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Largest Life Insurance Companies by Market Share: Which Is the Most Popular Among Consumers?


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Updated: Oct 5, 2023
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When it comes to life insurance, market share serves as an important indicator of consumer trust. It's determined by the number of policyholders and the sum of premiums that they contribute. Although this factor may not directly impact daily policy management, it may affect the scope of death benefits available. However, remember that there are pros and cons to working with both larger and smaller companies: Larger companies often offer more substantial coverage, while smaller ones may provide more personalized service.

Northwestern Mutual Group leads the U.S. life insurance market with a 7.25% share, according to the latest National Association of Insurance Commissioners (NAIC) report. New York Life Group and Metropolitan Group are next in line, holding 6.45% and 5.95% of the market, respectively.

Key Takeaways

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At 7.25%, Northwestern Mutual Group holds the largest market share among groups and companies offering life insurance policies in the United States.

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Northwestern Mutual Group is the most popular life insurance provider in 22 states.

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The best life insurance company may vary depending on the factors you value the most. Although Northwestern Mutual Group has the highest market share, Allstate offers the cheapest average rate, and Protective is MoneyGeek's pick for best overall life insurance company.

Largest Life Insurance Companies in the US by Market Share

Northwestern Mutual Group, New York Life Group and Metropolitan Group lead the U.S. life insurance market in terms of market share.

Northwestern Mutual Group holds the top spot with a 7.25% market share, followed by New York Life Group at 6.45% and Metropolitan Group at 5.95%. Completing the top five are Prudential of America Group, with a 5.46% share, and Mass Mutual Life Insurance Group, with 4.96%.

These five leading companies make up over 30% of the entire life insurance industry market share in the United States.

Rank
Company/Group
Market Share
Policy Types Offered
Companies Affiliated

Northwestern Mutual Group

7.25%

  • Term
  • Whole
  • Universal
  • Variable Universal
  • Northwestern Long Term Care Insurance Company
  • Northwestern Mutual Life Insurance Company
  • WYSH Life & Health Insurance Company

New York Life Group

6.45%

  • Term
  • Whole
  • Universal
  • Variable Universal
  • Life Insurance Company of North America
  • New York Life Group Insurance Company of NY
  • New York Life Insurance & Annuities Corp.
  • New York Life Insurance Company
  • New York Life Insurance Company of AZ

Metropolitan Group (MetLife)

5.95%

  • Term
  • Group Variable Universal
  • Group Universal
  • Accidental Death & Dismemberment
  • American Life Insurance Company
  • Delaware America Life Insurance Company
  • Metropolitan Life Insurance Company
  • Metropolitan Tower Life Insurance Company

Prudential of America Group

5.46%

  • Term
  • Whole
  • Universal
  • Indexed Universal
  • Indexed Variable Universal
  • Variable Universal
  • Pruco Life Insurance Company
  • Pruco Life Insurance Company of NJ
  • Prudential Insurance Company of America

Mass Mutual Life Insurance Group

4.96%

  • Term
  • Whole
  • Universal
  • Variable Universal
  • Annuity Investors Life Insurance Company
  • CM Life Insurance Company
  • Manhattan National Life Insurance Company
  • Massachusetts Mutual Life Insurance Company
  • MassMutual Ascend Life Insurance Company
  • MML Bay State Life Insurance Company

Lincoln National Group

4.42%

  • Term
  • Universal
  • Indexed Universal
  • Variable Universal
  • First Penn Pacific Life Insurance Company
  • Lincoln Life & Annuities Company of NY
  • Lincoln National Life Insurance Company

Nationwide Corporate Group

3.18%

  • Term
  • Whole
  • Universal
  • Indexed Universal
  • Variable Universal
  • Jefferson National Life Insurance Company
  • Jefferson National Life Insurance Company of NY
  • Nationwide Life & Annuities Insurance Company
  • Nationwide Life Insurance Company

State Farm Group

2.87%

  • Term
  • Whole
  • Universal
  • Group
  • State Farm Life Insurance Company
  • State Farm Life & Accident ASR Company

Minnesota Mutual Group (Securian)

2.63%

  • Term
  • Whole
  • Universal
  • Minnesota Life Insurance Company
  • Securian Life Insurance Company

Aegon US Holdings Group (Transamerica)

2.59%

  • Term
  • Whole
  • Indexed Universal
  • Transamerica Life Insurance Company
  • Transamerica Financial Life Insurance Company
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Largest Life Insurance Companies in Each State by Market Share

While national figures provide a broad view of the life insurance landscape, MoneyGeek also examined the market leaders in individual states. The findings reveal a consistent pattern: the same industry giants dominate at both the national and state levels. Northwestern Mutual Group leads the pack with the largest market share in 22 states. New York Life Group holds the largest market share in 10 states, making it the second most dominant company at the state level.

