Guides
The 100 largest life insurance companies in the U.S.
The 100 largest U.S. life insurance groups by 2024 individual life premiums (NAIC): the top 25 in a table, the rest by type, and what size does not tell you.
Northwestern Mutual is the largest U.S. life insurer by individual life premiums, with $13.66 billion and 8.74% of the market in 2024, followed by New York Life, MassMutual, Prudential and Lincoln Financial. This guide ranks the 100 largest groups using the NAIC's 2024 market share data, shows the top 25 in a table and sorts ranks 26 through 100 by type of company. Size measures sales volume in one product line; it does not measure safety, price or service.
How the ranking works
The ranking uses the NAIC's 2024 Market Share Reports for the Top 125 Life and Fraternal Insurance Groups and Companies by State and Countrywide, published in 2025 with group structures as of July 20, 2025 (NAIC publication). The measure is direct premiums written for individual life insurance in the states and U.S. territories. That means:
- Individual life only. Group life sold through employers, and annuities, are excluded. Both are large businesses at some companies.
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- Premiums, not assets or coverage. Permanent insurance collects far more premium per dollar of coverage than term, so a term-heavy seller ranks lower than its coverage in force might suggest.
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Industry individual life direct premiums in 2024 were $156.27 billion. The top five groups held 29.30% of that, the top 10 held 46.10%, the top 25 held 72.76% and the top 100 held 98.21%. The market is concentrated at the top with a long tail of specialists.
The top 25 in 2024
| Rank | Insurer | 2024 individual life premiums | Market share |
|---|---|---|---|
| [[]] | $13.66 billion | 8.74% | |
| [[]] | $9.06 billion | 5.80% | |
| [[]] | $8.71 billion | 5.57% | |
| [[]] | $7.99 billion | 5.11% | |
| [[]] | $6.37 billion | 4.07% | |
| [[]] | $5.89 billion | 3.77% | |
| [[]] | $5.52 billion | 3.53% | |
| [[]] | $5.17 billion | 3.31% | |
| [[]] | $4.95 billion | 3.17% | |
| [[]] | $4.73 billion | 3.03% | |
| [[]] | $4.29 billion | 2.75% | |
| [[]] | $3.91 billion | 2.50% | |
| [[]] | $3.56 billion | 2.28% | |
| [[]] | $3.41 billion | 2.18% | |
| [[]] | $3.22 billion | 2.06% | |
| [[]] | $3.09 billion | 1.98% | |
| [[]] | $2.85 billion | 1.82% | |
| [[]] | $2.78 billion | 1.78% | |
| [[]] | $2.63 billion | 1.68% | |
| [[]] | $2.14 billion | 1.37% | |
| [[]] | $2.05 billion | 1.31% | |
| [[]] | $2.01 billion | 1.28% | |
| [[]] | $1.98 billion | 1.27% | |
| [[]] | $1.87 billion | 1.19% | |
| [[]] | $1.86 billion | 1.19% |
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Ranks 26 through 100, by type of company
These 75 groups run from $1.79 billion down to $105 million in premiums and together hold 25.43% of the market. Grouped by what a shopper should understand first, with each group's rank in parentheses:
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What the concentration means for shoppers
Because the top 10 groups write 46.10% of individual life premiums, most shoppers who call an agent or a big-brand website will see names from this table first. That is convenient, but it also means many strong, smaller companies get less attention. If an agent shows you only one or two names, ask which others they considered (questions to ask a life insurance agent). If you buy through an independent agent or an online marketplace, the carriers quoted can come from far down this list (where to buy life insurance: agents, brokers, online and work).
A different measure: total life premiums in 2025
Individual life is one slice. The NAIC's preliminary 2025 ranking of total life insurance premiums (individual and group combined, filings received by March 18, 2026, about 97.5% complete) reshuffles the top. Industry total life premiums were $210.24 billion, and the top five were:
| 2025 rank | Group | Total life premiums | Share |
|---|---|---|---|
| [[]] | $15.56 billion | 7.40% | |
| [[]] | $14.19 billion | 6.75% | |
| [[]] | $13.00 billion | 6.19% | |
| [[]] | $12.55 billion | 5.97% | |
| [[]] | $9.17 billion | 4.36% |
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How to use the list
- Use it to build a candidate set, not to pick a winner. Large groups are not automatically the cheapest or the strongest.
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- Remember that a smaller specialist can be the better match: a fraternal society for members, a final expense carrier for a small burial policy, or the worksite carrier at your employer.
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A hypothetical example: say you are 45 and want a 20-year term policy. The company ranked fourth by individual life premiums may not be the most competitive for your health class, while one ranked 40th may price term lower and be strongly rated. Rank shows where the sales volume is, not who prices your risk best.
What size does not tell you
- Financial strength. Ratings measure that, and many mid-sized and small insurers are strongly rated.
- Ownership stability. Owners change; several large groups have been bought or have reinsured blocks in recent years.
- Claims practices. Complaint and litigation records are the better clue.
- Your product. Premium rank at the top is driven by permanent and indexed products; a company's standing in term may differ.
Key takeaways
- The ranking is NAIC 2024 direct premiums for individual life in the states and territories; the industry total was $156.27 billion.
- Northwestern Mutual (8.74%), New York Life (5.80%), MassMutual (5.57%), Prudential (5.11%) and Lincoln (4.07%) lead, and the top 25 hold 72.76%.
- Counting group life changes the order: in the NAIC's preliminary 2025 total-life ranking, New York Life is first.
- Rank reflects premium volume, not safety, price or service; use ratings, complaint data and real quotes to choose.
- Ranks 26 to 100 include mutuals, fraternals, property-casualty affiliates, final expense specialists, annuity-focused groups and closed-block administrators.