The table below lists the top 20 largest life insurance companies ranked by U.S. market share and includes the AM Best Financial Strength Ratings for each company as of November 2025. Market share of the biggest life insurers is based on premiums written and the AM Best rating is a measurement of each companies financial stability and ability to pay claims. Northwestern Mutual and New York Life grew the most market share in the last year, both with 2% increases.
List of the Largest Life Insurance Companies
A small number of insurers sell most of the life insurance in the U.S. The largest life insurance companies combine financial strength, broad product portfolios and brand trust that make them industry leaders.
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Updated: November 11, 2025
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Key Takeaways
Northwestern Mutual (6.8% market share) is the largest life insurance company, followed by Met Life (6.4%) and New York Life (6.4%). The five largest national life insurance companies have roughly 30 percent of the market. The top 20 account for nearly 90 percent of industry market share.
MetLife, Prudential Financial and New York Life manage the most life insurance coverage in force, with trillions of dollars in active policies. Coverage in force measures the total value of life insurance currently protecting policyholders.
The largest life insurers have strong financial strength, broad policy options and consistent nationwide service. Their size and AM Best financial stability ratings give buyers confidence that claims will be paid.
Largest Life Insurance Companies by Market Share
1 | Northwestern Mutual | 6.8% | 6.6% | 0.2% | A++ |
2 | MetLife | 6.4% | 6.3% | 0.1% | A+ |
3 | New York Life | 6.4% | 6.1% | 0.2% | A++ |
4 | Prudential Financial | 6.2% | 6.1% | 0.0% | A+ |
5 | MassMutual | 4.4% | 4.4% | 0.0% | A++ |
6 | Lincoln Financial | 4.0% | 4.0% | 0.0% | A |
7 | Nationwide | 3.6% | 3.5% | 0.1% | A+ |
8 | State Farm (Life) | 2.9% | 2.9% | 0.1% | A++ |
9 | Protective (Life) | 2.8% | 2.8% | 0.0% | A+ |
10 | Securian Financial | 2.6% | 2.6% | 0.0% | A+ |
11 | Guardian Life | 2.6% | 2.5% | 0.1% | A++ |
12 | Pacific Life | 2.6% | 2.5% | 0.0% | A+ |
13 | Transamerica (Aegon) | 2.5% | 2.5% | 0.1% | A |
14 | John Hancock | 2.5% | 2.4% | 0.1% | A+ |
15 | Mutual of Omaha | 1.8% | 1.8% | 0.0% | A+ |
16 | AIG (Life & Retirement) | 1.8% | 1.7% | 0.0% | A |
17 | National Life Group | 1.7% | 1.6% | 0.1% | A |
18 | Penn Mutual | 1.6% | 1.6% | 0.0% | A+ |
19 | Globe Life | 1.6% | 1.6% | 0.0% | A |
20 | Primerica | 1.5% | 1.5% | 0.0% | A+ |
Largest Life Insurance Companies by Assets
The largest life insurance companies by total assets are those that have investment portfolios that support policyholder benefits. The largest life insurance companies by total assets include Prudential, New York Life, MetLife, MassMutual, TIAA and Northwestern Mutual. These five manage more than $2 trillion in combined assets, highlighting their strength in the U.S. market. Asset size is a strong indicator of an insurer’s long-term financial strength and stability.
