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In this piece, we will take a look at the 20 biggest life insurance companies in the U.S. For more companies, head on over to 5 Biggest Life Insurance Companies in the U.S.
Even though one would suspect otherwise, insurance is one of the oldest industries in the world. Humans have been conducting trade since the old ages, and with trade comes the risk of losing out in case of a bad deal. Some of the earliest examples of insulation against such deals come from the time of Hammurabi, the sixth king of the Old Babylonian Empire. Hammurabi's famous codex mandated that shippers only pay the principal of their loan to a creditor if their consignment was lost due to a natural disaster.
Since then, the insurance industry has evolved and now uses complex mathematical and statistical models to determine what an individual must pay and what policies to offer. One insurance segment is life insurance, which protects families from financial difficulties in case a key member passes away. This industry is one of the largest in the world, according to research from Research Reports World. The firm estimates that the global life insurance sector was worth a whopping $2.8 trillion in 2021, and from then until 2027, it will grow at a compounded annual growth rate (CAGR) of 4.99% to sit an estimated $3.75 trillion.
Today's piece will focus on the largest American life insurance providers, and some of the top firms in it are MetLife, Inc. (NYSE:MET), Aflac Incorporated (NYSE:AFL), and Prudential Financial, Inc. (NYSE:PRU).
Photo by Martha Dominguez de Gouveia on Unsplash
Our Methodology
We sifted through the hundreds of firms that provide insurance in the United States and selected the ones that also offer life insurance. The companies are ranked through their market capitalization and hedge fund sentiment courtesy of Insider Monkey's 920 fund survey for this year's third quarter is also provided. For a global look at the life insurance industry, head on over to this link.
Biggest Life Insurance Companies in the U.S.
20. Midwest Holding Inc. (NASDAQ:MDWT)
Market Capitalization as of November 30, 2022: $60.3 million
Midwest Holding Inc. (NASDAQ:MDWT) is an American company that is headquartered in Lincoln, Nebraska. The firm was set up in 2003 and it sells life and annuity insurance products.
Midwest Holding Inc. (NASDAQ:MDWT)'s third quarter saw the firm perform quite strongly, as its annuity direct and ceded premiums recorded massive growths of 63% and 89% annual growths. This enabled it to post $7.1 million in profit, as compared to a loss in the year ago quarter.
Insider Monkey's Q3 2022 survey covering 920 hedge funds revealed that two had bought Midwest Holding Inc. (NASDAQ:MDWT)'s shares.
Out of these, Midwest Holding Inc. (NASDAQ:MDWT)'s largest investor is David M. Knott's Dorset Management which owns 390.241 shares that are worth $5.1 million.
Along with Aflac Incorporated (NYSE:AFL), MetLife, Inc. (NYSE:MET), and Prudential Financial, Inc. (NYSE:PRU), Midwest Holding Inc. (NASDAQ:MDWT) is one of the largest life insurance companies in America.
19. UTG, Inc. (OTCMKTS:UTGN)
Market Capitalization as of November 30, 2022: $88.6 million
UTG, Inc. (OTCMKTS:UTGN) sells individual life insurance products in the U.S. and it also acquires other insurance firms. The company is based in Stanford, Kentucky.
UTG, Inc. (OTCMKTS:UTGN)'s fiscal third quarter saw the firm bring in $16.7 million in revenue, in a massive improvement over the year ago quarter in which the firm had posted a loss. This enabled UTG, Inc. (OTCMKTS:UTGN)'s year to date revenues to sit at roughly $41 million, up by $14.5 million from last year's comparable metric of $26 million.
18. Vericity, Inc. (NASDAQ:VERY)
Market Capitalization as of November 30, 2022: $97.43
Vericity, Inc. (NASDAQ:VERY) sells life insurance products for insurance companies through call centers and its own agents. It is headquartered in Chicago, Illinois.
Vericity, Inc. (NASDAQ:VERY) offers life insurance through its Fidelity Life Association and eFinancial, LLC divisions. The firm targets middle income markets with its products, with its customers having incomes that range between $50,000 to $125,000.
