10 Largest Life Insurance Companies
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The largest life insurance company in the U.S. is Northwestern Mutual.
The company sells about 7% of all policies nationwide.
New York Life, Prudential and MetLife are some of the other largest companies in the country. The 10 largest life insurance companies make up slightly less than half the market in the U.S.
There are hundreds of life insurance companies in the United States. However, only 15 companies sell about 60% of all life insurance policies. The largest companies sell policies nationwide and offer many coverage options.
What are the largest life insurance companies?
Northwestern Mutual is the biggest life insurance company in the country. It sells about 6.8% of all policies. New York Life, Prudential and MetLife are the next largest companies.
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Northwestern Mutual became the largest life insurance company in 2020. The company has notably affordable rates and good customer service.
Largest life insurance companies by market share
Company | Premiums in billions | Market share | |
|---|---|---|---|
| Northwestern Mutual | $13.7 | 6.8% |
| New York Life | $12.8 | 6.4% |
| Prudential | $12.4 | 6.2% | |
| MetLife | $12 | 6% |
| MassMutual | $8.8 | 4.4% |
Largest life insurance companies by state
Besides being the biggest life insurance company overall, Northwestern Mutual is the most popular insurance company in 16 states. New York Life sells the most policies in eight states, while MetLife is the top option in six.
State | Top company | Market share |
|---|---|---|
| Alabama | Northwestern Mutual | 7% |
| Alaska | Lombard International | 37% |
| Arizona | Protective | 21% |
| Arkansas | Protective | 8% |
| California | New York Life | 9% |
What is life insurance?
Life insurance helps your loved ones pay for everyday living costs if you pass away.
Usually, you can choose a set amount of coverage, such as $100,000 or $1 million, which pays out after your death. The amount you pay each month will depend on your policy limit.
Parents and breadwinners may choose to buy life insurance to help out their spouse, children or other dependents. For example, a policy can help replace your income, pay for a child's college costs or pay off a mortgage. You might choose a smaller policy to pay specifically for burial costs.
You can choose between two types of life insurance.
Methodology
To find the largest life insurance companies in the United States, ValuePenguin gathered 2024 life insurance rate data for all 50 states and the District of Columbia from S&P Global Market Intelligence.
Talon Abernathy
Senior Writer
Talon Abernathy is a ValuePenguin Senior Writer who specializes in health insurance, Medicare and Medicaid. He's also contributed to other insurance verticals including home, renters, auto, motorcycle and flood insurance.
Talon came to ValuePenguin in 2023. Since his arrival, he's helped to expand the site's health insurance-related content offerings. He enjoys helping readers understand the ins and outs of America's all too complicated health insurance landscape.
Before coming to ValuePenguin, Talon worked as a freelance writer. His prior work has touched on a broad range of personal finance-related topics including credit-building strategies, small business incorporation tactics and creative ways to save for retirement.
Insurance tip
In many parts of the country, you can qualify for a free Silver health insurance plan if you meet certain income requirements. Government subsidies in the form of premium tax credits and cost-sharing reductions may mean you'll pay nothing for coverage.
Expertise
- Health insurance
- Medicare and Medicaid
- Flood insurance
- Homeowners insurance
- Renters insurance
- Auto and motorcycle insurance
Referenced by
- The Miami Herald
- Money.com
- MSN
- Nasdaq
- The Sacramento Bee
- Yahoo! Finance
Education
- BA, University of Washington
- Certificate in Copyediting, UC San Diego
Editorial Note: The content of this article is based on the author's opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
