These Are The Ten Biggest Life Insurance Companies

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The U.S. insurance industry recorded net premiums of $1.28 trillion in 2020, with life/annuity insurers accounting for 49%, according to the data from S&P Global Market Intelligence. Moreover, there were 5,929 insurance companies in the U.S. in 2020, including 843 life/annuities and 995 health companies. Let’s take a look at the ten biggest life insurance companies.

Equitable Holdings, Unum Group, Reinsurance Group of America, Principal Financial Group, Lincoln National, Prudential Financial
Tumisu / Pixabay – Valuewalk

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Ten Biggest Life Insurance Companies

We have referred to the latest available revenue numbers to rank the ten biggest life insurance companies. We have only considered Fortune 1000 for our list. Following are the ten biggest life insurance companies:

  1. Equitable Holdings (>$9.59 billion)

Founded in 1859 and headquartered in New York, Equitable Holdings Inc (NYSE:EQH) is a financial services company that offers its services through two well-established principal franchises: AXA Equitable Life Insurance Company and AllianceBernstein. The mission of the company is to assist customers to secure their financial well-being. Its shares have gained almost 10% in three months and over 10% in one month. It reported a net loss of over $640 million in 2020 and over $1.70 billion in 2019.

  1. Mutual of Omaha Insurance (>$10.45 billion)

Founded in 1909 and headquartered in Omaha, Neb., this company offers a variety of insurance and financial products. The company is owned by its policyholders, and its mission is to “help our customers protect what they care about and achieve their financial goals.” Mutual of Omaha Insurance is a private company.

  1. Pacific Life (>$11.84 billion)

Founded in 1868 and headquartered in Newport Beach, Calif., this company offers a range of life insurance products, annuities, and mutual funds, as well as investment products and services. Pacific Life is a private company and claims to have more than half of the 100 largest U.S. companies as its clients.

  1. Unum Group (>$11.99 billion)

Founded in 1848 and headquartered in Chattanooga, Tenn., Unum Group (NYSE:UNM) offers financial protection benefits. Unum Group has the following business segments: Colonial Life, Unum US, Closed Block, Unum International, and Corporate. Its shares have lost almost 1% in three months but are up almost 13% in one month. It reported a net income of over $790 million in 2020 and over $1 billion in 2019.

  1. Reinsurance Group of America (>$14.30 billion)

Founded in 1973 and headquartered in Chesterfield, Mo., this company offers traditional and non-traditional life and health reinsurance products. Reinsurance Group of America Inc (NYSE:RGA) has the following segments: Europe, Middle East, and Africa; U.S. and Latin America; Asia Pacific; Canada; and Corporate and Other. Its shares have lost almost 6% in three months but are up over 12% in one month. It reported a net income of over $410 million in 2020 and over $850 million in 2019.

  1. Principal Financial Group (>$16.22 billion)

Founded in 1879 and headquartered in Des Moines, Iowa, this company offers financial products and services, including retirement solutions, insurance, and investment products. Principal Financial Group Inc (NASDAQ:PFG) has the following business segments: Principal Global Investors, U.S. Insurance Solutions, Retirement and Income Solutions, Principal International, and Corporate. Principal Financial shares have gained more than 11% in three months and over 4% in one month. It reported a net income of over $1.40 billion in 2020 and over $1.30 billion in 2019.

  1. Lincoln National (>$17.25 billion)

Founded in 1968 and headquartered in Radnor, Pa., Lincoln National Corporation (NYSE:LNC) offers insurance and retirement services. Lincoln National has the following business segments: Retirement Plan Services, Group Protection, Annuities, Life Insurance, and Other Operations. Lincoln National shares have lost almost 1% in three months but are up over 8% in one month. It reported a net income of over $490 million in 2020 and over $880 million in 2019.

  1. AFLAC (>$22.3 billion)

Founded in 1955 and headquartered in Columbus, Ga., this company offers financial protection services. AFLAC Incorporated (NYSE:AFL) has the following business segments: Aflac Japan and Aflac United States. AFLAC shares have gained more than 14% in three months and over 9% in one month. It reported a net income of over $4.70 billion in 2020 and over $3.2 billion in 2019.

  1. Prudential Financial (>$64.8 billion)

Founded in 1875 and headquartered in Newark, N.J., this company offers financial products and services, including mutual funds, investment management, insurance, and annuities. Prudential Financial Inc (NYSE:PRU) has the following business segments: Individual Annuities, Closed Block, Retirement, Group Insurance, PGIM, International Businesses, Individual Life, Assurance IQ, and Corporate and Others. Prudential Financial shares have gained more than 5% in three months and over 7% in one month. It reported a net loss of $395 million in 2020 and a net income over $4.10 billion in 2019.

  1. MetLife (>$69.6 billion)

Founded in 1868 and headquartered in New York, this company offers insurance and financial services, including automobile and homeowner’s insurance, retail banking services and more, to individual and institutional customers. Metlife Inc (NYSE:MET) shares have gained more than 3% in three months and over 10% in one month. It reported a net income of over $5.4 billion in 2020 and over $5.9 billion in 2019.

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