20 Largest Life Insurance Companies 2023
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Americans interested in buying life insurance have no shortage of options, with hundreds of companies to choose from. 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 insurance companies in the U.S.
Here are the 20 largest life insurance companies in the United States based on market share for individual policies in 2021, according to S&P Global Market Intelligence. This is the latest data available. The top nine companies are the same as 2020’s list, with some fluctuation in market share.
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 2021 |
|---|---|---|
Term life Whole life Universal life | 11.5% | |
Term life Whole life Universal life Variable universal life | 7.3% | |
3. MassMutual | Term life Whole life Universal life Variable universal life | 7.1% |
4. Prudential | Term life Universal life Variable universal life Indexed universal life | 5.1% |
Term life Universal life Variable universal life Indexed universal life | 4.2% | |
6. State Farm | Term life Whole life Universal life | 3.3% |
7. John Hancock | Term life Universal life Variable universal life Indexed universal life | 3.2% |
8. Guardian | Term life Whole life Universal life Variable universal life | 3% |
9. Transamerica | Term life Whole life Universal life Indexed universal life | 2.8% |
10. Pacific Life | Term life Universal life Variable universal life Indexed universal life | 2.8% |
11. Sammons (Midland National) | Term life Indexed universal life Guaranteed universal life | 2.6% |
12. MetLife | Life insurance offered through workplace plans only. | 2.5% |
13. Protective Life | Term life Whole life Universal life Variable universal life Indexed universal life | 2.2% |
14. Corebridge Financial (formerly AIG Life) | Term life Whole life Variable universal life Indexed universal life Guaranteed universal life | 2.2% |
15. Nationwide | Term life Whole life Universal life Variable universal life | 1.8% |
16. Equitable (formerly AXA) | Term life Variable universal life Indexed universal life | 1.8% |
17. Primerica | Term life | 1.7% |
18. Penn Mutual | Term life Whole life Variable universal life Indexed universal life Guaranteed universal life | 1.6% |
19. National Life | Term life Whole life Universal life Variable universal life Indexed universal life | 1.6% |
20. Globe Life | Term life Whole life | 1.5% |
Source: S&P Global Market Intelligence, compiled April 11, 2022. Market share is based on 2021 direct ordinary premiums, from U.S. subsidiaries only. | ||
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