Top Insurance Companies In United States

There are a number of ways to rate the size of insurance companies. Companies can be estimated by their market capitalization (the value of the company on a stock exchange) or by using sales figures, such as net premiums written in a year or how many policies were sold. Here, we examine the top 10 largest insurance companies by market cap, market share, and revenues.

Key Takeaways

  • Insurance companies are important players in the global financial economy, although they may not be as flashy as investment banks or hedge funds.
  • Insurance companies come in many sizes and specialize in different policy lines, from health to life to property & casualty.
  • Market capitalization, or market cap, is the value of a company’s outstanding shares.
  • Some insurance companies are mutually owned, in which the policyholders are the owners.
  • When ranking insurance companies, it’s important to categorize them according to their product line.

Largest Insurance Companies by Market Capitalization

Market capitalization, or market cap, is the total value of a company’s stock, and it is calculated by multiplying the number of outstanding shares by the current share price. It is a quick way of determining the value of a company in the eyes of investors.

Companies with large market caps are generally established conservative investments. They likely experience steady growth and offer the least amount of risk. Mid-cap companies are also established but have high growth potential. Lastly, small-cap companies are often new companies with high growth potential. Investing in these companies poses the greatest risk because they are more vulnerable to economic downturns than the more established large and mid-cap companies.

Investors can buy shares of publicly-traded companies in the insurance industry. The largest non-health insurance companies by market capitalization on the world stock exchanges as of July 2021

Non-health Insurance Companies

Company Name Market Capitalization
Berkshire Hathaway (U.S.) $636 billion
Ping An Insurance (China) $166 billion
AIA Group (Hong Kong) $154 billion
China Life Insurance (China) $114 billion
Allianz (Germany) $104 billion
Cigna (US) $81 billion
AXA (France) $62 billion
Humana (U.S.) $59 billion
Zurich Insurance (Switzerland) $59 billion
Munich (Germany) $39 billion

Health Insurance And Managed Health Care Company

Company Name                                   Market Capitalization
United Healthcare (UNH) $393 billion
CVS (CVS) $106 billion
Anthem (ANTM) $96 billion
Cigna (CI) $80 billion
Humana (HUM) $59 billion
Centene Corporation (CNC) $43 billion
Molina Healthcare (MOH) $15 billion
Bright Health Group (BHG) $9.7 billion
MultiPlan Corporation (MPLN) $4.7 billion
Alignment Healthcare (ALHC) $4.2 billion

Largest Insurance Companies by Sales and Product Line

It is helpful to differentiate between the type of insurance, or line, that is being considered when considering the largest insurance companies. Using sales data is helpful as some of the largest insurance companies in the United States are not publicly traded and therefore their market value is not easily ascertained.

Property & Casualty

Property and casualty insurers write policies covering property such as real estate, dwellings, cars, and other vehicles. They also write policies dealing with liabilities that may be incurred by accident or negligence related to those properties to defray the cost of lawsuits or medical damages resulting from such incidents.

The top U.S. property and casualty companies in 2020 by net premiums written (the amount of money that non-life policies can expect to receive over the life of the contract, less commissions and costs) are:

Company  Net Premiums Written
State Farm Group $66.2 billion
Berkshire Hathaway (BRK.A) $46.4 billion
Progressive Insurance Group (PGR) $41.7 billion
Allstate Insurance Group (ALL) $39.2 billion
Liberty Mutual $36.2 billion
Travelers Group (TRV) $28.8 billion
USAA Group $24.6 billion
Chubb (CB) $24.2 billion
Farmers Insurance Group $20.1 billion
Nationwide $18.5 billion

Life Insurance Companies

Life Insurance companies promise to pay out a lump sum benefit upon the death of the insured. Although actuarial science has created mortality tables to accurately estimate the future liability of policies to be paid, having financial strength ensures that these companies can meet all of their obligations while still earning a profit.

Life Insurance companies in the U.S. can be ranked by direct premium written (the number of new policies written directly and not re-insured).

Company  Total Direct Premium  Market Share
New York Life Grp $11.7 billion 6.75%
Northwestern Mutual $11.3 billion 6.52%
Metropolitan Group (MET) $10.5 billion 6.05%
Prudential of America (PRU) $10.1 billion 5.80%
Lincoln National $8.4 billion 4.83%
MassMutual $7.9 billion 4.57%
State Farm $5.0 billion 2.87%
Aegon (AEG) $4.9 billion 2.80%
John Hancock $4.7 billion 2.73%
Minnesota Mutual Grp $4.7 billion 2.70%

Health Insurance Companies

Health insurance companies provide policies to cover all or part of the policyholder’s health and medical costs. Policies may be purchased individually or through an employer. Technically, the United States government is the largest health insurance provider in America through the Medicare program, Social Security, and Medicaid administered by individual states.

Based on the National Association of Insurance Commissioners (NAIC) 2020 report, the largest non-government sponsored U.S. health insurance companies measured by total direct premium collected were:

Company Total Direct Premium Market Share
Metropolitan Group $111.7 billion 11.1%
Prudential (PRU) $63.5 billion 6.3%
Equitable Holdings $62.8 billion 6.2%
UnitedHealth Group (UNH) $58.4 billion 5.8%
New York Life $43.4 billion 4.3%
CVS (CVS) $39.3 billion 3.9%
Mass Mutual $39.2 billion 3.9%
Principal Financial $28.5 billion 2.8%
Lincoln National Group $28.2 billion 2.8%
Aegon $24.4 billion 2.4%