NAIC report, The Prudential Financial gained $ 10,547,266,226.
5.MassMutual
The Massachusetts Mutual Life Insurance Company, known as MassMutual, is an insurance company that was 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, in 2022, the total assets of MassMutual reached $ 322 billion. Based on the direct premium, MassMutual gained $ 9,550,814,032 of direct premium. This data was obtained from National Association of Insurance Commissioners (NAIC) in 2023.
6.Lincoln Financial
Lincoln National Corporation or Lincoln Financial Group is 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 National Association of Insurance Commissioners (NAIC) in 2023 showed that Lincoln Financial gained $ 8,562,280,491.
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. Based on the report of National Association of Insurance Commissioners (NAIC), Nationwide gained a direct premium written around $ 6,101,563,522.
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, State Farm has employed 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. Based on the Report of National Association of Insurance Commissioners (NAIC) in 2023, the State Farm Insurance gained a direct premium $ 5,505,509,814.
9.Minnesota Life Insurance Company
Minnesota Life Insurance Company is an affiliate 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, total equity of this company reached $ 6.8 billion and assets under management reached $ 97.8 billion. Furthermore, in 2022, Minnesota Life insurance gained a direct premium of around $ 5,047,920,519.
10.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. As of 2020, total assets of Aegon reached € 444 billion. In the USA, AEGON has a portion of life insurance. Based on the report of National Association of Insurance Commissioners (NAIC), AEGON gained a direct premium written around $ 5,035,603,528.
11.John Hancock
John Hancock Life Insurance Company, U.S.A. is a Boston-based insurance company that Established April 21, 1862. Empirically, the company’s name was destined in honour of John Hancock, one of the prominent American Patriots. In the life insurance industry, John Hancock earned $ 4,912,842,586 according to the Report of National Association of Insurance Commissioners (NAIC).
12.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 of people. Furthermore, Guardian still has a central office in New York. Based on the life insurance products, the products are Term life insurance, Whole life insurance, and Universal life insurance. In the market share data report of NAIC, Guardian Life Insurance gained a direct premium of around $ 4,816,342,846.
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, and Universal Life Insurance, Term Life Insurance. In addition, according to a NAIC market share data report, Pacific Life Insurance gained a direct premium of around $ 4,748,443,297.
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. Financially, based on the balance sheet of the company in 2021, Dai-chi has assets around 351 billion US Dollar. In the business performance, the company has revenue around 34 billion US Dollar with Net Income around 1.7 billion US Dollar. In addition, in 2022, according to Market share data from NAIC, Dai-ichi Life Holdings gained a direct premium of around $ 4,209,772,175.
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. Based on the financial structure on the Balance sheet in 2021, AIG has assets around 596 billion US Dollar. According to the report of National Association of Insurance Commissioners (NAIC), the American International Group (AIG) gained a direct premium of around $ 3,542,688,662.
16.Sammons Enterprises
Sammons Enterprises is a diverse company. 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 $ 3,490,352,689.
17.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 2022, Mutual of Omaha has $ 10 billion but suffered net loss around $ 77 million. Furthermore, according to the report of NAIC in 2022, Mutual of Omaha got $ 3,173,682,375.
18.Globe Life Inc.
Globe Life is an American Insurance company which was incorporated in Delaware in 1979. Financially, in 2022, total assets of Globe Life reached USD 79 billion with net income of USD 739 million. Furthermore, according to NAIC, Globe life gained a direct premium of around $ 2,977,615,157.
19.Equitable Holdings
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 2022, Equitable Holdings has USD 253 billion with USD 1.7 billion. Furthermore, in 2022, Equitable Holdings gained $ 2,883,666,679 of direct premium according to NAIC’s market share data report.
20.Primerica
Primerica is a financial and insurance services company. Along with business development, Primerica has 135,208 life insurance-licensed sales representatives as of December 31, 2022. Financially, according to an annual report in 2022, Primerica has stockholder’s equity around $ 1.7 billion. Furthermore, according to NAIC’s report, Primerica gained $ 2,875,577,675 of Direct Premium.
