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The Top Life Insurers in Massachusetts

February 13, 2018 by Julia Ybarra

How big is the Life Insurance marketplace in Massachusetts?

Agency Checklists, MA Insurance News, Mass. Insurance, Life insurance in Massachusetts, Who are the top life insurance companies in Masssachusetts?As we have done in past years, over the coming weeks, Agency Checklists will be feature various top ten lists of the largest writers of various lines of insurance in Massachusetts. All of our information comes courtesy of the Division of Insurance and includes data from 2016, the last year for which complete information is available.

With the news this week of MassMutual’s renewed focus on Massachusetts, following suit with Mapfre’s earlier announcement and in comparison to Liberty Mutual’s recent announcement that it was selling off its life business, Agency Checklists thought it would be interesting to take a look at exactly how much Life Insurance is actually written here in the Commonwealth.

In comparison with other lines of insurance, Life Insurance is one of the larger lines of insurance in Massachusetts. Total Direct Written Premium was $3,632,026,941 dollars in the Commonwealth in 2016.

A total of 357 insurers write this line of insurance in Massachusetts

As for who writes all of this Direct Written Premium, there are three hundred and fifty-seven (357) insurers that are licensed to write Life Insurance in Massachusetts.

Of that group, three “Massachusetts-based” insurers are part of the Top 20 writers in this line of insurance:

  • MassMutual
  • SBLI of MA
  • Primerica

Premium and market share for the Top 10 and 20 insurers…

Some more data that you might find interesting about this line of insurance:

  • The top 20 insurers have over half the market share with their Direct Written Premium totaling $2,341,079,457.
  • This amount represents a 64.5% share of the market.
  • The remaining 337 companies represent 35.5% of the market with $1,290,947,484 dollars in Direct Written Premium.
  • Focusing on the Top Ten Insurers in this line, these ten companies claim a 49.27% share of the market with $1,789,769,440 in Direct Written Premium. 

So who are actually the largest writers of this line of business…

Company Name State Premium Written in MA Market Share in MA
1.  Northwestern Mut Life Ins Co  WI   $287,017,129   7.90%
2.  Metropolitan Life Ins Co NY  $223,613,314   6.16%
3. New York Life Ins Co NY  $200,447,533   5.52%
4. Lincoln Natl Life Ins Co  IN $183,104,770  5.04%
5. John Hancock Life Ins Co USA  MI  $177,034,828   4.87%
6. Massachusetts Mut Life Ins Co  MA $173,907,317   4.79%
7. The Savings Bank Life Ins Co Of MA  MA  $164,067,480    4.52% 
8. Guardian Life Ins Co Of Amer  NY $160,612,493   4.42%
9. Brighthouse Life Ins Co  DE $112,686,528  3.10%
10. Pruco Life Ins Co  AZ $107,278,048  2.95%
11. Prudential Ins Co Of Amer  NJ $106,307,340   2.93%
12. Hartford Life & Accident Ins Co  CT $55,323,333  1.52%
13. American Gen Life Ins Co  TX  $55,082,044   1.52%
14. New York Life Ins & Ann Corp  DE  $54,144,754   1.49%
15. Liberty Life Assur Co Of Boston  NH $49,791,655   1.37%
16. RiverSource Life Ins Co  MN $49,655,738   1.37%
17. Transamerica Life Ins Co  IA $47,016,283  1.29%
18. Unum Life Ins Co Of Amer  ME $46,375,964    1.28%
19. United Of Omaha Life Ins Co  NE  $44,831,072  1.23%
20. Primerica Life Ins Co MA    $42,781,834   1.18%

The Life All Lines Category is even bigger…

The Division has a couple of lists devoted to life insurance. In addition to the listing of Life, above, the DOI also has another list entited “LIFE ALL LINES.” When all said and down, this is an even bigger part of the Massachusetts insurance industry, with Total Direct Premium totaling $17,554,729,359.

As for the breakdown of this list:

  • A total of 389 companies currently write Life All Lines in Massachusetts.
  • Of that group, the Top 20 companies had Total Direct Written Premium of $11,074,466,222 equaling a 63.1% market share.
  • The remaining 369 companies have a 36.9% share which translates into $6,480,263,137 dollars in Direct Written Premium.

A look at the top insurers in the “Life All Lines” category…

Company Name State Premium Written in MA Market Share in MA
1.  Metropolitan Life Ins Co NY  $1,362,288,787  7.76%
2. Massachusetts Mut Life Ins Co MA $1,168,480,985  6.66%
3.  UnitedHealthcare Ins Co  CT $ 1,096,467,052  6.25%
4.  John Hancock Life Ins Co USA  MI $874,420,555  4.98%
5.  Teachers Ins & Ann Assoc Of Amer  NY $721,802,158  4.11%
6.  New York Life Ins & Ann Corp DE  $ 689,419,732  3.93%
7.  Jackson Natl Life Ins Co   $557,023,163    3.17% 
8. Voya Retirement Ins & Ann Co   CT $ 480,443,463  2.74%
9. New York Life Ins Co   NY $465,134,729  2.65%
10. Lincoln Natl Life Ins Co  IN $462,180,022  2.63%
11. Prudential Ins Co Of Amer  NJ $392,599,513  2.24%
12. Northwestern Mut Life Ins Co   WI $374,020,840  2.13%
13. Principal Life Ins Co   IA $347,535,566  1.98%
14.  Great W Life & Ann Ins Co  CO $344,658,994  1.96%
15.  Pruco Life Ins Co   AZ $324,055,983 1.85%
16. AXA Equitable Life Ins Co  NY $ 294,406,734  1.68%
17. Nationwide Life Ins Co   OH $291,436,871  1.66%
18.  American Gen Life Ins Co   TX $285,626,014  1.63%
19. Allianz Life Ins Co Of N Amer  MN $277,599,548 1.58%
20. Aetna Life Ins Co   CT   $ 264,865,513  1.51%

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Filed Under: Insurer News, Top Massachusetts Insurers Tagged With: Brighthouse Life Insurance, john hancock, Liberty Life Assurance Company of Boston, ma insurance news, Mass. Insurance News, Mass. Insurance Top 10 Market Share, massmutual, metlife, Northwestern Mutual Life, SBLI of Massachusetts, Top Life Insurers in Massachusetts, Top Ten Insurance companies Massachusetts, Who are the largest writers of life insurance in Massachusetts

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Article Comments & Updates

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  • Kevin Giovanucci For the past 3 years Acrisure has been at the top of the Acquisition List and as an Acrisure Partner Agency for the past three years I can understand why. They acquire great agencies and then continue to let them run those agencies the way... Feb 05, 10:11 AM

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