25 Largest Insurance Companies in the US by Assets
In this article we are going to list the 25 Largest Insurance Companies in the US by Assets. Click to skip ahead and jump to the 5 Largest Insurance Companies in the US by Assets.
The insurance industry in America is easily one of the biggest. After all, the US is one of the only developed countries in the world where healthcare is for-profit and which lacks a universal public healthcare system.
In 2019, the total underwritten premiums by insurance companies in the United States, was worth a stunning $1.32 trillion, with at least 48% of the total being accounted for by the property/casual insurers. When you talk about P/C cost, that basically refers to automobile insurance, homeowners, as well as commercial insurance, as opposed to the life/annuity sector which consists of health insurance, life insurance, accidents and of course annuities, which accounted for 52% of the total premiums underwritten.
All these premiums have been underwritten by the nearly 6,000 companies engaged in the insurance industry, which also provide employment to nearly 3.0 million people, where 1.7 million directly work for the companies and around 1.2 million are engaged in different aspects of the industry such as agencies, brokers and other insurance-related enterprises.
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According to S&P Global, while 2021 is expected to be a tough and challenging year, insurance companies will still manage to pull through. While insurers will continue bearing the stress regarding investment portfolios and their fluctuations, other challenges also include elevated mortality claims due to the serious and undeniable impact of Covid-19, lower earnings and the effect on distribution as well.
Nevertheless, insurance companies can be a good investment, as many of them are traded publicly. Billionaire Warren Buffett, one of the most successful investors of all time, has often said that insurance is a great business due to its financial structure. Buffett's own Berkshire Hathaway Inc (NYSE:BRK.A) has three insurance companies among its holdings: National Indemnity, GEICO, and General Re. All these make Berkshire Hathaway Inc (NYSE:BRK.A) one of the largest insurance companies in the US by assets. The way insurance companies work is they take then float (money received as premiums but not yet paid out as claims) and invest them into stable, low-risk investments like Treasury Bonds. However, Buffett uses the float from Berkshire Hathaway Inc (NYSE:BRK.A)'s insurance businesses to invest in equities and to acquire other companies.
The 25 largest insurance companies in the US by assets have total assets worth more than $8 trillion. That is more than what most economies in the world can even dream of generating, showing the power that these companies wield. In order to determine our rankings, we head on over to the latest rankings by Fortune 500 on US companies and filtered the rankings for only insurance companies. So without further ado, let's take a look at the companies you are probably a customer of, starting with number 25:
25. Loews Corporation (NYSE:L)
Total assets of the company in 2021 (in millions of dollars): 80,236
Total revenue of the company in 2021: (in millions of dollars): 12,583
Loews Corporation (NYSE:L) is an American holding company that has a diversified portfolio of assets. It holds a majority stake in a number of companies from various industries, including CNA Financial Corporation, one of the largest insurance companies in the US. CNA, in which Loews Corporation (NYSE:L) owns 90%, provides property and casualty insurance products and services. In addition to CNA, Loews Corporation (NYSE:L)'s subsidiaries include Loews Hotels & Co, Altium Packaging and Boardwalk Pipelines.
24. Reinsurance Group of America Inc (NYSE:RGA)
Total assets of the company in 2021 (in millions of dollars): 84,656
Total revenue of the company in 2021: (in millions of dollars): 14,596
Founded in 1973, Reinsurance Group of America Inc (NYSE:RGA) takes the 24th spot in our list of the largest insurance companies in the US by assets. The company has grown to more than 2,500 employees and to more than $3.50 trillion of life reinsurance in force. Reinsurance Group of America Inc (NYSE:RGA) positions itself as the only global reinsurance company focused on life and health reinsurance products and services. Moreover, Reinsurance Group of America Inc (NYSE:RGA) ranks as 207th on the 2021 Fortune 500 list of largest US companies by revenue.
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23. Guardian Life Insurance Company of America
Total assets of the company in 2021 (in millions of dollars): 85,425
Total revenue of the company in 2021: (in millions of dollars): 13,562
Founded in 1860, Guardian Life Insurance is headquartered in New York and has 8,000 employees with 3,000 additional financial reps. Guardian Life Insurance has more than 70 agencies nationwide and provides a wide variety of insurance options.
