Top 10 Insurance Companies in the US by assets

Insurance Companies in the US

What is insurance?

Most individuals have insurance, whether it is for their car, their home, or even their life. However, most of us don’t give much thought to what insurance is or how it operates.

Simply put, insurance is a contract, represented by a policy, in which a policyholder receives financial protection or payment from an insurance provider in the event of a loss. The company pooled the risks of its clients in order to make payments more cheap for the insured.

Insurance plans are intended to protect against the danger of large and small financial losses resulting from harm to the insured or their property, or from liability for damage or injury caused to a third party.

How does insurance work?

There are numerous types of insurance plans available, and practically any person or company can find an insurance agency prepared to insure them—for a fee. The most prevalent types of personal insurance coverage are car, health, homeowners, and life. Most people in the United States have at least one of these types of insurance, and car insurance is required by law.

Businesses require specific types of insurance plans that protect them against specific types of hazards. A fast-food establishment, for example, requires insurance that covers damage or injury caused by deep-frying. A car dealer is not exposed to this type of risk, but he or she still needs coverage for damage or injury that may occur during test drives.

Insurance coverage for highly particular needs, such as kidnap and ransom (K&R), medical malpractice, and professional liability insurance, sometimes known as errors and omissions insurance, are also available.

Insurance coverage for highly particular needs, such as kidnap and ransom (K&R), medical malpractice, and professional liability insurance, sometimes known as errors and omissions insurance, are also available.

Types of insurance

There are so many different types of insurance covering different aspects of an individuals life and property or a company’s properties. Some of this insurance are:

• Health insurance
• Home insurance
• Life insurance
• Auto insurance
• Travel insurance

The bottom line of this explanation is that insurance is a risk management tool. When you acquire insurance, you are purchasing protection against unforeseen financial losses. If something horrible happens to you, the insurance provider will compensate you or someone you pick. If you do not have insurance and an accident occurs, you may be held liable for all associated costs.

With all that being said  let’s count down the top 10 insurance company in the us by assets.

10.  State Farm Insurance

State Farm is one of the major property and casualty insurance providers in the United States, as well as the largest vehicle insurance company. State Farm is placed 42nd in the 2022 Fortune 500, which ranks American corporations according to revenue.

State Farm sells insurance through exclusive agents (sometimes known as captive agents). Only State Farm agents are permitted to sell State Farm insurance, and their agents are permitted to sell only State Farm goods.

The financials of state farm insurance are as follows:

• Total revenue – $327 million. (2021)
• Total assets – $405 million (2021)

9. Massachusetts Mutual Life Insurance

The Massachusetts Mutual Life Insurance Company, usually known as MassMutual, is a life insurance company established in Springfield, Massachusetts.

Life insurance, disability income insurance, long-term care insurance, retirement/401(k) plan services, and annuities are among the financial products offered by MassMutual. Barings LLC and Haven Life Insurance Agency are two major affiliates.

MassMutual is ranked 100 on the 2022 Fortune 500 ranking of the largest firms in the United States by total revenue.

The financials of this insurance company as at 2021 are as follows:

• Total revenue – $31billion
• Total assets – $327 billion

8. New York life insurance company

NYLIC is the third-biggest life insurance company in the United States, the largest mutual life insurance company in the United States, and is rated #67 on the 2021 Fortune 500 list of the largest corporations in the United States by total revenue. NYLIC manages over $593 billion in total assets, with more than $25 billion in surplus and AVR. NYLIC received the highest possible ratings from the four independent rating agencies in 2019 (Standard & Poor’s, AM Best, Moody’s, and Fitch). Other affiliates of New York Life offer a variety of securities products and services, as well as institutional and retail mutual funds.

The financials of this insurance company as at 2021 are as follows:

• Total revenue – $51.2 billion
• Total assets – $379.98 billion

7. Lincoln National Corporation

Lincoln National Corporation is a Fortune 200 American holding company that manages a number of insurance and investment management subsidiaries. LNC and its sister companies are marketed under the moniker Lincoln Financial Group.