1 | Prudential Financial | $ 531.5 |
2 | New York Life | $ 422.4 |
3 | MetLife Inc. | $ 414.6 |
4 | Massachusetts Mutual | $ 384.8 |
5 | TIAA-CREF | $ 363.8 |
6 | Northwestern Mutual | $ 359.0 |
7 | Corebridge Financial | $ 348.9 |
8 | Lincoln Financial | $ 293.4 |
9 | Athene Group | $ 290.2 |
10 | Jackson National | $ 286.4 |
11 | Manulife Financial | $ 285.9 |
12 | Equitable Holdings Inc. | $ 259.7 |
13 | Nationwide | $ 241.2 |
14 | Principal Financial | $ 228.4 |
15 | Brighthouse Financial | $ 208.7 |
16 | Pacific Life | $ 203.2 |
17 | Transamerica Corporation | $ 202.2 |
18 | Allianz | $ 183.8 |
19 | Great West | $ 174.2 |
20 | Global Atlantic Financial | $ 159.3 |
21 | Voya Financial | $ 135.4 |
22 | Sammons Financial | $ 117.9 |
23 | Thrivent Financial | $ 113.5 |
24 | Talcott Resolution Group | $ 112.9 |
25 | Ameriprise Financial | $ 111.6 |
Largest Life Insurance by Policies in Force
The amount of life insurance coverage in force measures the total value of all active life insurance policies a company manages. It reflects how much financial protection the insurer provides to its policyholders nationwide. Companies with higher coverage totals serve more customers and manage a larger share of the nation’s policy obligations.
MetLife leads all U.S. insurers with about $4.1 trillion in life insurance coverage in force, followed by Prudential Financial and New York Life. These companies have strong policyholder trust and broad in both individual and group life insurance segments.
1 | MetLife Inc. | $ 4.09 |
2 | Prudential Financial | $ 3.38 |
3 | New York Life | $ 2.52 |
4 | Northwestern Mutual | $ 2.18 |
5 | Massachusetts Mutual | $ 1.65 |
6 | Lincoln Financial | $ 1.37 |
7 | John Hancock | $ 1.22 |
8 | Manulife Financial | $ 1.11 |
9 | Pacific Life | $ 0.92 |
10 | State Farm Life | $ 0.88 |
11 | Guardian Life | $ 0.83 |
12 | Nationwide | $ 0.77 |
13 | Principal Financial | $ 0.74 |
14 | Allstate Life | $ 0.70 |
15 | Equitable Holdings Inc. | $ 0.67 |
16 | Securian Financial | $ 0.65 |
17 | AIG (Life & Retirement) | $ 0.63 |
18 | Thrivent Financial | $ 0.59 |
19 | Protective Life | $ 0.56 |
20 | Western & Southern Financial | $ 0.54 |
21 | Transamerica | $ 0.53 |
22 | Mutual of Omaha | $ 0.50 |
23 | Penn Mutual | $ 0.48 |
24 | Brighthouse Financial | $ 0.46 |
25 | National Life Group | $ 0.44 |
Why It Can Make Sense to Choose a Large Life Insurance Company
Choosing a large life insurance company gives policyholders extra confidence about their coverage. These companies have long track records, strong financial reserves and the resources to pay claims. Their size means better stability, service and choice for consumers which are all important life insurance buying considerations.
- 1Financial Strength Builds Trust
Large insurers have billions of dollars in assets that protect your policy. Their financial ratings from organizations such as AM Best or Moody’s show they have the means to pay claims, even during difficult economic times. This strength gives families peace of mind that their coverage will last.
- 2A Wider Range of Policies
The biggest life insurers offer many types of coverage, including term, whole and universal life policies. They provide flexible riders that can add protection for children, disability or long-term care. Having more options makes it easier to tailor a policy to your family’s needs.
- 3Digital Tools and Support
The large life insurance companies have invested in technology that makes it easier to buy and manage coverage. You can get a quote, apply online or handle policy changes through mobile apps and customer portals. For busy families, that convenience makes a difference.
- 4Nationwide Access and Consistent Service
Large insurers operate across the country and provide consistent support whether customers live in a big city or a small town. Many maintain dedicated service centers and online support tools that make it easy to get answers and file life insurance claims quickly.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.
sources
- NAIC. "Market Share Reports for the Top 125 Life and Fraternal Insurance Groups." Accessed November 11, 2025.
- ACLI. "Industry Rankings." Accessed November 11, 2025.