Largest Life Insurance Companies by Market Share


Life insurance market share offers insight into consumer trust and preferences. The number of policyholders and the sum of premiums they contribute determines a company's total market share. Although this factor may not directly impact daily policy management, it may affect the scope of death benefits available. However, there are pros and cons to working with larger or smaller companies: Big life insurance companies often offer more substantial coverage, while smaller ones may provide more personalized service.

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

Key Takeaways

blueCheck icon

At 7.25%, Northwestern Mutual Group holds the largest market share among U.S. companies offering life insurance policies.

blueCheck icon

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

blueCheck icon

Allstate offers the cheapest average life insurance rates, but MoneyGeek picks Nationwide as the best overall life insurance company.

MoneyGeek used the NAIC's 2022 Market Share Reports to find the largest life insurance companies in the U.S. We used the same report to determine the biggest life insurance company per state. Each company's market share is based on the amount of direct written premiums it makes versus the rest of the market.

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%. Prudential of America Group, with a 5.46% share, and Mass Mutual Life Insurance Group, with 4.96%, complete the top five largest life insurance companies in the U.S.

These five leading companies make up over 30% of the life insurance market share in the United States, underscoring their status as the country's most prominent life insurance companies.

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

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 national and state levels. Northwestern Mutual Group leads the pack with the largest life insurance market share in 22 states. New York Life Group is the largest life insurance company by market share in 10 states, making it the second most dominant company at the state level.

This consistent dominance of the biggest life insurance companies at national and state levels highlights widespread consumer trust.

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%

Best and Cheapest Life Insurance Companies

Life insurance 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 providers in the country and identified Nationwide as the best overall life insurance company. With an average monthly premium of just $16 for a 10-year term life insurance policy with $250,000 coverage and an overall MoneyGeek score of 97 out of 100, Nationwide demonstrates a well-rounded balance in affordability, financial stability and customer satisfaction.

For shoppers who prioritize affordability, MoneyGeek's analysis found that Allstate is the cheapest life insurance company, with the average policy costing just $12 monthly. 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.

How to Choose the Right Life Insurance Company

Choosing the right life insurance company extends beyond just considering the largest life insurance companies or those with the most significant life insurance market share. It involves evaluating a variety of factors that align with your individual needs, financial goals and preferences. Here’s how to ensure you make an informed decision:

  1. 1
    Assess Financial Stability

    Look for companies renowned for their stability and reliability over the years. The financial strength of life insurance companies can be a testament to their ability to fulfill long-term commitments.

  2. 2
    Compare Coverage Options

    Whether you're exploring options with the largest life insurance companies or smaller firms, comparing their coverage ranges is important to ensure their policies meet your specific needs.

  3. 3
    Review Customer Satisfaction Ratings

    Insights from existing policyholders about their experiences can highlight the customer service quality of big life insurance companies and their competitors.

  4. 4
    Consider Cost vs. Value

    While the cheapest option may be tempting, it's important to balance cost with the value offered. The largest U.S. life insurance companies often provide a mix of affordability and comprehensive benefits, but you may also find comparable offers from smaller insurance providers.

  5. 5
    Check Flexibility and Policy Terms

    Evaluate how adaptable the policy terms are to life's changing circumstances. Many of the largest life insurance companies offer flexibility in adjusting coverage or premiums, a valuable feature.

Large vs. Small Life Insurance Companies

Choosing between large and small life insurance companies involves weighing their advantages and challenges. The largest life insurance companies, such as those leading the market nationally and in specific states, provide substantial financial stability and often have more comprehensive coverage options. These big life insurance companies can leverage their extensive resources to offer a wide array of products and services, which can be appealing to customers looking for all-encompassing solutions.

Conversely, smaller life insurance companies may offer a more personalized approach, which can be vital for customers who value a closer, more individual relationship with their insurer. These companies might also be more flexible in policy customization, catering to specific personal or family needs that larger companies might not accommodate as readily.

Ultimately, the choice between a big life insurance company and a smaller entity should involve your personal preferences, specific coverage needs and the level of customer service desired. Large and small companies have their merits, and the best choice depends on what aspects of insurance are most important to you.

FAQ About the Largest Life Insurance Companies by Market Share

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.

Which life insurance company has the largest market share in the US?

What is the number one life insurance company in the US?

Is it better to choose large life insurance companies over small providers?

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick 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 knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.


sources