LNC was founded in 1968 under the laws of the state of Indiana, and it is headquartered in Radnor, Pennsylvania.

The corporation can trace its origins back to its first precursor, which was created in 1905.

The financials of this insurance company as at 2021 are as follows:

• Total revenue – $19.23 billion
• Total assets – $387.301 billion

6.  Northwestern Mutual

Northwestern Mutual is an American mutual insurance company headquartered in Milwaukee, Wisconsin. Wealth and asset income protection, education planning, retirement planning, investment advisory services, financial planning trust and private client services, estate planning, and business planning are all services offered by the financial security firm. It offers life insurance, permanent life insurance, disability income insurance, and long-term care insurance, as well as annuities, investments, and financial advice products and services. Northwestern Mutual is placed No. 90 on the 2021 Fortune 500 list of the largest firms in the United States by total revenue and is in the top 30 in terms of assets owned.

The financials of Northwestern Mutuals are as follows:

• Total revenue – $34 billion (2021)
• Total assets – $570 billion ($325 billion in assets invested by the corporation and more than $244 billion in assets invested by retail investment clients). (2021)

5. American international Group

American International Group, Inc. (AIG) is a worldwide finance and insurance firm based in the United States with activities in over 80 nations and territories. AIG enterprises employed 49,600 employees as of January 1, 2019. General Insurance, Life & Retirement, and a separate technology-enabled subsidiary are the company’s three core businesses. Commercial, personal insurance, and US and international field activities are all part of general insurance. Group Retirement, Individual Retirement, Life, and Institutional Markets are all part of Life & Retirement.

The financials of this insurance company as at 2021 are as follows:

• Total revenue – $51.77 billion
• Total assets – $ 596.112 billion

4. MetLife

MetLife, Inc. is the parent company of the Metropolitan Life Insurance Company (MLIC), also known as MetLife, and its subsidiaries. MetLife, with 90 million customers in over 60 countries, is one of the world’s largest providers of insurance, annuities, and employee benefit programs. [4] [5] The company was established on March 24, 1868. [6] MetLife was rated 43rd on the 2018 Fortune 500 ranking of the largest firms in the United States by total revenue.

The financials of this insurance company as at 2021 are as follows:

• Total revenue – $71.08 billion
• Total assets – $759.708 billion

3. Berkshire Hathaway

Berkshire Hathaway Inc. is an American global conglomerate holding company based in Omaha, Nebraska. The company owns 100% of GEICO, Duracell, Dairy Queen, BNSF Railway, Lubrizol, Fruit of the Loom, Helzberg Diamonds, Long & Foster, FlightSafety International, Shaw Industries, Pampered Chef, Forest River, and NetJets, as well as a 38.6% stake in Kraft Heinz Company, American Express (18.8%), Bank of America (11.9%), The Coca-Cola Company (9.32%), and Apple (5.57%)

The financials of this insurance company as at 2021 are as follows:

• Total revenue – $267.094 billion
• Total assets – $958.784 billion

2. TIAA

The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA, formerly TIAA-CREF) is a Fortune 100 financial services firm that is the top provider of financial services in the academic, research, medical, cultural, and governmental sectors. TIAA serves approximately 5 million active and retired employees at over 15,000 institutions and manages $1 trillion in total assets with holdings in more than 50 countries (as of 31 December 2017)

The financials of this insurance company as at 2021 are as follows:

• Total revenue – $40.52 billion
• Total assets – $1.4 trillion

1.  Prudential Financial

Prudential Financial, Inc. is a Fortune Global 500 and Fortune 500 corporation whose companies offer insurance, retirement planning, investment management, and other goods and services to retail and institutional customers in the United States and over 40 other countries. Prudential was the top insurance provider in the United States in 2019, with total assets of $815.1 billion.

The financials of this insurance company as at 2021 are as follows:

• Total revenue – $70.934 billion
• Total assets – $1.74 trillion

Conclusion

There you have it, the best of the best in the American insurance industries by assets. Which of these companies would you like to have your insurance in? I’ll leave that  for you to answer.