10. Travelers (NYSE:TRV)
Total revenue of the company in 2019 (in millions of dollars): 31,581
Total net profit of the company in 2019 (in millions of dollars): 2,622
Total assets of the company in 2019 (in millions of dollars): 110,122
Total employees of the company in 2019 (in millions of dollars): 30,800
The Travelers Companies is one of the biggest writers of US commercial property casual insurance as well as personal insurance via independent ages.
Pixabay/Public Domain
9. Liberty Mutual Insurance Group
Total revenue of the company in 2019 (in millions of dollars): 43,228
Total net profit of the company in 2019 (in millions of dollars): 1,044
Total assets of the company in 2019 (in millions of dollars): 133,644
Total employees of the company in 2019 (in millions of dollars): 45,000
Liberty Mutual is one of the largest property and casualty insurers in the United States, and was founded 108 years ago in 1912.
Pixabay/Public Domain
8. TIAA
Total revenue of the company in 2019 (in millions of dollars): 40,454
Total net profit of the company in 2019 (in millions of dollars): 2,460
Total assets of the company in 2019 (in millions of dollars): 615,042
Total employees of the company in 2019 (in millions of dollars): 16,533
Founded by Andrew Carnegie, TIAA serves more than 5 million retired and active employees and has more than$1 trillion in assets under management.
Pixabay/Public Domain
7. USAA
Total revenue of the company in 2019 (in millions of dollars): 35,617
Total net profit of the company in 2019 (in millions of dollars): 4,006
Total assets of the company in 2019 (in millions of dollars): 173,733
Total employees of the company in 2019 (in millions of dollars): 35,076
The USAA provides insurance to families and people who have or are serving in the armed forces of the United States, which is the most powerful military in the world. It has more than 12.5 million members.
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6. Allstate (NYSE:ALL)
Total revenue of the company in 2019 (in millions of dollars): 44,675
Total net profit of the company in 2019 (in millions of dollars): 4,847
Total assets of the company in 2019 (in millions of dollars): 119,950
Total employees of the company in 2019 (in millions of dollars): 46,035
The American company is 89 years old and was founded in 1931 as a part of Sears, Roebuck and Co., before being spun off in 1993.
Pixabay/Public Domain
5. American International Group (NYSE:AIG)
Total revenue of the company in 2019 (in millions of dollars): 49,746
Total net profit of the company in 2019 (in millions of dollars): 3,348
Total assets of the company in 2019 (in millions of dollars): 525,064
Total employees of the company in 2019 (in millions of dollars): 46,000
AIG has a presence in more than 80 countries and also has close to 50,000 employees. It provides various different insurance including travel, general, health, vehicle and life among others.
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4. State Farm Insurance
Total revenue of the company in 2019 (in millions of dollars): 79,395
Total net profit of the company in 2019 (in millions of dollars): 5,593
Total assets of the company in 2019 (in millions of dollars): 294,823
Total employees of the company in 2019 (in millions of dollars): 57,672
State Farm is a group of insurance companies and is headquartered in Illinois. It has more than 18,000 agents and nearly 350 claims offices.
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3. MetLife (NYSE:MET)
Total revenue of the company in 2019 (in millions of dollars): 69,620
Total net profit of the company in 2019 (in millions of dollars): 5,899
Total assets of the company in 2019 (in millions of dollars): 740,463
Total employees of the company in 2019 (in millions of dollars): 49,000
MetLife is counted among the biggest global providers of annuities, employee benefit programs and insurance and has over 90 million customers in at least 60 countries.
Pixabay/Public Domain
2. Prudential Financial (NYSE:PRU)
Total revenue of the company in 2019 (in millions of dollars): 64,807
Total net profit of the company in 2019 (in millions of dollars): 4,186
Total assets of the company in 2019 (in millions of dollars): 896,552
Total employees of the company in 2019 (in millions of dollars): 51,511
Prudential Financial provides its products and services in more than 40 countries, and used to be the largest insurance company in the US, dropping to second place now.