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22. Genworth Financial Inc (NYSE:GNW)
Total assets of the company in 2021 (in millions of dollars): 105,747
Total revenue of the company in 2021: (in millions of dollars): 8,658
Genworth Financial Inc (NYSE:GNW) started its life as The Life Insurance Company of Virginia in 1871. Over the years, the company went through several M&A deals. In 1996, the company was sold to GE Capital and in 2004, Genworth Financial Inc (NYSE:GNW) was formed by combining several insurance companies held by General Electric Company (NYSE:GE) and went public in the largest IPO of that year. Genworth Financial Inc (NYSE:GNW) has around 3,000 employees and focuses on three main segments, namely Retirement and Protection, International and U.S. Mortgage Insurance.
21. Thrivent Financial for Lutherans
Total assets of the company in 2021 (in millions of dollars): 110,152
Total revenue of the company in 2021: (in millions of dollars): 8,153
Thrivent Financial was, as the name suggests, founded by the Lutheran Church and is one of the few not-for-profit organizations on our list of largest insurance companies in the US by assets. With more than 3,000 employees, Thrivent Financial for Lutherans also provides volunteer services and donations to those in need.
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20. Travelers Companies Inc (NYSE:TRV)
Total assets of the company in 2021 (in millions of dollars): 116,764
Total revenue of the company in 2021: (in millions of dollars): 31,981
Travelers Companies Inc (NYSE:TRV) is the second-largest writer of U.S. commercial property casualty insurance and the sixth largest writer of personal insurance in the United States, so it's unsurprising that it made it to the list of largest insurance companies in the US by assets. Travelers Companies Inc (NYSE:TRV) was founded in 1853 and is headquartered in New York City. Outside of the US, Travelers Companies Inc (NYSE:TRV) also has operations in the UK, Ireland, Canada, Singapore, China, and Brazil.
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19. Allstate Corp. (NYSE:ALL)
Total assets of the company in 2021 (in millions of dollars): 125,987
Total revenue of the company in 2021: (in millions of dollars): 44,791
Headquartered in Illinois, Allstate Corp. (NYSE:ALL) provides different types of insurance, with a particular focus on vehicle insurance and has more than 45,000 employees. Allstate Corp. (NYSE:ALL) was founded in 1931 and was originally part of Sears, Roebuck and Co.. It was spun off in 1993 and taken public the same year. Recently, Allstate Corp. (NYSE:ALL) announced the $4.0 billion acquisition of National General Insurance, a property and casualty insurance company that has more than 42,000 independent agents.
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18. Liberty Mutual Insurance Group
Total assets of the company in 2021 (in millions of dollars): 145,377
Total revenue of the company in 2021: (in millions of dollars): 43,796
The third biggest property and casualty insurer in the country, Liberty Mutual Insurance Group was founded more than a century ago and is headquartered in Massachusetts. Liberty Mutual currently has more than 113,000 employees, who were instrumental in deriving more than $43 billion in revenue.
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17. Aflac Incorporated (NYSE:AFL)
Total assets of the company in 2021 (in millions of dollars): 165,086
Total revenue of the company in 2021: (in millions of dollars): 22,147
Then there is Aflac Incorporated (NYSE:AFL), the biggest supplier of supplemental insurance in the U.S. and also one of the biggest insurance companies in the U.S. by assets. Founded in 1965, Aflac Incorporated (NYSE:AFL) has close to 12,000 employees. In addition to the US, Aflac Incorporated (NYSE:AFL) also has operations in Japan.
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16. Pacific Life
Total assets of the company in 2021 (in millions of dollars): 190,672
Total revenue of the company in 2021: (in millions of dollars): 10,062
Pacific Life provides life insurance, mutual funds and annuities and has close to 4,000 employees. Headquartered in California, Pacific Life is owned by Pacific LifeCorp.
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15. The United Services Automobile Association (USAA)
Total assets of the company in 2021 (in millions of dollars): 200,348
Total revenue of the company in 2021: (in millions of dollars): 36,296
The United Services Automobile Association (USAA) provides insurance as well as other services to people who have or have had served in the United States military, and currently has at least 12.4 million members. With more than 33,000 employees, USAA is easily one of the largest insurance companies in the United States.
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14. Brighthouse Financial Inc (NASDAQ:BHF)
Total assets of the company in 2021 (in millions of dollars): 247,869
Total revenue of the company in 2021: (in millions of dollars): 8,503
Brighthouse Financial Inc (NASDAQ:BHF) has more than 2.6 million insurance policies in force and has more than 1,400 employees. Brighthouse Financial Inc (NASDAQ:BHF) is considered to be one of the biggest providers of life insurance as well as annuities in the country. The company was spun off from Metlife Inc (NYSE:MET), another entrant on the list of largest insurance companies in the US by assets, in 2017 and began trading the same year. MetLife originally retained a 19% stake in Brighthouse Financial Inc (NASDAQ:BHF), but in 2018 it was divested through a debt-for-equity exchange.
