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 review of approximately $80.4b. In comparison, the Property, Casualty and Direct Insurance sector with approximately $48.3b ranked fourth.
So, with further ado, here are the top 25 Life Insurers in the U.S from the NAIC’s annual report:
RANKGROUP/COMPANY CODEGROUP/COMPANY NAMEDIRECT PREMIUMSMARKET SHARE %CUMULATIVE MARKET SHARE %1826NEW YORK LIFE GRP13,287,777,7876.866.862860NORTHWESTERN MUT GRP13,061,706,8566.7413.613241METROPOLITAN GRP12,284,718,0246.3419.954304PRUDENTIAL OF AMER GRP10,923,713,6015.6425.595435MASS MUT LIFE INS GRP9,204,566,7344.7530.34620LINCOLN NATL GRP8,322,502,1674.3034.647140NATIONWIDE CORP GRP5,802,222,1623.0037.648176STATE FARM GRP5,754,456,4732.9740.619468AEGON US HOLDING GRP5,103,997,7362.6443.2510869MINNESOTA MUT GRP4,954,030,5412.5645.8011429GUARDIAN LIFE GRP4,855,768,2732.5148.3112904JOHN HANCOCK GRP4,839,606,8322.5050.8113709PACIFIC LIFE GRP4,590,611,7142.3753.1814458DAI-ICHI LIFE HOLDINGS INC GRP4,439,730,0082.2955.471512AMERICAN INTL GRP3,533,216,1961.8257.3016261MUTUAL OF OMAHA GRP3,443,769,8981.7859.0817290GLOBE LIFE INC GRP3,089,650,6561.6060.6718634NATIONAL LIFE GRP3,043,310,6041.5762.2419850PENN MUT GRP3,008,158,8571.5563.80204750PRIMERICA GRP2,974,065,0431.5465.33214965EQUITABLE HOLDINGS INC GRP2,963,444,1121.5366.8622332PRINCIPAL FIN GRP2,549,107,0221.3268.1823565UNUM GRP2,436,762,8651.2669.4424431SAMMONS ENTERPRISES GRP2,285,859,3951.1870.622591HARTFORD FIRE & CAS GRP2,279,035,6351.1871.79INDUSTRY TOTAL193,653,622,981100
