A life insurance policy will make sure your loved ones are taken care of if you pass away. Because you purchase life insurance when you are still active and capable, you want to make sure the company providing your policy will last as long – or longer – than you do.
Bigger is not always better, and it’s important to choose your life insurance company based on factors such as quality, customer service, and product offerings. However, all of the companies on our list have a history and reputation that demonstrates their durability. Here are 15 of the largest life insurance companies.
| Company | Type of Insurance Policies | Market Share in 2021 |
|---|---|---|
Northwestern Mutual | Whole Life, Universal Life, Term Life | 8.93% |
New York Life | Whole Life, Universal Life, Term Life, Variable Life | 8.30% |
MetLife | Whole Life, Group Variable Universal Life, Group Universal Life, Accidental Death | 7.18% |
Prudential | Indexed Universal Life, Universal Life, Term Life, Variable Universal Life | 6.66% |
Mass Mutual | Whole Life, Universal Life, Term Life, Variable Life | 6.29% |
Lincoln Financial | Whole Life, Term Life | 5.20% |
State Farm | Whole Life, Universal Life, Term Life | 3.29% |
John Hancock | Indexed Universal Life, Whole Life, Term Life, Variable Universal Life | 3.15% |
Guardian Life Group | Whole Life, Variable Universal Life, Universal Life, Term Life | 2.84% |
Pacific Life Group | Whole Life, Universal Life, Term Life | 2.84% |
Sammons | Indexed Universal Life, Guaranteed Universal Life, Term Life | 2.73% |
Nationwide | Whole Life, Universal Life, Term Life, Variable Universal Life | 2.46% |
AIG | Guaranteed Issue Whole Life, Universal Life, Term Life | 2.24% |
Mutual of Omaha | Whole Life, Universal Life, Term Life, Accidental Death | 1.83% |
Primarica Group | Guaranteed Whole Life, Indexed Universal Life, Term Life | 1.74% |
- The data above is from the National Associate of Insurance Commissioners Life and Fraternal Insurance Industry 2021 Top 25 Groups and Companies by Countrywide Premium.
FAQ
What is the largest life insurance company in the world?
The world’s largest life insurance company by market cap is Chinese-based Ping An Insurance Group, valued at $149.62 billion. Market capitalization (market cap) is the value of a company’s shares on the stock market. This doesn’t necessarily mean it’s in great financial shape, but it does mean stock market investors think its a worthy investment.
The largest insurer in the world by net premiums written in 2020 is UnitedHealth Group Incorporated with approximately $202 billion in created policies. The number of policies shows a company has a lot of customers, though it’s also not a guarantee that it’s in great financial shape.
The size of a company is one way of thinking about the company’s financial health, though there are others. An insurance company’s assets on its balance sheet is called its book value, and you can find that information in its financial statements. It’s assets are opposed to its liabilities, which in the case of insurance companies is its obligations to its policyholders and any other debts it holds.
What is the largest life insurance company by market cap?
The largest life insurance company in the U.S. is MetLife with a market cap of $56.85 billion. (As noted above, the world’s largest life insurance company by market cap is Chinese-based Ping An Insurance Group.)
The next two biggest life insurance companies by market cap are Prudential Financial Inc. at $41.3 billion, Lincoln National at $10.73 billion. It should be noted that not all life insurance companies are publicly traded, so there are some big ones out there that can’t be measured by market capitalization.
What is the oldest life insurance company?
Modern insurance itself was introduced in the mid 1700s. Benjamin Franklin established insurance options for homes lost to fires and other types of property and materials started to become insurable. In 1762, the Equitable Life Insurance Society was formed in England and became the world’s oldest mutual life insurer.
In 1759, Presbyterian Ministers Fund became the first life insurance company in the U.S. This paved the way for many other life insurance companies to develop and coverage options to evolve. The company was bought out just a few decades ago in the 1990s.
Summary
Choosing the right life insurance company for your needs is an important step that should be made with careful consideration. The biggest or oldest life insurance companies are not always the best choice for you. Still, it’s a factor that can reasonably be added in as you compare options.
A secure and longstanding life insurance company often means it will be stable and equipped to fulfill its duties by contract to pay your beneficiaries when needed.