The Top 10 Life Insurers in MA by Premium and Market Share
While Property, Casualty, and Direct Writers Insurance was ranked as the ninth-largest industry in Massachusetts according to IBISWorld, Life Insurance is the largest industry in the Commonwealth with a market size of $75.6 billion in 2025. Despite its scale, however, trends show that the sector has been in gradual retreat over the past five years, posting an average annual decline of 0.4% in market size based on the firm’s August 2025 update. The number of businesses has contracted more sharply, falling at a rate of 8.4% per year to 145 companies, while industry employment has declined at a rate of 2.6% annually, leaving 12,920 workers in 2025.
The National Association of Insurance Commissioners reports that the total premium for individual life insurers in Massachusetts was $3,560,056,637. The Top 10 insurers in this marketplace claim a 57.52% market share with a combined Direct Written Premium of approximately $2.05 billion.
The Top 10 Individual Life Insurance in Massachusetts
| Rank | Group Name | Direct Written Premium | Market Share | Cumulative Share |
|---|---|---|---|---|
| 1 | Northwestern Mutual Grp | $364,685,620 | 10.24% | 10.24% |
| 2 | New York Life Grp | $348,288,646 | 9.78% | 20.03% |
| 3 | MassMutual Life Ins Grp | $286,502,026 | 8.05% | 28.07% |
| 4 | Prudential of Amer Grp | $205,249,398 | 5.77% | 33.84% |
| 5 | Lincoln Natl Grp | $189,890,598 | 5.33% | 39.17% |
| 6 | John Hancock Grp | $170,373,018 | 4.79% | 43.96% |
| 7 | Guardian Life Grp | $163,659,879 | 4.60% | 48.56% |
| 8 | Savings Bank Life Grp | $123,656,946 | 3.47% | 52.03% |
| 9 | Nationwide Corp Grp | $97,859,872 | 2.75% | 54.78% |
| 10 | Aegon US Holding Grp | $97,661,784 | 2.74% | 57.52% |
| Total (Top 10) | — | $2,047,827,787 | 57.52% | 57.52% |
The Top 10 Group Life Insurers in MA by Total Premium
| Rank | Group Name | Direct Written Premium | Market Share | Cumulative Share |
|---|---|---|---|---|
| 1 | Metropolitan Grp | $269,719,806 | 27.24% | 27.24% |
| 2 | Prudential of Amer Grp | $87,281,665 | 8.82% | 36.06% |
| 3 | New York Life Grp | $69,506,971 | 7.02% | 43.08% |
| 4 | Unum Grp | $67,904,689 | 6.86% | 49.93% |
| 5 | Nationwide Corp Grp | $52,189,365 | 5.27% | 55.21% |
| 6 | Hartford Fire & Cas Grp | $49,382,966 | 4.99% | 60.19% |
| 7 | Minnesota Mut Grp | $47,920,552 | 4.84% | 65.03% |
| 8 | Tokio Marine Holdings Inc Grp | $46,385,788 | 4.68% | 69.72% |
| 9 | Lincoln Natl Grp | $46,207,439 | 4.67% | 74.38% |
| 10 | Sun Life Financial Inc Grp | $36,078,865 | 3.64% | 78.03% |
| Total (Top 10) | — | $762,578,106 | 78.03% | 78.03% |
