How big is the Life Insurance marketplace in Massachusetts?
As we have done in past years, Agency Checklists is featuring various 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 2017, the last year for which complete information is available.
In comparison with other lines of insurance, Life Insurance is one of the larger lines of insurance in Massachusetts. Total Direct Written Premium was $3,779,312,339 in the Commonwealth in 2017.
A total of 283 insurers write this line of insurance in Massachusetts
As for who writes all of this Direct Written Premium, there are two hundred and eighty-three (283) insurers that are licensed to write Life Insurance in Massachusetts, 74 less than in 2016.
Of that group, two “Massachusetts-based” insurers are part of the Top 20 writers in this line of insurance:
- MassMutual
- SBLI of MA
A third insurer, Primerica, was listed in 2016, but does not appear on the 2017 list.
Premium and market share for the Top 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 $2,437,473,412.
- This amount represents a 64.5% share of the market, unchanged from 2016.
- The remaining 337 companies represent 35.5% of the market with $1,341,838,927 dollars in Direct Written Premium.
So who are actually the largest writers of Life…
| Company Name | State | Premium Written in MA | Market Share in MA |
1. Northwestern Mut Life Ins Co |
WI |
$290,488,215 |
7.69% |
2. Massachusetts Mut Life Ins Co |
MA |
$253,363,898 |
6.70% |
3. New York Life Ins Co |
NY |
$216,438,389 |
5.73% |
4. Metropolitan Life Ins Co |
NY |
$207,231,415 |
5.48% |
5. Lincoln Natl Life Ins Co |
IN |
$172,415,479 |
4.56% |
6. John Hancock Life Ins Co USA |
MI |
$173,907,317 |
4.41% |
7. Guardian Life Ins Co Of Amer |
NY |
$161,981,720 |
4.29% |
8. The Savings Bank Mut Life Ins Co Of |
MA |
$157,860,184 |
4.18% |
9. Pruco Life Ins Co |
AZ |
$122,320,220 |
3.24% |
10. Prudential Ins Co Of Amer |
NJ |
$104,691,986 |
2.77% |
11. Brighthouse Life Ins Co |
DE |
$99,508,379 |
2.63% |
12. Hartford Life & Accident Ins Co |
CT |
$73,188,502 |
1.94% |
13. New York Life Ins & Ann Corp |
DE |
$62,187,711 |
1.65% |
14. American Gen Life Ins Co |
TX |
$57,496,128 |
1.52% |
15. RiverSource Life Ins Co |
MN |
$50,186,276 |
1.33% |
16. Unicare Life & Hlth Ins Co |
IN |
$49,265,939 |
1.30% |
17. Unum Life Ins Co of Amer |
ME |
$48,379,241 |
1.28% |
18. Pacific Life Ins Co |
NE |
$48,252,194 |
1.28% |
19. Transamerica Life Ins Co |
IA |
$47,781,478 |
1.26% |
20. Life Ins Co of N Amer |
PA |
$47,620,081 |
1.26% |
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 entitled “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.
Premium and market share for the Top 20 insurers…
A total of 304 insurers are licensed as Life All Lines insurers in Massachusetts. In comparison with other lines of insurance, Life Insurance is one of the larger lines of insurance in Massachusetts with Total Direct Written Premium in 2017 totaling $17,422,925,735 dollars in 2017.
Of this group, only one “Massachusetts-based” insurer is part of this select group: MassMutual. From 2016 to 2017, MassMutual moved up a notch to claim the top spot as the life insurer with the largest market share in the Life All Lines category.
Some more data that you might find interesting about this line of insurance:
-
- The top 20 insurers claim more than half the market share with their Direct Written Premium totaling $10,975,786,954.
- This amount represents a 63% market share, down slightly from the 64.5% share of the market this group held in 2016.
- The remaining 284 companies have a 37.0% share of the market with $6,447,138,781 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. Massachusetts Mut Life Ins Co | MA | $1,362,288,787 | 7.76% |
| 2. UnitedHealthcare Ins Co | CT | $1,168,480,985 | 6.66% |
| 3. Metropolitan Life Ins Co | NY | $ 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. Voya Retirement Ins & Ann Co | CT | $ 689,419,732 | 3.93% |
| 7. New York Life Ins & Ann Corp | DE | $557,023,163 | 3.17% |
| 8. Jackson Natl Life Ins Co | MI | $ 480,443,463 | 2.74% |
| 9. Lincoln Natl Life Ins Co | IN | $465,134,729 | 2.65% |
| 10. Northwestern Mut Life Ins Co | WI | $462,180,022 | 2.63% |
| 11. Prudential Ins Co Of Amer | NJ | $392,599,513 | 2.24% |
| 12. Nationwide Life Ins Co | OH | $374,020,840 | 2.13% |
| 13. AXA Equitable Life Ins Co | NY | $347,535,566 | 1.98% |
| 14. New York Life Ins Co | NY | $344,658,994 | 1.96% |
| 15. Aetna Life Ins Co | CT | $324,055,983 | 1.85% |
| 16. Pruco Life Ins Co | AZ | $ 294,406,734 | 1.68% |
| 17. American Gen Life Ins Co | TX | $291,436,871 | 1.66% |
| 18. Athene Ann & Life Co | IA | $285,626,014 | 1.63% |
| 19. RiverSource Life Ins Co | MN | $277,599,548 | 1.58% |
| 20. Guardian Life Ins Co Of Amer | NY | $ 264,865,513 | 1.51% |
