20 Largest Life Insurance Companies 2024

Northwestern Mutual leads the list of the biggest life insurers in the U.S. Find out which other companies made the cut.
Katia Iervasi
By Katia Iervasi 
Updated
Edited by Lisa Green Reviewed by Tony Steuer

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Americans interested in buying life insurance have no shortage of options, with hundreds of companies to choose from. There are over 700 insurers operating in the U.S., according to the most recent data from the American Council of Life Insurers

American Council of Life Insurers. ACLI 2022 Life Insurers Fact Book. Accessed May 9, 2023.
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The major players in the life insurance space are financially strong, offer a range of policies to suit different needs, and have long histories — some spanning more than 100 years.

Biggest life insurers in the U.S.

Here are the 20 largest life insurers in the United States based on market share for individual policies in 2022, the latest data available, according to S&P Global Market Intelligence. The same eight companies topped the list in 2021, with some fluctuation in positions and market share.

Click on the links to learn more about the companies and the types of life insurance they offer.

Company

Life insurance options

Market share in 2022

5.0

NerdWallet rating 
  • Term life.

  • Whole life.

  • Universal life.

  • 11.4%

    5.0

    NerdWallet rating 
  • Term life.

  • Whole life.

  • Universal life.

  • Variable universal life.

  • 6.9%

    5.0

    NerdWallet rating 
  • Term life.

  • Whole life.

  • Universal life.

  • Variable universal life.

  • 6.8%

    4.0

    NerdWallet rating 

    Term life. Universal life. Variable universal life. Indexed universal life.

    5%

    4.0

    NerdWallet rating 

    Term life. Universal life. Variable universal life. Indexed universal life.

    4.3%

    5.0

    NerdWallet rating 

    Term life. Whole life. Universal life.

    3.5%

    5.0

    NerdWallet rating 

    Term life. Whole life. Universal life. Variable universal life.

    3.2%

    4.0

    NerdWallet rating 

    Term life. Universal life. Variable universal life. Indexed universal life.

    3.1%

    5.0

    NerdWallet rating 

    Term life. Universal life. Variable universal life. Indexed universal life.

    2.9%

    3.0

    NerdWallet rating 

    Term life. Whole life. Universal life. Indexed universal life.

    2.9%

    4.0

    NerdWallet rating 

    Term life. Whole life. Universal life. Variable universal life. Indexed universal life.

    2.6%

    2.5

    NerdWallet rating 

    Life insurance offered through workplace plans only.

    2.2%

    13. Corebridge Financial (formerly AIG Life)

    3.0

    NerdWallet rating 

    Term life. Whole life. Variable universal life. Indexed universal life. Guaranteed universal life.

    2.2%

    14. Sammons (Midland National)

    4.0

    NerdWallet rating 

    Term life. Indexed universal life. Guaranteed universal life.

    2.1%

    4.5

    NerdWallet rating 

    Term life. Whole life. Universal life. Variable universal life.

    2%

    4.5

    NerdWallet rating 

    Term life. Whole life. Variable universal life. Indexed universal life. Guaranteed universal life.

    1.8%

    3.5

    NerdWallet rating 

    Term life.

    1.8%

    18. Equitable (formerly AXA)

    3.5

    NerdWallet rating 

    Term life. Variable universal life. Indexed universal life.

    1.8%

    19. National Life Group

    4.5

    NerdWallet rating 

    Term life. Whole life. Universal life. Variable universal life. Indexed universal life.

    1.7%

    2.5

    NerdWallet rating 

    Term life. Whole life.

    1.5%

    Source: S&P Global Market Intelligence, compiled April 26, 2023. Market share is based on 2022 direct ordinary premiums, from U.S. subsidiaries only.

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    Learn about more life insurers

    Read NerdWallet’s life insurance company reviews:

    Find the best life insurers

    In the market for a specific policy? Check out NerdWallet’s top picks across these life insurance categories:

    How to choose a life insurance company

    What makes a good life insurance company? A few factors. When comparing life insurers, consider:

    • Financial strength ratings. These ratings are assigned by agencies like AM Best, and point to a company’s ability to pay out claims long into the future. Each ratings agency uses its own criteria and has its own ranking system, so an A+ from one agency will not mean the same as an A+ from another agency.

    • Complaint ratios. These indicate how satisfied customers are with the service they receive from their life insurance companies. NerdWallet’s star rating methodology assesses data from the National Association of Insurance Commissioners, and favors life insurers with low complaint volumes. The complaint volumes are adjusted for company size.

    • Policy options. Some companies specialize in term or permanent life insurance, but most offer both types. It’s important to choose a carrier that offers the type of policy that will meet your goals and needs.

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