English
Arabic
French
Spanish
Portuguese
Deutsch
Turkish
Dutch
Italiano
Russian
Romaian
Portuguese (Brazil)
Greek
Last year, Northwestern Mutual wrote more premiums in the U.S. than any other insurer, according to recently released data from the National Association of Insurance Commissioners (NAIC).
Northwestern Mutual is followed by New York Life, MetLife, and Prudential.
Top 10 largest life insurance companies
The full list of top 10 largest life insurance companies, which is based on the dollar amount of direct premiums written, is below:
| Sr. No. | Company | Premium written |
|---|---|---|
| 1 | Northwestern Mutual | $14.3 billion |
| 2 | New York Life | $13.3 billion |
| 3 | Metropolitan | $11.5 billion |
| 4 | Prudential of America | $10.6 billion |
| 5 | Mass Mutual Life Insurance | $10.1 billion |
| 6 | Lincoln National | $8.3 billion |
| 7 | State Farm | $5.3 billion |
| 8 | John Hancock | $5 billion |
| 9 | Aegon U.S. Holding | $5 billion |
| 10 | Minnesota Mutual | $4.8 billion |
Major insurance companies like MassMutual have the financial strength that allows them to be especially adept at serving their customers’ needs, says Paul LaPiana, head of MMUS product at MassMutual and senior vice president at MassMutual Financial Advisors.
“We need to have access to capital and be strategic about our investments so that we are financially strong and secure,” LaPiana says. He adds that this solid financial footing allows MassMutual to deliver on commitments decades into the future and to pay dividends to policyowners.
Breaking down the largest insurance companies in the U.S. by company, here is what each offers:
1. Northwestern Mutual
This Milwaukee-based insurance company was the largest life insurer last year. It has roots that stretch all the way back to 1859 and says 96% of its clients stay with the insurer year after year.
Northwestern Mutual sells term, whole life, universal and variable universal plans.
 | AIG
| Get a Quote |
 | Everyday Life Life
| Get a Quote |
 | Globe Life
| Get a Quote |
 | Life Insurance Pro
| Get a Quote |
 | SmartFinancial
| Get a Quote |
 | Gerber
| Get a Quote |
 | Ethos
| Get a Quote |
 | Final Expense Quotes
| Get a Quote |
 | TruStage
| Get a Quote |
 | NerdWallet Life
| Get a Quote |
 | Blue Sky
| Get a Quote |
 | National Family
| Get a Quote |
2. New York Life
For more than 175 years, New York Life has sold life insurance to Americans. It is the largest mutual insurer in the U.S. The company takes pride in its financial strength and has paid a dividend every year since 1854.
New York Life is based in New York. It sells term, whole life, universal and variable universal life insurance policies.
3. Metropolitan
Founded in 1863, MetLife began offering policies to Civil War sailors and soldiers who had wartime-related disabilities. The New York-based company now has a much wider client base — it operates in more than 40 countries.
MetLife sells term, group variable universal accidental death life insurance policies.
4. Prudential of America
Newark, New Jersey-based Prudential began life in 1875. A year later, the company hired Julia Babbit, the first female life insurance agent.
Prudential sells term, indexed universal, universal and variable universal life insurance policies.
5. Mass Mutual Life Insurance
Like many of the largest life insurance companies, MassMutual has a long history. Founded in 1851, it has consistently issued dividends since the 1860s.
The company based in Springfield, Massachusetts, sells term, whole life, universal and variable universal life insurance policies.
“More than 170 years ago, we were a handful of people helping people,” LaPiana says. “Today, we’re still people helping people — just many more people helping many more people.”
6. Lincoln National
Radnor, Pennsylvania-based Lincoln National is a relative newcomer compared to some of the insurers on this list.
Founded in 1905, Lincoln National sells term, universal, indexed universal and variable universal life insurance policies.
7. State Farm
The nation’s biggest property and casualty insurer also is a major player in the life insurance market. The Bloomington, Illinois, company celebrates 100 years in business this year.
State Farm sells term and whole life policies, as well as universal, survivorship universal and joint universal life insurance policies.
8. John Hancock
Founded in 1862, Boston-based John Hancock serves 3.5 million life insurance customers.
John Hancock sells term, universal, indexed universal and variable universal life insurance policies.
9. Aegon U.S. Holding
Based in The Hague, Netherlands, Aegon primarily does business through Transamerica in North America, which has been in business since 1906.
Transamerica sells term, index universal, whole life and final expense life insurance policies.
10. Minnesota Mutual
Minnesota Mutual is the parent holding company that has a mutual ownership model operating under the name Securian Financial. Life insurance companies that fall under this umbrella include:
- Minnesota Life Insurance Company
- Securian Life Insurance Company
- American Modern Life Insurance Company
- Southern Pioneer Life Insurance Company
It offers term and whole life insurance policies, as well as fixed, indexed and variable universal life insurance policies.
The 10 biggest life insurance companies can provide financial stability, a large death benefit, and excellent customer service. If that’s what you’re looking for, these are the insurers for you. But life insurance needs are often unique, and you should always do some additional research to find an insurer that offers what you need.
Sources: https://content.naic.org/sites/default/files/research-actuarial-life-fraternal-market-share.pdf
