In this piece, we will take a look at the 25 largest insurance companies in the US by assets in 2024. If you want to skip our overview of the US insurance industry and the latest trends and news, then you can take a look at the 5 Largest Insurance Companies in the US by Assets in 2024.
A little known fact about the insurance industry is that it's one of the oldest in the world. The history of insurance dates back to the time of the Code of Hammurabi, one of the first sets of written laws in human history. Since then, the insurance industry has existed in one form or another, and in 2024, the sector has to battle cyber threats and be ready for challenges ushered in by changing global climate trends.
As an example, insurance in America has been through quite some trouble over the past couple of years. An insurance company works by collecting money from its customers, and then making payouts in case any of them suffers from an accident or any other untoward life event. The weakness that these companies have to contend with is that they might be unable to make payouts if too many customers qualify for them, and for Florida insurers such as Weston Property & Casualty Insurance Co., the Southern Fidelity Insurance Company, and UPC Insurance, the nightmare scenario materialized in 2022 and 2023 as they went bankrupt. For UPC, the catastrophe came just after the firm announced that it would leave Florida, but the decision came too late and Hurricane Ian caused too much damage for the firm to be able to fund.
Since then, at least the property and casualty insurance market in the U.S. is on more stable footing. One report that attempts to cover the state of the US insurance industry comes from the Swiss Re Institute. According to the analysis, personal insurance in America can benefit from lower inflation, as buyer budgets accommodate for more insurance plans. Additionally, the report also adds that the US insurance industry ended up underwriting $33 billion in losses in 2023, making it unsurprising that the Florida insurance industry is now a significantly different sector than it was at the onset of the coronavirus pandemic.
Yet, while the US casualty insurance industry might be out of trouble for now, the first quarter of 2023 has also seen another sector become the center of media attention. This is the health insurance sector that seemingly got caught in the middle of a feud between law enforcement and ransomware organizations. One of America's biggest insurance companies, UnitedHealth Group Incorporated (NYSE:UNH), saw its claims processing disrupted in a cyberattack that saw reverberations all over America. This wasn't the end of the intrigue, as while UNH has since recovered, the group said to be responsible for the attack has pulled off a disappearing act.
According to Reuters, the ransomware group BlackHat's website now claims that the group has been taken down by coordinated action from law enforcement agencies. However, all agencies mentioned have either refused or failed to comment or outright denied disrupting the infrastructure.
Thought only casualty and health insurance were facing disruptions? Think again as March 2024 has also seen Fidelity Investments Life Insurance Company inform nearly 30,000 customers that a data breach led to sensitive details such as Social Security numbers being compromised. For more on the UNH hack, you can also take a look at the 12 Best Cybersecurity Stocks to Buy According to Analysts. To add to this, the collapse of the Francis Scott Bridge in Baltimore is also making marine insurers tremble. Experts believe that the partial bridge collapse could set new records in marine insurance, and some estimates believe that a payout could sit at a whopping $4 billion.
So, as the US insurance battles new challenges in the age of artificial intelligence, we decided to see which insurance companies in America have the greatest assets. A couple of top names are Prudential Financial, Inc. (NYSE:PRU), Berkshire Hathaway Inc. (NYSE:BRK-B), and MetLife, Inc. (NYSE:MET), and you can also read 15 Largest Insurance Companies In The US by Market Cap to see if the same companies are on that list.
Largest Insurance Companies in the US by Assets in 2024
Marco Rubino / Shutterstock.com
Our Methodology
To make our list of the biggest insurance companies in the US in terms of assets, we sifted out American insurance companies that are part of the Fortune 500 and ranked them by their total assets.
25 Largest Insurance Companies in the US by Assets in 2024
25. The Hartford Financial Services Group, Inc. (NYSE:HIG)
Total Assets: $76.8 billion
The Hartford Financial Services Group, Inc. (NYSE:HIG) is a diversified insurance company that offers property, casualty, life, and other insurance products. It is headquartered in Hartford, California. Along with Prudential Financial, Inc. (NYSE:PRU), Berkshire Hathaway Inc. (NYSE:BRK-B), and MetLife, Inc. (NYSE:MET), it is one of the biggest insurance companies in America.
Centene Corporation (NYSE:CNC) is a healthcare benefits management firm based in St. Louis, Missouri. The firm has been doing well on the financial front as of late since it has beaten analyst EPS estimates in all four of its latest quarters.
