Top 20 Largest Life Insurance Companies for 2021
Northwestern Mutual and New York Life are the biggest players in life insurance. Here's how those companies and others compare.
The biggest life insurance companies in the United States offer a variety of products, are financially strong and have long histories, some spanning more than 100 years.
Largest life insurance companies in the U.S.
Here are the 20 largest life insurance companies in the United States, listed in order of market share for individual life insurance, according to data from S&P Global Market Intelligence. Market share is based on the total amount of premiums written for U.S. policyholders in 2020. Click on the links to learn more about each company and the types of life insurance they offer.
Company | Life insurance options | Market share in 2020 |
|---|---|---|
Term life Whole life Universal life | 10.6% | |
Term life Whole life Universal life Variable universal life | 7.1% | |
3. MassMutual | Term life Whole life Universal life Variable universal life | 6.4% |
4. Prudential | Term life Universal life Variable universal life Indexed universal life | 5.5% |
Term life Universal life Variable universal life Indexed universal life | 4.7% | |
6. State Farm | Term life Whole life Universal life | 3.5% |
7. John Hancock | Term life Universal life Variable universal life Indexed universal life | 3.3% |
8. Guardian | Term life Whole life Universal life Variable universal life | 3.2% |
9. Transamerica | Term life Whole life Universal life Indexed universal life | 3.0% |
10. MetLife | Life insurance offered through workplace plans only. | 2.8% |
11. Pacific Life | Term life Group whole life Universal life Variable universal life Indexed universal life | 2.7% |
Term life Whole life Universal life Variable universal life Indexed universal life Guaranteed universal life | 2.4% | |
13. Equitable Holdings (AXA) | Term life Variable universal life Indexed universal life | 2.0% |
14. Primerica | Term life | 1.8% |
15. Sammons (Midland National) | Term life Indexed universal life Guaranteed universal life | 1.8% |
16. Nationwide | Term life Whole life Universal life Variable universal life | 1.7% |
17. Protective Life | Term life Whole life Universal life Variable universal life Indexed universal life | 1.6% |
18. Penn Mutual | Term life Whole life Variable universal life Indexed universal life Guaranteed universal life | 1.6% |
Term life | 1.6% | |
20. Globe Life | Term life Whole life | 1.5% |
Source: S&P Global Market Intelligence; market share based on 2020 direct ordinary individual life insurance premiums, from U.S. insurance subsidiaries only. | ||