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13. Nationwide Mutual Insurance Company
Total assets of the company in 2021 (in millions of dollars): 256,589
Total revenue of the company in 2021: (in millions of dollars): 41,930
Earning the 13th spot in our list of biggest insurance companies in the U.S. by assets is Nationwide Mutual Insurance Company, which was founded 95 years ago. Nationwide Mutual Insurance Company has 34,000 employees spread across multiple regional headquarters. The company's main specialization is in mutual insurance.
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12. Equitable Holdings Inc (NYSE:EHQ)
Total assets of the company in 2021 (in millions of dollars): 275,397
Total revenue of the company in 2021: (in millions of dollars): 12,415
Equitable Holdings Inc (NYSE:EHQ) is more than 160 years old and is headquartered in New York City, The company was originally known as The Equitable and was acquired by French insurance company AXA in 1991. In 2018 Equitable Holdings Inc (NYSE:EHQ) initiated the spinoff from AXA and changed its name in 2020. Currently, Equitable Holdings Inc (NYSE:EHQ) includes two businesses, Equitable Financial Life Insurance Company and AllianceBernstein, an asset management company.
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11. Principal Financial Group Inc (NASDAQ:PFG)
Total assets of the company in 2021 (in millions of dollars): 296,628
Total revenue of the company in 2021: (in millions of dollars): 14,742
Founded in 1879, Principal Financial Group Inc (NASDAQ:PFG) has more than 17,000 employees across multiple locations and assets under management exceed more than $800 billion. Headquartered in Des Moines, Iowa, Principal Financial Group Inc (NASDAQ:PFG) includes four segments, Retirement and Income Solutions, Principal Global Investors, Principal International, and US Insurance Solutions. Earlier this year, Principal Financial Group Inc (NASDAQ:PFG) was targeted by renowned activist fund Elliott Management, led by billionaire Paul Singer. Elliott acquired a stake in Principal Financial Group and said it would push for changes. In February, Principal Financial Group Inc (NASDAQ:PFG) appointed two independent directors following talks with Elliott.
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10. State Farm Insurance
Total assets of the company in 2021 (in millions of dollars): 299,105
Total revenue of the company in 2021: (in millions of dollars): 78,898
Next in our list of largest insurance companies in the US by assets is State Farm Insurance. State Farm Insurance is nearly a century old and is headquartered in Bloomington, Illinois. State Farm recorded around $5.6 billion in net income in 2019.
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9. Northwestern Mutual
Total assets of the company in 2021 (in millions of dollars): 308,767
Total revenue of the company in 2021: (in millions of dollars): 33,782
Not only does Northwestern Mutual provide consultation on asset income protection and wealth management, it also provides products such as disability income, life insurance, long term care insurance and many others.
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8. Massachusetts Mutual Life Insurance
Total assets of the company in 2021 (in millions of dollars): 322,936
Total revenue of the company in 2021: (in millions of dollars): 23,663
Massachusetts Mutual Life Insurance provides various products such as disability income insurance, long term care insurance, life insurance and retirement plans. Massachusetts Mutual Life Insurance was founded back in 1851.
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7. New York Life Insurance
Total assets of the company in 2021 (in millions of dollars): 359,313
Total revenue of the company in 2021: (in millions of dollars): 46,712
New York Life Insurance was founded back in 1845. The company provides life insurance, annuities, asset management and long term management. New York Life Insurance has more than 11,000 employees across all of its locations.
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6. Lincoln National Corporation (NYSE:LNC)
Total assets of the company in 2021 (in millions of dollars): 365,948
Total revenue of the company in 2021: (in millions of dollars): 17,439
Founded 116 years ago Lincoln National Corporation (NYSE:LNC) is headquartered in Pennsylvania. Lincoln National Corporation (NYSE:LNC) recorded an increase in revenues which reached $17.4 billion in the latest financial year. Lincoln National Corporation (NYSE:LNC) has at more than 9,000 employees and is the naming rights sponsor of the Lincoln Financial Field.
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Disclosure: None. 25 Largest Insurance Companies in the US by Assets is originally published at Insider Monkey.
