8 Biggest Life Insurance Companies

The US life insurance marketplace is large and competitive. Although it may not be better for consumers or investors, it does indicate a level of financial stability and longevity in the life insurance industry.

Life insurance A policy or contract that guarantees the insured or their beneficiaries a certain amount of money as stated in an insurance policy. The customer agrees to pay periodic premiums and payments to the life insurance provider. These best-life insurance companies and policies can be very helpful as they can offer financial support for loved ones and help pay funeral expenses or debts.

This article lists the eight largest American insurance companies. Please note that our ranking order is dependent on the volume of premiums written. This may change often.

1. New York Life

New York Life Insurance Company holds 8.3% of the U.S. Life Insurance Market Share and is the second-largest insurance company in 2021. 1 New York Life also offers long-term care, annuities, and mutual funds, as well as a growing investment management service.

New York Life, a mutual insurance company, is not publicly traded. The company reported record-breaking operating earnings of $2.2 billion for 2021. It also announced a $1.9 billion dividend payout for 2021. Dividends companies pay to customers in cash. 2

2. Northwestern Mutual

Northwestern Mutual Life Insurance The company holds 8.93% American market share. 1 It offers life insurance, annuities, financial planning services, and investment products. 3 In 2020, the company’s revenue increased from $11.7 billion to $34 billion in 2021.

Northwestern Mutual, a mutual insurer is managed for policyholders and not stockholders. In 2020, policyholder benefits reached $11.7 billion, an increase of $11.5 billion from 2019. In 2020, policyholder benefits amounted to $11.7 billion. This is an increase of $11.5 billion in 2019.

3. MetLife

Metropolitan Life Insurance Company (NYSE MET is a publicly traded financial products and insurance company. MetLife is a better-known life insurance company. It holds a 7.18% market share.

MetLife also offers a variety of insurance products, including home and health. MetLife is more than just an insurance company. They also offer financial products like retirement and investment plans, as well as small business benefits.

MetLife reported a 9.7% return on equity for the fiscal year 2021.

4. Prudential

Prudential Financial, Inc., NYSE: is a publicly traded financial service conglomerate that offers annuities, mutual funds, insurance products, investment management services, as well as other products. The company was established in 1875. It operates in more than 40 countries across North and South America as well as Europe and Asia. In 2021, Prudential accounted for 6.66% of all American life insurance companies. 1

Prudential offers a variety of life insurance options, including universal and variable universal. Prudential offers term life insurance in four formats: SimplyTerm (Term Essential), Term Elite, PruTerm One, and Term Elite. These policies are personal policies, with SimplyTerm offering basic coverage while the others offer customizations and riders. The fourth option, PruTerm One, is for small-business owners who need to pay short-term loans.

Prudential reported a net profit of $7.72 Billion in 2021, compared to a loss of $374 M in the previous year due to the difficult environment during the coronavirus epidemic. Prudential’s assets under management were $1.742 trillion in 2021, compared to $1.721 trillion the previous year. Prudential’s assets under management were $1.742 trillion in 2021, compared to $1.721 trillion in the previous year.

5. Lincoln National

Lincoln National Corp. (NYSE LNC), a financial services firm, offers life insurance products, long-term care insurance products, annuities, and retirement plan services. It is not licensed to operate in the United States. It does not operate outside the United States.

1 Lincoln National holds 5.2% of 2021’s life insurance market share. In their annual report, Lincoln National reported that they had written $660 million worth of life insurance premiums in 2020 compared to $630 million in 2020. 10 Lincoln’s 2021 net income was $1.4 billion. This is 64% more than the $499 million it earned in 2020.

6. MassMutual

Massachusetts Mutual Life Insurance Company (also known as MassMutual) was the fifth largest life insurer in the United States. It also offers long-term and disability insurance.

MassMutual offers a complete range of financial products to employees, including annuities and investments.

The company made nearly $20.2 billion from premiums in 2021 and generated $30.4 billion in revenue. The company earned nearly $20.2 billion in income from insurance premiums and $30.4 billion in revenue in 2021.

7. State Farm

State Farm is best known for its auto and home insurance products. However, it is the 7th largest U.S. life insurer and has been around since 1922. State Farm does not offer life insurance in NY, WI, or MA. State Farm provides term, whole, and universal life insurance. However, it is not licensed in these states.

State Farm issued life insurance products worth more than $212 billion in 2021. 15 At the end of 2021 there were $1.1 trillion in individual policies for life insurance. This means that premiums are being paid on these life insurance policies. State Farm earned $929 million in income and reported a premium income in 2021 of $5.7 billion. They paid out $593 million in dividends to policyholders.

8. John Hancock

John Hancock, the eighth-largest life insurer in America, holds a 3.15% share of the 2021 life insurance industry. Manulife Financial (NYSE: MFC) is the largest Canadian public company and largest life insurer. John Hancock offers both term and permanent life insurance.

Manulife reported a rise in net income in the 2021 annual reports, with 7.1 billion more than in 2020.

Updated: December 25, 2022 — 9:48 am

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