The Largest U.S. Insurance Companies

The U.S. insurance market is the largest in the world. The property & casualty and life & health sectors include approximately 5,900 insurance companies with net premiums written of over $1.3 trillion. The five largest insurance companies in the U.S. by assets include Berkshire, Prudential Financial, Metlife, American International Group and New York Life. The top 10 U.S. insurance companies hold combined total assets of over $4.8 trillion. Following are the largest and popular insurance companies in the United States.

Rank Company Total Assets *
1 Berkshire Hathaway $948.452 B
2 Prudential Financial $689.917 B
3 Metlife $667.000 B
4 American International Group $526.634 B
5 New York Life $392.130 B
6 Northwestern Mutual $340.390 B
7 Lincoln Financial Group $335.437 B
8 MassMutual $327.493 B
9 State Farm $318.243 B
10 Principal Financial Group $292.240 B
11 John Hancock ** $272.275 B
12 Nationwide Mutual Insurance Company $270.200 B
13 Equitable Holdings Inc $253.468 B
14 Brighthouse Financial $225.580 B
15 Aegon USA Group $204.595 B

* Total assets as of December 31, 2022
** John Hancock is a subsidiary of Manulife Financial Corp.

  • Berkshire Hathaway Inc, headquartered in Omaha, Nebraska, provides a wide array of property & casualty insurance and reinsurance services through numerous subsidiaries. GEICO, the leading insurance subsidiary of Berkshire, is one of the biggest auto insurers in the nation with over 17 million auto policies in force and about 29 million insured vehicles. It is also one of the highest-ranking auto insurance brands based on customer satisfaction, according to JD Power.
  • Prudential Financial, based in Newark, New Jersey, is the second largest insurance company in the US by assets. It 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 more. Today, the company employs over 41,000 people and has about $4 trillion of gross life insurance in force globally.
  • Metlife, headquartered in New York City, is the third largest insurance company in America by assets. It provides life, dental, disability and property/casualty insurance, annuities, employee benefits, asset management and other services. MetLife’s shares are traded on the New York Stock Exchange under the ticker symbol MET.
  • American International Group Inc (AIG), based in New York, is a leading global insurance corporation offering a broad spectrum of property/casualty and life insurance products, index, variable and fixed annuities, retirement solutions, mutual funds, institutional asset management and other services.
  • New York Life Insurance Company (NYLIC) is one of the top 5 insurance companies in the United States based on total assets. With more than 11,000 employees, the company and its subsidiaries provide life, disability and long-term care insurance, pension and annuity products, mutual funds, ETFs, 529 college savings plans as well as premier services including small business solutions, estate planning and wealth management. New York Life has the highest financial strength ratings from all major credit rating agencies.

Top Property & Casualty Insurance Companies

Here is a list of the largest U.S. property/casualty insurers in terms of direct premiums written. The five largest property/casualty insurance companies in the U.S. are State Farm, Berkshire, Progressive, Allstate and Liberty Mutual.

  • State Farm Mutual, based in Bloomington, Illinois, is the largest auto and home insurance company in the United States. It was established in 1922 and today employs about 58,000 people.
  • Berkshire Hathaway – The second largest P&C and auto insurer in the nation. GEICO, the main insurance subsidiary of Berkshire, provides coverage for nearly 30 million motor vehicles. The company is headquartered in Chevy Chase, Maryland.
  • Progressive Corporation – The No 1 commercial auto and motorcycle insurer in the United States. The company has over 21 million policies in force and direct premiums written of $48 billion.
  • Allstate Corp, headquartered in Northbrook, Illinois, is the fourth largest P&C insurer and the second largest home insurance company in the United States.
  • Liberty Mutual, based in Boston, Massachusetts, is one of the top 5 homeowners insurers and the sixth largest private passenger auto insurer in the U.S.
  • Travelers Companies, headquartered in New York, is the 6th largest homeowners insurer and the second largest commercial auto insurer in the United States.
  • USAA, headquartered in San Antonio, Texas, is the eighth largest P&C writer and the third largest homeowners insurer in the United States.
  • Chubb Limited – A leading commercial lines insurer in the US, with executive offices in New York, Philadelphia (Pennsylvania) and Whitehouse Station (New Jersey).
  • Farmers Insurance Group, headquartered in Los Angeles, California, the company provides automobile, home, life, business, recreational vehicle and pet insurance as well as mutual funds, annuities, individual retirement accounts and college savings plans.
  • Nationwide Mutual Group, based in Columbus, Ohio, is the tenth largest P&C insurer, 8th largest homeowners and auto insurer as well as No. 1 writer of pet insurance, and farms and ranches in the U.S.

Top 10 Insurance Companies by Market Cap

The table below shows the largest U.S. insurance companies ranked by market capitalization.

Rank Company Market Capitalization *
1 Berkshire Hathaway $1,012 B
2 UnitedHealth Group $495.2 B
3 Progressive Corp $144.3 B
4 Elevance Health $92.8 B
5 Cigna Group $84.5 B
6 Metlife $60.1 B
7 Aflac Inc $59.8 B
8 Travelers Companies $56.7 B
9 Allstate Corp $50.5 B
10 American International Group $47.0 B
11 Prudential Financial $43.5 B
12 Humana $35.4 B
* Market capitalization as of January 2025
Note: UnitedHealth, Elevance Health (formerly Anthem Inc), Humana and Cigna Corp are managed health care and insurance companies.

Last updated January 30, 2025