When looking at the rankings of the top insurance companies in the United States, we suggest you best insurance companies in the US basis of company revenue, profit, assets, and more. In this article, we take a look at some of the USA’s top insurance companies.
What is insurance?
As per defination Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.
Insurance is a contract that transfers the risk of financial loss from an individual or business to an insurance company.
Why Require Insurance?
As a human we all face different types of risks, Insurance companies protect consumers after accidents, natural disasters, fire, and against life events. All these risks not only come with pain and suffering, but they also hurt is by financially. Insurance is one way of being prepared for the worst time of those risks.
What Are Different Types of Insurance?
US insurance companies are offer life insurance, health insurance, property insurance, auto insurance, casualty insurance, business and commercial insurance, and reinsurance and more.
Those Insurance companies are key actors of the American economy, hedging risks and covering the costs of risks.
Here we create a list of some of the largest insurance companies in USA by market cap and its strong national or regional presence having insurance as their primary business.
Did you know the name of the first American insurance company?
In 1752, Benjamin Franklin founded the first American insurance company as Philadelphia Contributionship.
Who is The Father of American Insurance?
Benjamin Franklin, The Father of American Insurance. In 1752, Benjamin Franklin founded the first American insurance company as Philadelphia Contributionship for the Insuring of Houses from Loss by Fire. The firm would go on to sell 143 policies in the first year, paving the way for insurance companies and earned Franklin the moniker of “the father of American insurance.”
Top 10 Insurance Companies in USA
Top 10 Insurance Companies in USA by total assets in 2019, Prudential Financial is top while Berkshire Hathaway secured second and Metlife secured third positon. Check list below of Top 10 Insurance Companies in US
1. Prudential Financial – total assets 896.55 billion U.S. dollars
Prudential Financial Stock price: PRU (NYSE) US$60.96
Headquarters: Newark, New Jersey, United States
CEO: Charles F. Lowrey (1 Dec 2018–)
Revenue: 5,968.9 crores USD (2017)
Assets under management: 1.39 lakh crores USD (2017)
Prudential Financial was the largest insurance company in the United States in 2019, with total assets amounting to almost 900 billion U.S. dollars.
Prudential Financial is a financial services company, which was founded in 1875 in New Jersey and is still headquartered in New Jersey. Prudential offer insurance, retirement and investment products. They are one of the largest life insurance companies globally, in terms of market capitalization. Prudential is also the most profitable stock life and health insurance companies in the United States.
2. Berkshire Hathaway – total assets 817.73 billion U.S. dollars
Berkshire Hathaway Stock price: BRK.A (NYSE) US$2,78,560.00
Owner: Warren Buffett (30.71% of the aggregate voting power and 16.45% of the economic interest)
CEO: Warren Buffett (1970–)
Founder: Oliver Chace
Founded: 1839, New Bedford, Massachusetts, United States
Revenue: 24,750 crores USD (2018)
Berkshire Hathaway secured second rank top 10 insurance companies in the U.S. In 2019, the total assets of Berkshire Hathaway amounted to approximately 817.7 billion U.S. dollars
Berkshire Hathaway Insurance and reinsurance business activities are conducted through approximately 70 domestic and foreign-based insurance companies. Berkshire’s insurance businesses provide insurance and reinsurance of property and casualty risks primarily in the United States.
Did you know Berkshire Hathaway stock is most expensive stock in World
3. Metlife – total assets 740.46 billion U.S. dollars
Metlife Stock price: MET (NYSE) US$36.39
Customer service: 1800 425 6969
Headquarters: New York, New York, United States
CEO: Michel A. Khalaf (1 May 2019–)
Revenue: 6,794.1 crores USD (2018)
Metlife secured third rank top 10 insurance companies in the U.S. In 2019, the total assets of Metlife amounted to approximately 740.4 billion U.S. dollars
MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries
4. American International Group (AIG) – total assets 525.06 billion U.S. dollars
AIG Stock price: AIG (NYSE) US$31.49
Headquarters: New York, New York, United States
Revenue: 4,738.9 crores USD (2018)
CEO: Brian Duperreault (May 2017–)
Founder: Cornelius Vander Starr
Founded: 19 December 1919, Shanghai, China
American International Group (AIG) is top 10 insurance companies in the U.S. with the total assets of AIG amounted to approximately 525 billion U.S. dollars
American International Group, Inc., also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of January 1, 2019, AIG companies employed 49,600 people.
