Largest Life Insurance Companies
The US life insurance industry is the largest in the world. There are more than 700 life insurers operating in the country. About 55% of Americans are covered by life insurance. Following is a list the largest life insurers in the United States according to the latest data from the National Association of Insurance Commissioners. Northwestern Mutual, New York Life, MetLife and Prudential are the four leading life insurance companies in the nation based on direct premiums written.
| Rank | Company | Market share | Direct Premiums ($B) |
| 1 | Northwestern Mutual | 7.49% | 14.272 |
| 2 | New York Life | 6.97% | 13.264 |
| 3 | MetLife | 6.03% | 11.476 |
| 4 | Prudential Financial | 5.59% | 10.644 |
| 5 | Mass Mutual | 5.29% | 10.068 |
| 6 | Lincoln National | 4.36% | 8.301 |
| 7 | State Farm | 2.76% | 5.255 |
| 8 | John Hancock | 2.65% | 5.040 |
| 9 | Transamerica | 2.62% | 4.980 |
| 10 | Securian Financial | 2.54% | 4.835 |
| 11 | Guardian Life | 2.39% | 4.543 |
| 12 | Pacific Life | 2.38% | 4.534 |
Source: NAIC (Top 25 Companies and Groups by Countrywide Premium, 2021)
Overview of Biggest Life Insurers
Northwestern Mutual
Northwestern Mutual, based in Milwaukee, Wisconsin, is the largest life insurance company in the U.S., with a market share of 7.5% and direct premiums written of $14 billion. The firm was established in 1857 and employs over 7,600 people today. It is recognized as one of the World's Most Admired life insurers according to Fortune.
New York Life
New York Life Insurance Company (NYLIC), founded in 1845, is a mutual insurance company with over 11,000 employees. For the year ended December 31, 2021, it reported $1.4 billion in insurance sales, $13.7 billion in annuity sales, $31 billion in surplus and AVR, and $1.1 trillion in individual life insurance in force.
Metlife
Metlife Inc, based in New York City, provides a comprehensive range of insurance and investment services across the United States and worldwide in more than 40 markets. MetLife’s shares are traded on the New York Stock Exchange, with a market capitalization of approximately $49 billion as of December 2023.
Prudential Financial
Prudential Financial, headquartered in Newark, New Jersey, offers a wide suite of products and services including term and universal life insurance, health insurance, variable and fixed annuities, retirement plans, asset management, mutual funds and other related services.
MassMutual
Massachusetts Mutual (or MassMutual), headquartered in Springfield, Massachusetts, provides a broad range of products and services including life, disability income and long term care insurance, retirement/401(k) plans, annuities and more. The company has $895 billion of life insurance protection in force.
Lincoln Financial
Lincoln Financial was established in 1905 and is headquartered in Radnor, Pennsylvania. It is a Fortune 250 American holding company operating in four business segments: life insurance, annuities, retirement solutions and group protection.
State Farm
State Farm, headquartered in Bloomington, Illinois, is a large group of insurance and financial services companies with over 19,000 agents, 345 claim offices and 30 operations centers across the United States. State Farm was founded in 1922 and today employs around 58,000 people.
John Hancock
John Hancock Life Insurance Co, established in 1862, is a Boston-based insurance provider. It supports about 10 million Americans with a broad range of financial products and services. It is recognized as one of the best life insurance companies for diabetics by Verywell Health. John Hancock is a division of Canadian insurer Manulife Financial Corporation.
Transamerica
Transamerica Corporation, headquartered in Baltimore, Maryland, provides a broad array of life insurance, investment and retirement services through its subsidiaries. The company’s major offices are located in Cedar Rapids, Iowa; Harrison, New York; Plano, Texas; Denver, Colorado; Exton, Pennsylvania; Johns Creek, Georgia; St. Petersburg, Florida and Norwood, Massachusetts. Transamerica is a member of Aegon Group.
Securian Financial
Securian Financial Group, headquartered in St. Paul, Minnesota, is a mutual holding company established in 1880. Today it has over 21 million customers, $1.4 trillion in life insurance in force and $98 billion in assets under management (AUM). The Group is the parent corporation of Minnesota Life and Securian Life insurance companies.
Guardian
Guardian Life Insurance Company of America, based in Manhattan, New York, is one of the largest mutual life insurers in the United States. It is a Fortune 500 company with revenue of $15 billion and net income of $290 million in 2021. The company was established in 1860 and currently serves over 29 million customers.
Pacific Life
Pacific Life, based Newport Beach, California, is one of the leaders in the insurance market with more than 150 years of experience. The company has over $1.2 trillion in life insurance in force and employs over 4,000 people.
Last updated April 23, 2024