Genworth Financial, Inc. (NYSE:GNW) is a small life and long term insurance provider based in Richmond, Virginia. The firm's CEO was out with an important announcement in February 2024 when he revealed that Genworth Financial, Inc. (NYSE:GNW) had received regulator approval for billions of dollars of premium increases.
22. Reinsurance Group of America, Incorporated (NYSE:RGA)
Total Assets: $97.6 billion
Reinsurance Group of America, Incorporated (NYSE:RGA) is an insurance company for insurance providers. A reinsurance firm, it is headquartered in Chesterfield, Missouri.
The Allstate Corporation (NYSE:ALL) is the well known property and casualty insurance company headquartered in Northbrook, Illinois. The shares are rated Buy on average, and the average share price target is $178.25.
Elevance Health, Inc. (NYSE:ELV) is one of the biggest companies on our list, with more than a hundred thousand employees. It is a healthcare benefits provider and also offers insurance products such as life insurance and disability insurance.
19. Western & Southern Financial Group
Total Assets: $112 billion
Western & Southern Financial Group is a Cincinnati, Ohio based life insurance company that was set up in 1888.
18. Thrivent Financial
Total Assets: $113 billion
Thrivent Financial is a member owned insurance company that provides income insurance, life insurance, and other financial services.
17. Aflac Incorporated (NYSE:AFL)
Total Assets: $126 billion
Aflac Incorporated (NYSE:AFL) is a sizeable health and life insurance company headquartered in Atlanta, Georgia. The firm scored a win in March 2024 when HSBC upgraded its share rating to Buy from Hold and increased the share price target to $190 from $158.
16. State Farm Insurance Companies
Total Assets: $134 billion
State Farm Insurance Companies is one of the biggest insurance companies in the U.S. It operates as a group of insurance companies. State Farm General's, homeowners insurance provider in California, financial strength and credit strength rating were downgraded in March 2024 by AM Best.
15. Liberty Mutual Insurance
Total Assets: $165 billion
Liberty Mutual Insurance is one of the biggest property and casualty insurance companies not only in the U.S. but also in the world. It is headquartered in Boston, Massachusetts, and brings in billions of dollars in revenue annually.
14. United Services Automobile Association (USAA)
Total Assets: $200 billion
The United Services Automobile Association, also known as USAA, is a diversified financial services company that provides property, casualty, car, and other insurance products.
13. Pacific Life Insurance Company
Total Assets: $217 billion
The Pacific Life Insurance Company is another old insurance company on our list that has been in business since 1868. Its products include a variety of financial services, which also include life insurance.
UnitedHealth Group Incorporated (NYSE:UNH) is one of the biggest healthcare plan and benefits providers in the U.S. The firm is currently busy dealing with the fall out of this year's cyberattack and has offered $3.3 billion in loans to providers harmed by the attack.
Equitable Holdings, Inc. (NYSE:EQH) provides a variety of insurance products such as indexed and universal life insurance, disability insurance, and other financial products. It has struggled on the financial front as of late by having missed analyst EPS estimates in three out of its four latest quarters.
10. Nationwide Mutual Insurance Company
Total Assets: $298.6 billion
The Nationwide Mutual Insurance Company provides vehicle, property, personal, and other insurance products. It originally started out as a firm to help farmers manage their vehicle insurance and has sprawled into a multi billion dollar business over the course of a century.
9. Massachusetts Mutual Life Insurance Company
Total Assets: $312 billion
Massachusetts Mutual Life Insurance Company, commonly known as MassMutual, offers more than a dozen life insurance products such as term life, whole life, and universal life insurance.
8. Teachers Insurance and Annuity Association of America-College Retirement Equities Fund
Total Assets: $346 billion
The TIAA is a private insurance company headquartered in New York City. It provides insurance products that enable investors to earn a return over a stipulated time period.
7. Northwestern Mutual
Total Assets: $359 billion
Northwestern Mutual provides several different insurance products such as life insurance, disability insurance, and long term care insurance.
6. Lincoln National Corporation (NYSE:LNC)
Total Assets: $372 billion
Lincoln National Corporation (NYSE:LNC), a publicly traded company, offers life insurance, disability insurance, and retirement plan products. Its shares are rated Hold on average, and the average share price target of $28.20 is significantly lower than the current share price.
Prudential Financial, Inc. (NYSE:PRU), Lincoln National Corporation (NYSE:LNC), Berkshire Hathaway Inc. (NYSE:BRK-B), and MetLife, Inc. (NYSE:MET) are some of America's biggest insurance companies.