17. Citizens, Inc. (NYSE:CIA)
Market Capitalization as of November 30, 2022: $140 million
Citizens, Inc. (NYSE:CIA) provides life and home service insurance products. These include whole life insurance, endowment policies, and property insurance products. Citizens, Inc. (NYSE:CIA) is based in Austin, Texas.
Insider Monkey profiled 920 hedge funds during this year's third quarter to discover that seven had invested in Citizens, Inc. (NYSE:CIA).
Citizens, Inc. (NYSE:CIA)'s largest hedge fund investor is Thomas E. Claugus's GMT Capital which owns 3.4 million shares that are worth $4.3 million
16. Pekin Life Insurance Company (OTCMKTS:PKIN)
Market Capitalization as of November 30, 2022: $210 million
Pekin Life Insurance Company (OTCMKTS:PKIN) is a life, health, and accident insurance provider. Its products include standard life insurance, auto insurance, compensation products, and medicare supplements.
Pekin Life Insurance Company (OTCMKTS:PKIN) received an A- rating for its Life Insurance division in October 2022, which means that it has a strong investment portfolio, adequate risk controls in place, and a diverse product lineup.
15. Kansas City Life Insurance Company (OTCMKTS:KCLI)
Market Capitalization as of November 30, 2022: $291.47
Kansas City Life Insurance Company (OTCMKTS:KCLI), as the name suggests, is headquartered in Kansas City, Missouri. The firm sells traditional and group life insurance, alongside others such as health and accident coverage.
Like other firms, Kansas City Life Insurance Company (OTCMKTS:KCLI) also turned a loss into a profit by the end of this year's third quarter. The firm posted $4.3 million in revenue for the third quarter, which also enabled its year to date results to turn positive. Kansas City Life Insurance Company (OTCMKTS:KCLI) also pays a 14 cent dividend for a 1.87% yield.
14. National Western Life Group, Inc. (NASDAQ:NWLI)
Market Capitalization as of November 30, 2022: $746 million
National Western Life Group, Inc. (NASDAQ:NWLI) provides a wide variety of life insurance products such as interest sensitive whole life, universal life, and traditional insurance. It is based in Austin, Texas.
By the end of September 2022, 12 hedge funds out of the 920 covered by Insider Monkey's research had bought National Western Life Group, Inc. (NASDAQ:NWLI)'s shares.
National Western Life Group, Inc. (NASDAQ:NWLI)'s largest shareholder is Paul J. Isaac's Arbiter Partners Capital Management which owns 20,030 shares that are worth $3.4 million.
13. Genworth Financial, Inc. (NYSE:GNW)
Market Capitalization as of November 30, 2022: $2.42 billion
Genworth Financial, Inc. (NYSE:GNW) is one of the oldest insurance companies in the world since it was set up in 1871. The firm is headquartered in Richmond, Virginia and it offers long term life insurance products among others.
25 of the 920 hedge funds polled by Insider Monkey for this year's third quarter owned a stake in Genworth Financial, Inc. (NYSE:GNW).
Himanshu H. Shah's Shah Capital Management is Genworth Financial, Inc. (NYSE:GNW)'s largest hedge fund shareholder. It owns 9.6 million shares that are worth $33 million.
12. CNO Financial Group, Inc. (NYSE:CNO)
Market Capitalization as of November 30, 2022: $2.66 billion
CNO Financial Group, Inc. (NYSE:CNO) is a diversified insurance company with products that cover health, life, annuity, disease, accident, and other insurance products. It is based in Carmel, Indiana.
Insider Monkey's September quarter of 2022 study which included 920 hedge fund portfolios found that 28 had held a stake in CNO Financial Group, Inc. (NYSE:CNO).
CNO Financial Group, Inc. (NYSE:CNO)'s largest investor is Richard S. Pzena's Pzena Investment Management which owns 6.8 million shares that are worth $123 million.
11. Jackson Financial Inc. (NYSE:JXN)
Market Capitalization as of November 30, 2022: $3.15 billion
Jackson Financial Inc. (NYSE:JXN) is one of the younger insurance companies out there that was set up in 2006 and is headquartered in Lansing, Michigan. The firm's life insurance products include universal, variable universal, whole, and term life insurance products.