5. Lincoln Financial Group – total assets 334.76 billion U.S. dollars
Lincoln Financial Group Stock price: LNC (NYSE) US$38.96
Revenue: 1,640 crores USD (2018)
Headquarters: Radnor, Pennsylvania, United States
CEO: Dennis R. Glass (2007–)
Total assets: 29,810 crores USD (Dec 2018)
Lincoln Financial Group is top 10 insurance companies in the U.S. with the total assets of Lincoln Financial Group amounted to approximately 334.7 billion U.S. dollars
Lincoln National Corporation is a Fortune 250 American holding company, which operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies.
6. New York Life Insurance Company – total assets 330.81 billion U.S. dollars
CEO: Theodore A. Mathas (1 Jul 2008–)
Headquarters: New York, New York, United States
Assets under management: 59,300 crores USD (2020)
Founded: 12 April 1845
New York Life is top 10 insurance companies in the U.S. with the total assets of New York Life amounted to approximately 330.8 billion U.S. dollars
New York Life Insurance Company is the third-largest life insurance company in the United States, the largest mutual life insurance company in the United States and is ranked #71 on the 2019 Fortune 500 list of the largest United States corporations by total revenue.
7. TIAA – total assets 319.13 billion U.S. dollars
Revenue: 3,710.5 crores USD (2016)
Headquarters: New York, New York, United States
Assets under management: 1 lakh crore USD (Q4 2017)
TIAA is top 10 insurance companies in the U.S. with the total assets of TIAA amounted to approximately 319.1 billion U.S. dollars
The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, is a Fortune 100 financial services organization that is the leading provider of financial services in the academic, research, medical, cultural and governmental fields.
8. Northwestern Mutual – total assets 290.32 billion U.S. dollars
Headquarters: Milwaukee, Wisconsin, United States
CEO: John E. Schlifske (1 Jul 2010–)
Number of employees: 7,500 (2017)
Founder: John Johnston
Founded: 1857
Northwestern Mutual is top 10 insurance companies in the U.S. with the total assets of Northwestern Mutual amounted to approximately 290.3 billion U.S. dollars
The Northwestern Mutual is an American financial services mutual organization based in Milwaukee. The financial security company provides consultation on wealth and asset income protection, education planning, retirement planning, investment advisory services, trust and private client services, estate planning and business planning. Its products include life insurance, disability income, and long-term care insurance; annuities; investments; and investment advisory products and services.
9. Manulife Financial (U.S. division) – total assets 197.73 billion U.S. dollars
Stock price: 0945 (HKG) HK$101.30
Headquarters: Toronto, Canada
Revenue: 3,900 crores CAD (2018)
CEO: Roy Gori (1 Oct 2017–)
Assets under management: 1.08 lakh crores CAD (2018)
Manulife Financial is top 10 insurance companies in the U.S. with the total assets of Manulife Financial amounted to approximately 197.7 billion U.S. dollars
Manulife Financial Corporation is a Canadian multinational insurance company and financial services provider headquartered in Toronto, Ontario, Canada. The company operates in Canada and Asia as “Manulife” and in the United States primarily through its John Hancock Financial division.
10. State Farm Group – total assets 178.48 billion U.S. dollars
Headquarters: Bloomington, Illinois, United States
Revenue: 8,173.2 crores USD (2018)
CEO: Michael L. Tipsord (Sep 2015–)
Number of employees: 56,788 (2018)
Divisions: Insurance; mutual funds; State Farm Bank
State Farm Group is top 10 insurance companies in the U.S. with the total assets of State Farm Group amounted to approximately 178.4 billion U.S. dollars
State Farm is a large group of insurance companies throughout the United States with corporate headquarters in Bloomington, Illinois. State Farm is ranked 36th in the 2019 Fortune 500, which lists American companies by revenue.
