Life insurance is a contract with an insurer who will see that the beneficiary receives payment after the death of the responsible person or after a certain period of time. The insurance package can cover many things, all depending on the insurer and the premium paid. The first life insurance company of its kind in the United States was established in 1759, and the industry has grown significantly over the years. In 2014, about 180 million Americans had at least one form of life insurance policy. In the same year, about 900 life insurance companies reported nearly $ 147 billion in direct written premiums in various parts of the country. MetLife Inc., which is the largest life insurance company in the United States, reported 11, 3 billion USD in written premiums with about 7, 7% of market share. New York Life, Northwestern Mutual and Prudential Financial Inc. recorded more than $ 7 billion in written premiums each.
MetLife is one of the world’s largest providers of life insurance, other insurance policies, employee benefits programs and annuities. It operates in over 60 countries worldwide with more than 90 million customers. MetLife was founded in 1868 and since 2015 has been the largest life insurer in the United States. The company reported an amount of about 11.3 billion dollars in written premiums in the United States, giving it a share of 7.66% in the US market and nearly 1 billion dollars in premiums in foreign markets. In 2014, the company recorded a total of $ 73.3 billion in revenue, ranking it as one of the largest companies in the world. MetLife offers a variety of insurance products, asset management services and employee benefits programs.
Northwestern Mutual ranked second with a market value of nearly 6, 5% in 2014, of reported written premiums of more than 9, 5 billion dollars. In the same year the company registered about 26, $ 7 billion combined revenue. Northwestern Mutual is a mutual insurance company that manages to benefit policyholders. Dividend policyholders amounted to 5, 5 billion dollars in 2014, of which insurance has paid policyholders nearly 5 billion dollars. The company offers investment products, financial planning services and many other insurance products besides life insurance.
Life in New York
Life in New York is one of the largest life insurance companies in the United States and globally it was ranked by Forbes in 2016 as the 61st place in the list of 500 companies of happiness. Under his rule, there were assets worth $ 500 billion.
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It was founded in 1845 in New York as the insurance company Nautilus with an asset worth $ 17,000. In 2014, New York Life had about $ 8.2 billion in local life insurance premiums, which is about 5.6% of the market value. Ranked as the largest mutual insurance company in the United States, the ranking is based on the fact that in 2014 the company has a combined revenue of 38, 7 billion dollars.
Life Insurance Market Growth
Life insurance is a tradable product that has grown rapidly over the years, sees insurance companies grow and is expected to continue to grow in the coming years. More people are buying life insurance, boosting growth and competitiveness in the industry. The United States has the world’s largest life insurance in gross written premiums, and in 2014 it accounted for 26.8% of gross written premiums in the world. The growth of the life insurance sector during the year is due to the recovery of the economy, the reduction of unemployment, the growth of the aging population and the growth of disposable income. During the period 2014-2015, the unemployment rate fell from 9.3% in 2009 to 5.6% in 2014 due to increased economic stability.
The US life insurance market is both huge and highly competitive. Although more may not mean better for either consumers or investors, it implies a degree of longevity and financial stability in the life insurance business. Remember that the exact ranking order of our group is based on the total amount of premiums accrued and may change frequently.
Basic products for home
- MetLife / Brighthouse Financial, Northwestern Mutual, New York Life and Prudential are the four largest life insurance companies in the United States, all with at least 5% of the market.
- The next largest life insurance companies are Lincoln National, MassMutual, John Hancock and Transamerica – all of which hold more than 3% of the market.
Brighthouse Financial (MetLife)
In 2017, MetLife spun off the U.S. retail business as an independent company called Brighthouse Financial Inc.
MetLife Inc. (NYSE: MET) was the largest life insurance company in the United States since 2019. It boasted 90 million customers worldwide in 2019 with major market shares in the United States, Asia, Europe, Latin America and the Middle East.
MetLife ranks among the world’s largest companies in every industry. It reports a net profit of 4.98 billion in 2018 compared to almost 3.91 billion in 2017.
The company offers a variety of insurance products, annuities, employee benefits programs and asset management services. There are operations in nearly 50 countries.
Nearly 60% of Americans have some form of life insurance, according to the latest data for 2018.
The Northwestern Mutual Life Insurance Company covers more than 6% of the US market. In addition to life insurance and other insurance products, the company offers annuities, investment products and financial planning services. The company reported revenue of $ 28.5 billion in 2018 compared to $ 28.1 billion the previous year.
As a mutual insurance company, Northwestern Mutual is managed for the benefit of policyholders, not shareholders. The benefits for policyholders amount to $ 11.4 billion in 2018 compared to $ 10.3 billion in 2017. The company is privately owned.
New York life
The New York life insurance company owns more than 5% of the US life insurance market. In addition to its life insurance business, New York Life also sells long-term care insurance, annuities and mutual funds and manages a growing investment management business.
New York Life is a mutual insurance company and is not publicly traded. It reported $ 2.3 billion in operating revenue for 2018, a record high. The company also announced a dividend payment of 1.78 billion dollars for 2018, which is a 36% increase since 2012.
Prudential Financial, Inc. (NYSE: PRU) is a publicly traded financial services conglomerate offering insurance products, annuities, mutual funds, investment management services and other products. The company operates in 43 countries in North and South America, Europe and Asia.
Prudential life insurance has a market share of about 5%. The company’s consolidated revenues worldwide are over 63 billion dollars in 2018 compared to 59 billion dollars in 2017.
Lincoln National Corp. (NYSE: LNC) is a financial services company offering life insurance products, long-term care insurance products, annuities and pension insurance services. Does not work outside the United States. The company and its subsidiaries are offered to consumers under the Lincoln Financial Group brand.
Lincoln National reported $ 764 million in recorded life insurance premiums against $ 798 million the previous year. This gives the company about 4% of the total share.
Lincoln’s net profit for 2018 amounted to 1.64 billion dollars, which is 21% less than 2.1 billion dollars a year earlier.