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Life Insurance Company Statistics & Data

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Life insurance company data gives critical insight into the ever-changing nature of the life insurance industry.

With nearly 800 life insurance companies in the United States alone, there’s a lot to unpack.

The data below breaks down the nation’s leading life insurance companies in terms of market share, size, structure, and customer experience.

Industry Total of Direct Written Premiums

Company NameDirect PremiumsMarket Share (%)Competitor Gap
Northwestern Mut Grp$11,278,801,8226.48% 
New York Life Grp$11,053,776,2276.35%-0.13%
Metropolitan Grp $10,767,180,6686.19%-0.16%
Lincoln Natl Grp $9,651,117,0725.54%-0.65%
Prudential of Amer Grp $9,642,360,3895.54%-0.00%
Mass Mut Life Ins Grp$7,984,470,4234.59%-0.95%
Aegon US Holding Grp$4,868,457,5512.80%-1.79%
John Hancock Grp$4,817,849,5772.77%-0.03%
State Farm Grp$4,797,872,9702.76%-0.01%
Minnesota Mut Grp$4,724,702,5912.71%-0.05%
Guardian Life Grp$4,172,505,7022.40%-0.31%
Pacific Life Grp$3,874,562,9542.23%-0.17%
American Intl Grp $3,535,531,5632.03%-0.20%
Nationwide Corp Grp $3,331,942,6441.91%-0.12%
Equitable Holdings Inc Grp $3,099,092,7831.78%-0.13%
Voya Financial Grp$2,646,846,5751.52%-0.26%
Mutual of Omaha Grp $2,502,613,9641.44%-0.08%
Globe Life Inc Grp $2,477,964,5831.42%-0.02%
Primerica Grp$2,456,562,3331.41%-0.01%
Dai-Ichi Life Holdings Inc Grp $2,450,639,1101.41%-0.00%
Unum Grp $2,403,439,9501.38%-0.03%
Brighthouse Holdings Grp$2,385,778,4561.37%-0.01%
Principal Grp$2,236,083,9231.28%-0.09%
Sammons Enterprises Grp$2,189,822,3541.26%-0.02%
Penn Mut Grp$2,012,621,1171.16%-0.10%
Total$174,072,717,98264.19% 

Table amounts in $thousands.

$174,072,717,982

Based on an industry total of direct written premiums equaling $174,072,717,982, the top 25 life insurance companies wrote nearly 2/3rds of all premiums, with the top 12 insurers writing more than 50%.

Top Companies by Direct Premiums Written for Life & Annuities

The ranking changes when different policy types are isolated. According to NAIC data, here are the top 10 companies based on life and annuity premiums.

CompanyDirect premiumsMarket Share (%)Competitor gap
MetLife Inc.$95,079,32113.00%
Prudential$56,206,1317.70%5.30%
Equitable Holdings$44,721,3026.10%1.60%
New York Life$33,425,3214.60%1.50%
Massachusetts Mutual$30,375,1274.20%0.40%
Lincoln National$28,471,6883.90%0.30%
Principal $27,038,4003.70%0.20%
AIG$25,684,2943.50%0.20%
Jackson National$23,056,6753.20%0.30%
Transamerica$22,360,1113.10%0.10%
Source

Table amounts in $thousands. 2019 year.

53%

In 2019, the top 10 life insurance companies wrote 53% of all direct premiums for life insurance and annuities.

Top Companies by Direct Premiums Written for Individual Life

The amount of direct premiums written and the corresponding market share changes yet again when only individual life insurance is considered.

Companydirect premiumsmarket Share (%)Competitor Gap
Northwestern Mutual$11,271,6408.40%
Lincoln National$8,255,7556.20%2.20%
New York Life$8,009,9576.00%0.20%
Massachusetts Mutual$7,882,4985.90%0.10%
Prudential$6,212,7004.60%1.30%
John Hancock$4,812,7853.90%0.70%
State Farm $4,748,6963.50%0.40%
Transamerica$4,570,2383.40%0.10%
Pacific Life$3,874,5632.90%0.50%
AIG$3,571,4932.70%0.20%
Source

Table amounts in $thousands. 2019 year.

1/2

The top 10 companies wrote nearly half of direct premiums for individual life insurance, with the top 5 companies writing close to 1/3 of them.

Top Companies by Direct Premiums Written for Group Life

companydirect premiumsmarket share (%)competitor gap
MetLife Inc.$7,328,69820.80%
Prudential$3,429,6609.70%11.10%
New York Life$3,043,8208.70%1.00%
Securian$2,543,2807.20%1.50%
Cigna Corp.$1,767,9925.00%2.20%
Unum Group$1,713,0324.90%0.10%
Hartford $1,504,1154.30%0.06%
Lincoln National$1,395,3264.00%0.30%
Nationwide$1,036,2502.90%1.10%
Standard Life$985,5852.80%0.10%
Source

Table amounts in $thousands. 2019 year.

11%

MetLife dominates the group life insurance industry, with 1/5 of the market share and an 11.1% gap to its nearest competitor, Prudential.

Top Life Insurance Companies by Assets

The table below highlights the top 25 life insurance companies based on their assets.

