Top 10 Life Insurance Companies
The United States is the largest life insurance market in the world. There are approximately 900 life insurance companies in the country with over $19 trillion of life insurance in force. The majority of life insurers are stock companies. 63% of all people in the US are covered by some type of life insurance.
The following list shows the top 10 life insurance companies in the United States.
Metlife (Metropolitan Life Insurance Company)
MetLife is the biggest life insurance company in the U.S. by assets. The company was founded in 1868 and is one of the top global providers of insurance, annuities, and employee benefit programs. It serves about 100 million customers worldwide and holds leading market positions in America, Asia, Europe, and the Middle East. The company offers life insurance, accident and health insurance, disability income insurance, auto and home insurance, credit insurance, retirement and savings products and other services. Metlife was named 'World’s Most Admired' life insurance company in 2015 according to Fortune Magazine. As of July 27, 2015, the company had a market capitalization of about $63.0 billion.
Prudential is one of the leading financial services providers in the US with $1.2 trillion in assets under management. It is the second largest life insurer in the United States based on admitted assets and the eighth largest seller of individual life insurance based on recurring premiums. It is also the 3rd in the “Life and Health insurance” category of Fortune’s 2015 list of the World’s Most Admired Companies. As of March 31, 2015, Prudential had total assets of $778.6 billion and total equity of $45.57 billion. The company was established in 1875 and is headquartered in Newark, New Jersey. In 2013, Prudential acquired The Hartford Financial Services Group’s individual life insurance business.
Northwestern Mutual Life Insurance Company is the largest direct provider of individual life insurance in the US with $1.5 trillion of life insurance in force and 3.7 million people insured through 5.6 million policies. The Company has the highest financial strength ratings awarded to any life insurer by all four of the major rating agencies. For the fiscal year 2014, the company reported total revenue of $27 billion, total assets of $229.9 billion and total surplus of $22.6 billion.
New York Life Insurance
New York Life, established in 1845, is the oldest and largest mutual life insurance company in the United States. With more than 11,000 employees and 12,250 licensed agents, the company offers wide range of insurance and investment products including term and whole life insurance, long-term care insurance, annuities, pension products, mutual funds, financial planning and other services. Through New York Life International, the company provides life insurance policies in overseas markets. Seguros Monterrey New York Life is the second largest life insurer in Mexico. In 2014, the company reported total assets of 279.6 billion and net income of 2.5 billion. New York Life has the highest possible ratings from the leading rating agencies such as A.M. Best, Moody's, Fitch and Standard & Poor's.
Teachers Insurance & Annuity Association of America (TIAA) is one of top five life insurers in the United Sates in terms of total assets. TIAA and its subsidiary TIAA-CREF Life Insurance Company are among three insurance groups in the US to hold the highest possible rating from leading insurance rating agencies. As of December 2014, it had consolidated total assets of approximately $263 billion. The company was founded in 1918 and is based in New York.
Massachusetts Mutual Life Insurance is one of the top life Insurance companies with over 12 million clients worldwide. The Company currently offers a broad portfolio of insurance, investment and retirement products. But whole life insurance policies continue to be its foundation. As of January 2015, the Company had about $529 billion of life insurance in force and over $651 billion in assets under management.
American International Group (AIG)
AIG is multinational insurance company with about 90 million customers worldwide. AIG Life and Retirement is one of the largest life insurers in the US with over 18 million customers. The Company is #5 in term life insurance and #4 in structured settlements. In March 2015, the company's total assets amounted to $520.7 billion. As of July 27, 2015, AIG had a market capitalization of $90.0 billion.
John Hancock Financial
John Hancock is the U.S. subsidiary of Manulife Financial Corp, a Canada-based financial services group. John Hancock is one of the top 10 providers of variable and universal life insurance in the United States. It holds top-tier brand awareness ranking with an 89% awareness score with U.S. consumers. The company’s products include life insurance, long-term care insurance, 401(k) plans, 529 college savings plans and mutual funds. As of September 30, 2014, John Hancock had funds under management of $336.3 billion.
Lincoln National Corporation, incorporated in 1968, is a holding company which operates multiple insurance and retirement businesses in the United States. The company offers universal and term life insurance, group life insurance, fixed and indexed annuities, mutual funds, disability and dental insurance, retirement planning and other services. In 2014, LNC had consolidated assets of $253.4 billion, total revenue of $13.55 billion, net profit of $1.52 billion, consolidated stockholders’ equity of $15.7 billion and $218 billion in assets under management. The company is headquartered in the Philadelphia region and employs over 9,620 people (3/2015). Lincoln Financial Group is the marketing name for Lincoln National Corp.
Principal Financial Group
Principal Financial Group (PFG) was established in 1879 and is based in Des Moines, Iowa. It offers a wide range of products and services including disability, life, vision and dental insurance, critical illness and voluntary insurance as well as 401(k) plans, annuities, mutual funds, retirement solutions, wellness programs, asset management, estate planning and bank products. As of June 2015, Principal Financial had total assets of approximately $223 billion and assets under management of $540 billion.
Top 10 life insurance companies in Canada
Below is a list of the top 10 best life insurance companies in Canada. Manulife is Canada's largest life insurer with total assets of C$689.7 billion (March 31, 2015) and market capitalization of C$45.0 billion (July 27, 2015). Great-West Lifeco, a subsidiary of Power Financial Corp, is the second largest life insurer in Canada with market cap of C$36.5 billion.
|Rank||Insurance company||Total assets (C$b, 31/12/2014)||A.M. Best Rating|
|3||Sun Life Financial||223.357||A+|
|4||Standard Life Canada (1)||53.256||n/a|
|5||Industrial Alliance Insurance||50.339||A+|
|7||Empire Life Insurance Company||13.727||A|
|8||Transamerica Life Canada (2)||11.121||A-|
|10||RBC Life Insurance Company||10.053||A|
(1) - On January 30, 2015, the Canadian operations of Standard Life plc joined Manulife.
(2) - Transamerica Life Canada was recently acquired by Wilton Re, a U.S. life (re)insurance company.
Top 10 life insurance companies in Australia
Below you can see the ranking of the best life insurance companies in Australia. TAL is the largest life insurer in Australia in terms of market share. The company operates as a subsidiary of Dai-ichi Life Group, the third largest life insurance company in Japan.
|Rank||Company||Premiums in Force (US$m, 2014)|
|8||Westpac Life Insurance||742.5|
|9||Zurich Australia Ltd||312.2|