The 10 largest life insurance companies

Choosing a large life insurance company can be beneficial because big companies offer financial stability, reliability, and better claims-paying ability. Larger companies typically have more substantial reserves, allowing them to handle claims efficiently, even during economic downturns. This stability means consumers are less likely to experience issues with delayed or unpaid claims, ensuring their loved ones receive the intended benefits when needed most. 

Last year, New York Life wrote more in premiums in the U.S. than any other insurer, according to data from the National Association of Insurance Commissioners (NAIC). New York Life is followed by Northwestern Mutual, Metropolitan and Prudential of America.

Top 10 largest life insurance companies

A full list of the top 10 largest life insurance companies, which is based on the dollar amount of direct premiums written, is below:

Major insurance companies such as MassMutual have the financial strength to be adept at serving their customers’ needs, says Paul LaPiana, head of MMUS product at MassMutual and senior vice president at MassMutual Financial Advisors.

“We need to have access to capital and be strategic about our investments so that we are financially strong and secure,” says LaPiana. He adds that this solid financial footing allows MassMutual to deliver on commitments decades into the future and to pay dividends to policyowners.

Below, we break down the largest insurance companies in the U.S. by company, outlining what each offers:

1. New York Life

For nearly 180 years, New York Life has sold life insurance to Americans. It is the largest mutual insurer in the U.S. The company takes pride in its financial strength and has paid dividends for over 167 consecutive years.

New York Life is based in New York and sells term, whole life, universal and variable universal life insurance policies.

2. Northwestern Mutual

This Milwaukee-based insurance company has roots that stretch back to 1859 and says 97% of its clients stay with the insurer year after year.

Northwestern Mutual sells term, whole life, universal and variable universal plans.

3. Metropolitan

Founded in 1868, New York-based MetLife operates in more than 40 markets worldwide.

MetLife sells term, group variable universal, group universal and accidental death life insurance policies.

4. Prudential of America

Newark, New Jersey-based Prudential began life in 1875. The company hired Julia Babbit, Prudential’s first female life insurance agent, a year later.

Prudential sells term, whole, universal, indexed universal, indexed variable and variable universal life insurance policies.

5. MassMutual Life Insurance

Like many of the largest life insurance companies, MassMutual has a long history. Founded in 1851, it has consistently issued dividends since the 1860s.

The company, based in Springfield, Massachusetts, sells term, whole life, universal and variable universal life insurance policies.

6. Lincoln National

Radnor, Pennsylvania-based Lincoln National is a relative newcomer compared to some of the insurers on this list.

Founded in 1905, Lincoln National sells term, universal, indexed universal and variable universal life insurance policies.

7. Nationwide

Nationwide sold its first policy in 1926 when it was the Farm Bureau Mutual Automobile Insurance Co. It changed its name to Nationwide in 1955 due to its ambitions to become a coast-to-coast company. 

The insurer sells term, whole life, universal and variable insurance. 

8. State Farm

The nation’s biggest property and casualty insurer also is a major player in the life insurance market. The Bloomington, Illinois, company has been in business for over a century. 

State Farm sells term and whole life policies. It also sells universal, survivorship universal and joint universal coverage.

9. Aegon U.S. Holding

Based in The Hague, Netherlands, Aegon primarily does business through Transamerica in North America, which dates back to the turn of the 20th century. 

Transamerica sells term, index universal, whole life and final expense life insurance policies.

10. Minnesota Mutual

St. Paul-based Minnesota Mutual is a subsidiary of Securian Financial. The company’s history stretches back to 1880. 

It offers term, whole life and universal life insurance policies.

The 10 biggest life insurance companies provide financial stability, large death benefits and excellent customer service. If that’s what you’re looking for, these might be the insurers for you. 

However, life insurance needs are often unique, and you should always do some additional research to find an insurer that offers what you need.

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