CompanyAssets
Prudential$577,911,428
MetLife Inc.$409,620,949
New York Life$324,780,964
TIAA-CREF$316,037,954
AIG$284,995,635
Northwestern Mutual$272,266,151
Lincoln Financial$255,642,921
Massachusetts Mutual$254,871,959
Manulife Financial$247,572,347
Jackson National$236,988,672
Transamerica$201,204,255
AXA Financial$194,993,598
Voya Financial$189,367,712
Principal$185,009,858
Brighthouse Holdings Grp.$179,295,297
Nationwide$170,472,992
Allianz$145,153,116
Pacific Life$135,579,228
Hopmeadow Holdings Grp.$117,913,970
Ameriprise Financial$104,112,139
Thrivant Financial for Lutherans$94,229,633
Sammons Financial Grp.$85,245,189
Athene Grp.$83,783,502
State Farm$78,026,036
Guardian$75,591,936
Source

Table amounts in $thousands. 2019 year.

Historical Number of Life Insurance Companies in the U.S.

Another important framework for analyzing life insurance companies is a historical one.

According to the American Council of Life Insurers, here’s how the number of life insurers in the United States has fluctuated over the last 70 years.

yearNumber of companies
1950649
19601,441
19701,780
19801,950
19902,195
20001,269
2010917
2018773
Source

3x

The number of life insurance companies nationwide peaked in 1990, with more than three times the number of companies in existence in 1950, continually declining in the decades since.

773

Between the 50 states, Guam, Puerto Rico, and the Virgin Islands, there are 773 U.S. life insurance companies.

Organizational Structure of U.S. Life Insurance Companies

The ACLI breaks down the number of life insurance companies further, looking at their organizational structure.

  • Stock: 580
  • Mutual: 109
  • Fraternal: 75
  • Other: 9
75%

Stock companies made up 75% of the 773 U.S. life insurance companies in 2018, followed by mutual, fraternal, and other types of companies, respectively.

Largest Life Insurance Companies Globally

What about life insurance companies outside the United States?

According to the Forbes’ Global 2000 ranking, the following life insurance companies top the list based on market capitalization:

CompanyMarket value
United Health Group$277.1 billion
Ping An Insurance Group$187.2 billion
AIA Group$111.8 billion
China Life Insurance $60.3 billion
Prudential$36.9 billion
MetLife$32.8 billion
Japan Post Holdings$32.7 billion
China Pacific Insurance$30.0 billion
Aflac$26.9 billion
Manulife$24.5 billion
Cathay Financial$17.7 billion
Legal & General Group$15.3 billion
Dai-ichi Life Insurance$14.4 billion
Aviva$12 billion
Swiss Life Holding$11.3 billion
Source

J.D. Power Ratings for Individual Life Insurance from 2015-2020

It’s also helpful to view life insurance companies through the lens of customer experience.

The most accurate indicator of customer experience is the annual J.D. Power Survey of individual life insurance companies.

Below is an overview of the overall customer satisfaction ratings for the top life insurance companies over the last 6 years, based on a 1,000 point scale.

Company201520162017201820192020
AIG748738751741722742
Allstate801N/AN/AN/AN/AN/A
AmeripriseN/AN/A790N/AN/AN/A
AXA Financial748752771755730N/A
Brighthouse FinancialN/AN/AN/A752729717
EquitableN/AN/AN/AN/AN/A733
Genworth Financial747766771744N/AN/A
Globe LifeN/AN/AN/AN/AN/A810
Guardian Life788760796776770743
John Hancock732739763759739737
Liberty MutualN/AN/AN/AN/A788N/A
Lincoln Financial738744781778750749
MassMutual753780787781751769
MetLife769779812793744773
Midland National LifeN/A713745758723725
Minnesota LifeN/AN/A777739N/AN/A
Mutual of Omaha791766789792795789
Nationwide801806806810783803
New York Life791774782791770784
Northwestern Mutual820799802812810790
Pacific LifeN/A790808783765776
Penn MutualN/AN/A788N/A733N/A
Primerica723717754743741732
Principal Financial769774785773789772
Protective Life765742774791754754
Prudential755770777784754759
SecurianN/AN/AN/AN/A739741
State Farm823828853825808838
Transamerica748719780751732734
Voya Financial749745748744744725
Industry Average770771785779761763
Source

State Farm has the most wins and highest average score, taking home the highest ranking 5 out of the last 6 years.

Of the 30 companies evaluated in the past 6 surveys, the following 17 were consecutively ranked each year:

  • AIG
  • Guardian
  • John Hancock
  • Lincoln Financial
  • MassMutual
  • MetLife
  • Mutual of Omaha
  • Nationwide
  • New York Life
  • Northwestern Mutual
  • Primerica
  • Principal
  • Protective
  • Prudential
  • State Farm
  • Transamerica
  • Voya Financial

For more industry-wide data, view our life insurance statistics page.

Author:

Parker King

Parker King is a researcher and editorial writer with a Masters in Professional Communication from Clemson University. She has years of experience in the nonprofit sector and writing in the world of personal finance, insurance, and other topics.

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