The Top 10 Largest Life Insurance Providers
Americans may get life insurance from a variety of businesses, although some are significantly larger than others. According to the National Association of Insurance Commissioners’ (NAIC) 2023 Life and Fraternal Insurance Industry Report, New York Life Group, Northwestern Mutual Group, and Metropolitan Group were the top three businesses in terms of direct premiums written.
Bigger does not necessarily equate to better, though. The top ten biggest life insurance providers in the US are listed below, along with advice on how to choose the best one for you.
- Direct premiums written for New York Life Group in 2023: $13,287,777,787
Market share in 2023: 6.86%
Dividends paid to policyholders in 2023: $2,000,000,000
Customer Satisfaction Index for J.D. Power: 794/1000 AM A++ is the best rating for financial strength.
The New York Life Insurance corporation is a long-standing mutual corporation that was established in New York City in 1845. In addition to long-term care, annuities, disability insurance, and financial planning, it provides a range of life insurance products.
With more than $13.2 billion in direct-written premiums and a 6.86% market share, New York Life was named the biggest life insurance provider in 2023. In 2023, it also distributed $2 billion in dividends to policyholders.
- Direct premiums written for Northwestern Mutual Group in 2023: $13,061,706,856
Market share in 2023: 6.74%
J.D. Power Customer Satisfaction Index: 790/1000 AM 2023 policy owner dividends paid: $6,750,000,000 A++ is the best rating for financial strength.
Northwestern Mutual, a venerable mutual corporation with roots in the 1850s, provides services to over five million customers. In addition to life insurance, it provides annuities, long-term care, disability insurance, and financial planning services.
With little more than $13 billion in direct written premiums in 2023 and a 6.74% market share, Northwestern Mutual is the second-largest insurer in the life insurance space. Additionally, the insurance gave policyholders an astounding $6.75 billion in dividends, more than three times as much as any of its rivals.
- Direct premiums written for Metropolitan Group in 2023: $12,284,718,024
Market share in 2023: 6.34%
Dividends paid to insurance owners in 2023: $0
Customer Satisfaction Index for J.D. Power: 802/1000 AM A+ is the best rating for financial strength.
In 1868, the Metropolitan Life Insurance Company, commonly referred to as MetLife, began operations. With over 49,000 workers in more than 40 countries, it is currently a publicly listed firm.
On the other hand, MetLife no longer offers disability, annuity, long-term care, or life insurance to Americans. These services have been divided up and are now provided by Brighthouse Financial, a separate business.
In addition to group life insurance, MetLife still provides coverage for critical sickness, cancer, accidents, disability, dental, vision, and pets.
- The Americas Prudential Group
$10,923,713,601 in direct premiums written for 2023
Market share in 2023: 5.64%
Dividends paid to insurance owners in 2023: $0
Customer satisfaction index for J.D. Power: 779/1000 AM A+ is the best rating for financial strength.
In 1875, the American Prudential Insurance Company was established. Serving over 50 million consumers across 50 countries, the firm is now publicly listed. Term life, whole life, universal life, and other individual life insurance plans are available from Prudential in the United States. It also offers financial management services, retirement solutions, individual health insurance, and group life insurance. Prudential became the fourth-largest life insurer in the United States in 2023 after writing more over $10.9 billion in direct premiums.