This week, along with our interview with the president and CEO of Boston Mutual on the celebration of the life insurer’s 130th anniversary, Agency Checklists thought it would be interesting to publish the latest market share data on the Life Insurance marketplace.
While most independent agents focus on the Property & Casualty marketplace versus the Life Insurance marketplace, there are more than few that do concentrate on both P&C and Life.
How big is the Life Insurance marketplace in the U.S.?
The Life Insurance marketplace is typically much bigger than the P&C one. According to the latest data from the NAIC, total direct premiums written for the life insurance marketplace totaled $173,367,150,754 in 2020. Total reported premiums for life insurance, including annuity considerations, deposit-type contract funds, other considerations, and accident and health were 1,011,071,771,933
The Top 25 Life Insurers
The following is a listing of the top 25 Life Insurers in the U.S. as of March 2020. They are ranked by Countrywide Premium
| Rank | Company Name | Direct Premiums | Market Share% | Cumulative Market Share% | |
|---|---|---|---|---|---|
 | 1. | NEW YORK LIFE GRP | 11,694,323,492 | 6.75 | 6.75 |
 | 2. | NORTHWESTERN MUT GRP | 11,297,024,132 | 6.52 | 13.26 |
 | 3. | METROPOLITAN GRP | 10,493,252,875 | 6.05 | 19.31 |
 | 4. | PRUDENTIAL OF AMER GR | 10,058,275,855 | 5.80 | 25.12 |
 | 5. | LINCOLN NATL GRP | 8,370,518,021 | 4.83 | 29.94 |
 | 6. | MASS MUT LIFE INS GRP | 7,915,664,373 | 4.57 | 34.51 |
 | 7. | STATE FARM GRP | 4,971,383,612 | 2.87 | 37.38 |
 | 8. | AEGON US HOLDING GRP | 4,860,309,459 | 2.80 | 40.18 |
 | 9. | JOHN HANCOCK GRP | 4,727,688,282 | 2.73 | 42.91 |
 | 10. | MINNESOTA MUT GRP | 4,688,332,393 | 2.70 | 45.61 |
 | 11. | GUARDIAN LIFE GRP | 4,279,029,555 | 2.47 | 48.08 |
 | 12. | PACIFIC LIFE GRP | 3,989,033,407 | 2.30 | 50.38 |
 | 13. | AMERICAN INTL GRP | 3,575,674,023 | 2.06 | 52.44 |
 | 14. | NATIONWIDE CORP GRP | 3,195,461,422 | 1.84 | 54.29 |
 | 15. | EQUITABLE HOLDINGS INC GRP | 2,911,937,003 | 1.68 | 55.97 |
 | 16. | SAMMONS ENTERPRISES GRP | 2,675,387,001 | 1.54 | 57.51 |
 | 17. | MUTUAL OF OMAHA GRP | 2,668,199,187 | 1.54 | 59.05 |
 | 18. | GLOBE LIFE INC GRP | 2,632,216,72 | 1.52 | 60.57 |
 | 19. | PRIMERICA GRP | 2,578,958,448 | 1.49 | 62.05 |
 | 20. | VOYA FINANCIAL GRP | 2,478,917,852 | 1.43 | 63.48 |
 | 21. | DAI-ICHI LIFE HOLDINGS INC GRP | 2,475,953,491 | 1.43 | 64.91 |
 | 22. | UNUM GRP | 2,387,595,943 | 1.38 | 66.29 |
 | 23. | PRINCIPAL FIN GRP | 2,309,933,967 | 1.33 | 67.62 |
 | 24. | BRIGHTHOUSE HOLDINGS GRP | 2,281,773,413 | 1.32 | 68.94 |
 | 25. | PENN MUT GRP | 2,221,556,657 | 1.28 | 70.22 |
| Industry Total | 173,367,150,754 | 100.00 | 100.00 |
