The Top 25 Life Insurance Companies in the U.S.

Life Insurance & Annuities is the largest industry in Massachusetts

After the announcement by the NAIC that its Life Insurance Policy Locator has recovered over $10 Billion for consumers since 2016, Agency Checklists thought it might be instructive to take a look at the largest life insurance companies in the U.S. as ranked by premium.

It is also interesting to note that according to the research firm IBIS, Life Insurance & Annuities is the largest industry in Massachusetts based on premium. In 2024, there were 165 life insurers in Massachusetts, employing approximately 14,445 with total revenue of approximately $80.4b. In comparison, the Property, Casualty and Direct Insurance sector with approximately $48.3b ranked fourth.

So, without further ado, here are the top 25 Life Insurers in the U.S from the NAIC’s annual report:

	RANK	GROUP/COMPANY CODE	GROUP/COMPANY NAME	DIRECT PREMIUMS	MARKET SHARE %	CUMULATIVE MARKET SHARE %
	1	826	NEW YORK LIFE GRP	13,287,777,787	6.86	6.86
	2	860	NORTHWESTERN MUT GRP	13,061,706,856	6.74	13.61
	3	241	METROPOLITAN GRP	12,284,718,024	6.34	19.95
	4	304	PRUDENTIAL OF AMER GRP	10,923,713,601	5.64	25.59
	5	435	MASS MUT LIFE INS GRP	9,204,566,734	4.75	30.34
	6	20	LINCOLN NATL GRP	8,322,502,167	4.30	34.64
	7	140	NATIONWIDE CORP GRP	5,802,222,162	3.00	37.64
	8	176	STATE FARM GRP	5,754,456,473	2.97	40.61
	9	468	AEGON US HOLDING GRP	5,103,997,736	2.64	43.25
	10	869	MINNESOTA MUT GRP	4,954,030,541	2.56	45.80
	11	429	GUARDIAN LIFE GRP	4,855,768,273	2.51	48.31
	12	904	JOHN HANCOCK GRP	4,839,606,832	2.50	50.81
	13	709	PACIFIC LIFE GRP	4,590,611,714	2.37	53.18
	14	458	DAI-ICHI LIFE HOLDINGS INC GRP	4,439,730,008	2.29	55.47
	15	12	AMERICAN INTL GRP	3,533,216,196	1.82	57.30
	16	261	MUTUAL OF OMAHA GRP	3,443,769,898	1.78	59.08
	17	290	GLOBE LIFE INC GRP	3,089,650,656	1.60	60.67
	18	634	NATIONAL LIFE GRP	3,043,310,604	1.57	62.24
	19	850	PENN MUT GRP	3,008,158,857	1.55	63.80
	20	4750	PRIMERICA GRP	2,974,065,043	1.54	65.33
	21	4965	EQUITABLE HOLDINGS INC GRP	2,963,444,112	1.53	66.86
	22	332	PRINCIPAL FIN GRP	2,549,107,022	1.32	68.18
	23	565	UNUM GRP	2,436,762,865	1.26	69.44
	24	431	SAMMONS ENTERPRISES GRP	2,285,859,395	1.18	70.62
	25	91	HARTFORD FIRE & CAS GRP	2,279,035,635	1.18	71.79
	INDUSTRY TOTAL			193,653,622,981	100