As part of their third quarter of 2022 investments, 24 of the 920 hedge funds polled by Insider Monkey had bought Jackson Financial Inc. (NYSE:JXN)'s shares.
Out of these, Paul Marshall and Ian Wace's Marshall Wace LLP is Jackson Financial Inc. (NYSE:JXN)'s largest investor. It has a $58 million stake that comes courtesy of 2.1 million shares.
10. American Equity Investment Life Holding Company (NYSE:AEL)
Market Capitalization as of November 30, 2022: $3.4 billion
American Equity Investment Life Holding Company (NYSE:AEL) is an Iowa based firm that provides life insurance products through banks, investment advisors, and independent agents.
18 of the 920 hedge funds part of Insider Monkey's third quarter of 2022 survey had bought American Equity Investment Life Holding Company (NYSE:AEL)'s shares.
American Equity Investment Life Holding Company (NYSE:AEL)'s largest investor is Richard S. Pzena's Pzena Investment Management which owns 971,596 shares worth $36 million.
9. Brighthouse Financial, Inc. (NASDAQ:BHFAP)
Market Capitalization as of November 30, 2022: $3.77 billion
Brighthouse Financial, Inc. (NASDAQ:BHFAP) is an American firm that provides annuities and life insurance products. These include variable, whole, and universal policies.
Insider Monkey took a look at 920 hedge fund portfolios for this year's September quarter to determine that 31 had owned Brighthouse Financial, Inc. (NASDAQ:BHFAP)'s shares.
David Einhorn's Greenlight Capital is Brighthouse Financial, Inc. (NASDAQ:BHFAP)'s largest shareholder. It owns 3.3 million shares that are worth $145 million.
8. Lincoln National Corporation (NYSE:LNC)
Market Capitalization as of November 30, 2022: $6.36 billion
Lincoln National Corporation (NYSE:LNC) sells different life insurance products in the U.S. including universal and critical illness products. The firm is headquartered in Radnor, Pennsylvania.
By the end of this year's third quarter, 39 of the 920 hedge funds part of Insider Monkey's survey had bought Lincoln National Corporation (NYSE:LNC)'s shares.
Out of these, Andrew Wellington and Jeff Keswin's Lyrical Asset Management is Lincoln National Corporation (NYSE:LNC)'s largest investor through a $156 million stake that comes via 3.5 million shares.
7. Unum Group (NYSE:UNM)
Market Capitalization as of November 30, 2022: $8.26 billion
Unum Group (NYSE:UNM) is one of the oldest insurance companies in the world since it was set up in 1848, before the American civil war. It offers disability, accidental, life, and other insurance products that also cover cancer and other critical illnesses. Unum Group (NYSE:UNM) is headquartered in Chattanooga, Tennessee.
Insider Monkey's Q3 2022 survey of 920 hedge funds found 30 investors in Unum Group (NYSE:UNM).
Unum Group (NYSE:UNM)'s largest hedge fund investor is Andreas Halvorsen's Viking Global which owns 5 million shares that are worth $196 million.
6. Globe Life Inc. (NYSE:GL)
Market Capitalization as of November 30, 2022: $11.30 billion
Globe Life Inc. (NYSE:GL) provides life and supplemental health insurance products. The life insurance segment offers whole life, term life, and others. It is headquartered in McKinney, Texas.
Globe Life Inc. (NYSE:GL)'s American Income Life premiums grew by 6% and its Liberty National Division life premiums grew by 5% during the third quarter of this year. Year to date, the firm paid $44 million in COVID-19 life claims, a significant reduction over the $82 million in claims that it had paid last year.
Globe Life Inc. (NYSE:GL) joins our list of the largest life insurance companies in America, along with others such as MetLife, Inc. (NYSE:MET), Aflac Incorporated (NYSE:AFL), and Prudential Financial, Inc. (NYSE:PRU).
Click to continue reading and see 5 Biggest Life Insurance Companies in the U.S.
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Disclosure: None. 20 Biggest Life Insurance Companies in the U.S. is originally published on Insider Monkey.