21.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. Financially, in 2022, Penn mutual has revenue of $ 4.6 billion with $ 41 billion of assets and still got financial rating A+ from AM Best. Furthermore, according to NAIC’s market report, Penn Mutual also gained of $ 2,867,203,384.
22.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 2022, National Life has assets around $ 41 billion. 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, National Life Group has $ 2,766,717,687.
23.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, according to the annual statement in 2022, Principal has $ 214 billion of assets. Furthermore, Principal Financial gained a direct premium of $ 2,503,067,679.
24.Unum Insurance
Unum is an American insurance company headquartered in Chattanooga, Tennessee. Historically, it was founded as Union Mutual in 1848. Financially in 2022, Unum gained net income around USD 1.3 billion. Along with business development, 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 $ 2,430,396,014.
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, 2022, total assets of Hartford insurance were $73.0 billion. Overall, according to the National Association of Insurance Commissioners (NAIC), the direct premium in life insurance of Hartford reached USD 2,098,443,445.
The Summary of 15 Largest Insurance Companies in USA
.jpg "The Rank of 25 Largest Life Insurance Companies in USA Based on Direct Premium")
Bibliography of 25 Largest Life Insurance Companies in USA
NAIC. 2023. Life/Fraternal Market Share report . Accessed via Life/Fraternal Market Share report on September 1st, 2023.
Northwestern Mutual. 2023. Accessed via https://www.northwesternmutual.com/2022-annual-report/ on September 1st, 2023.
New York Life Insurance. 2023. Accessed via https://www.newyorklife.com/who-we-are/our-story on September 1st, 2023.
Metropolitan Group. 2023. Accessed via https://investor.metlife.com/overview/ on September 1st, 2023.
Prudential Financial. 2023. Accessed via https://www.investor.prudential.com/home/ on September 1st, 2023.
MassMutual. 2023. Accessed via https://www.massmutual.com/about-us#history on September 1st, 2023.
Lincoln Financial. 2023. Accessed via https://www.lincolnfinancial.com/public/aboutus/companyoverview on September 1st, 2023.
Nationwide. 2023. Accessed via https://www.nationwide.com on September 1st, 2023.
State Farm. 2023. Accessed via https://www.statefarm.com on September 1st, 2023.
Minnesota Life Insurance Company. 2023. Accessed via https://www.securian.com/content/securian/en/about-us/corporate-structure/ on September 1st, 2023.
AEGON US Holding. 2023. Accessed via https://www.aegon.com/ on September 1st, 2023.
John Hancock. 2023. Accessed via https://www.johnhancock.com/about-us.html on September 1st, 2023.
Guardian Life Insurance. 2023. Accessed via https://www.guardianlife.com/ on September 1st, 2023.
Pacific Life Insurance. 2023. Accessed via https://www.pacificlife.com/home/products/life-insurance.html on September 1st, 2023.
Dai-ichi Life Holdings. 2023. Accessed via https://www.dai-ichi-life-hd.com/en/investor/library/annual_report/index.html on September 1st, 2023.
American International Group. 2023. Accessed via https://www.aig.com/home/investor-relations on September 1st, 2023.
Sammons Enterprises. 2023. Accessed via https://www.sammonsenterprises.com/ on September 1st, 2023.
Mutual of Omaha. 2023. Accessed via https://www.mutualofomaha.com/about/company-profile on September 1st, 2023.
Globe Life Inc. 2023. Accessed via https://investors.globelifeinsurance.com/annual-reports on September 1st, 2023.
Equitable Holdings. 2023. Accessed via https://equitable.com/about-us on September 1st, 2023.
Primerica. 2023. Accessed via https://investors.primerica.com/financial-information/financial-results September 1st, 2023.
Penn Mutual. 2023. Accessed via https://www.pennmutual.com/about-us/financial-strength/annual-report on September 1st, 2023.
National Life Group. 2023. Accessed via https://www.nationallife.com/OurStory on September 1st, 2023.
Principal Financial. 2023. Accessed via https://investors.principal.com/investor-relations/financials/default.aspx on September 1st, 2023.
Unum Insurance. 2023. Accessed via https://www.unum.com/about on September 1st, 2023.
The Hartford. 2023. Accessed via https://www.thehartford.com/ on September 1st, 2023.