State
Largest Group/Company
Market Share in State

Alabama

Northwestern Mutual Group

7.81%

Alaska

Lia Holdings Group

34.53%

Arizona

Prudential of America Group

7.66%

Arkansas

Northwestern Mutual Group

5.20%

California

New York Life Group

8.78%

Colorado

Northwestern Mutual Group

11.43%

Connecticut

Northwestern Mutual Group

11.55%

Delaware

Nationwide Corporation Group

24.94%

District of Columbia

Mass Mutual Life Insurance Group

14.73%

Florida

Northwestern Mutual Group

8.10%

Georgia

Northwestern Mutual Group

9.45%

Hawaii

New York Life Group

10.84%

Idaho

Northwestern Mutual Group

10.82%

Illinois

Northwestern Mutual Group

11.29%

Indiana

Northwestern Mutual Group

9.83%

Iowa

Dai-Ichi Life Holdings, Inc. Group

17.37%

Kansas

Northwestern Mutual Group

8.98%

Kentucky

Northwestern Mutual Group

7.82%

Louisiana

New York Life Group

8.43%

Maine

Prudential of America Group

8.18%

Maryland

New York Life Group

7.14%

Massachusetts

New York Life Group

9.36%

Michigan

Metropolitan Group

12.56%

Minnesota

Lincoln National Group

10.01%

Mississippi

Southern Farm Bureau Life Insurance Co.

6.05%

Missouri

Northwestern Mutual Group

9.10%

Montana

Northwestern Mutual Group

9.86%

Nebraska

Northwestern Mutual Group

11.71%

Nevada

National Life Group

9.70%

New Hampshire

Northwestern Mutual Group

8.12%

New Jersey

Prudential of America Group

12.51%

New Mexico

New York Life Group

8.12%

New York

New York Life Group

11.31%

North Carolina

Northwestern Mutual Group

6.18%

North Dakota

Mass Mutual Life Insurance Group

8.29%

Ohio

Metropolitan Group

15.04%

Oklahoma

Northwestern Mutual Group

6.59%

Oregon

Northwestern Mutual Group

7.94%

Pennsylvania

Prudential of America Group

6.61%

Rhode Island

Mass Mutual Life Insurance Group

7.81%

South Carolina

New York Life Group

6.45%

South Dakota

Prudential of America Group

20.34%

Tennessee

Northwestern Mutual Group

8.75%

Texas

New York Life Group

6.91%

Utah

Northwestern Mutual Group

6.71%

Vermont

Mass Mutual Life Insurance Group

9.31%

Virginia

Minnesota Mutual Group

8.27%

Washington

New York Life Group

8.01%

West Virginia

Northwestern Mutual Group

8.11%

Wisconsin

Northwestern Mutual Group

16.60%

Wyoming

Prudential of America Group

11.74%

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Best and Cheapest Life Insurance Companies

Market share offers valuable insights into a company's size and stability, but it's not the sole factor to consider when choosing a life insurance policy. Other elements like affordability, financial stability and customer satisfaction can also play key roles in making an informed decision.

MoneyGeek analyzed thousands of life insurance quotes from different life insurance providers in the country and identified Protective as the best overall company. With a monthly premium of just $13 and an overall MoneyGeek score of 98 out of 100, Protective shows a well-rounded balance in affordability, financial stability and customer satisfaction.

For those who prioritize affordability, MoneyGeek's analysis found that Allstate is the cheapest life insurance company, with the average policy costing just $12 per month. Note that this rate is based on a 10-year term policy with a $250,000 coverage amount for the average consumer. Actual costs will vary based on personalized factors.

Frequently Asked Questions

Although people consider different factors when choosing a life insurance provider, buyers more frequently prefer some insurers over others. Understanding the answers to common questions about the largest life insurance companies can help you decide where to purchase your life insurance coverage.

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.

Mark earned a master’s degree in Economics and International Relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.