Pixabay/Public Domain
1. Berkshire Hathaway (NYSE:BRK.A)
Total revenue of the company in 2019 (in millions of dollars): 254,616
Total net profit of the company in 2019 (in millions of dollars): 81,417
Total assets of the company in 2019 (in millions of dollars): 817,729
Total employees of the company in 2019 (in millions of dollars): 391,500
It is one of the biggest financial services companies in the world and also tops the list of the 10 largest insurance companies in the US. Headed by the famous Warren Buffett, who has consistently been among the richest people in the world, the company’s insurance activities are carried out through 70 foreign and domestic insurance companies.
Pixabay/Public Domain
The insurance industry is not just one of the biggest industries in the world, worth trillions of dollars, but it is also one of the biggest industries in the US, with some of its biggest companies also being counted among the biggest companies in the US, regardless of industries. The insurance industry in the United States is mainly divided into three primary segments, including property/casualty, commercial and home insurance and life/annuity insurance. In 2019, the net premiums of the insurance industry increased by 8.1% as compared to the previous year, while P/C net premiums written rose by at least 3.2%, while life/annuity registered by far the biggest growth which rose by 13.1% as compared to the previous year.
The total premiums underwritten, including both property/casualty and life/annuity crossed the $1.3 trillion mark, with over $637 billion attributable to property/casualty and around $679 billion being attributable to life/annuity. The total premiums underwritten have over the past decade, actually increased by 33.4$, as life/annuity registered a growth of 21.1% while property/casualty showed massive growth of around 49.7%, which is a stunning increase.
In the United States, you might be surprised to know that there is no social healthcare or universal healthcare available, despite being by far the most powerful country in the world. It is in fact one of the only advanced or developed economies in the entire world which does not have universal healthcare. The story behind this is actually quite interesting, as post World War II, it was hard for companies to attract top employees due to the fact that a wage freeze was enacted. Instead, companies started enticing employees by providing healthcare insurance. As this started catching on in popularity, more and more companies started adapting this practice and even when later on Presidents tried to enact universal healthcare, corporations rallied against it and now, the country does not have universal healthcare at all. You can learn much more details about this process and the history behind the US not having universal healthcare if you take a look at the 15 largest hospitals and health care systems in America. But due to this, hospitals charge extremely inflated fees for anything medically related as these high prices are driven down by insurance companies as haggling and bargaining goes on. But if an unemployed person even has to go for routine surgery, it can tend to cost more than their annual salary combined.
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While I mentioned earlier that the insurance industry in the United States has seen consistent growth, that was before the Covid-19 pandemic struck, which has affected the entire world. The US is the worst affected country in the world by far with 17 million cases and recently caused a depressing landmark of more than 300,000 deaths in total and over 3,000 deaths every single day. Even though two vaccines have been approved, it will still take a long, long time for things to return to normal. The US insurance industry was likewise affected, though in a more direct manner, since many events across the country have been cancelled with insurers having to pay out. Of course, since it is likely that reinsurers have to pick up the tab, primary insurers might not be as significantly affected. Meanwhile, the high mortality rate in the US has also seen the bottom line of life insurers being heavily affected, though analysts have predicted mixed earnings for life insurance companies, with some companies actually seeing an increase in the revenue. Whether things return to normalcy or even on the spectrum of normalcy in 2021 remains to be seen, but the situation is unlikely to improve before the second half of 2021 when the vaccine becomes more widely available.
As I mentioned earlier, many of the largest insurance companies in the US are also among the largest insurance companies in the world, while also being among the largest companies in the US regardless of any industry. The total revenue of the 20 biggest insurance companies is more than $950 billion, while around $132 billion was earned in terms of profit. These companies also hold more than $7 trillion in assets while providing employment to more than 920,000 employees. Truly, these companies are behemoths. If you take a look at the largest insurance companies in the US across the internet, you will see many varying definitions. Instead of using just one metric, we used total assets, employees, revenue and net profit, with higher weightage given to the former two metrics. All our information has been taken from the latest Fortune 500 list, which ranks the 500 biggest companies in the United States. So let’s take a look at the biggest insurance companies in the United States, starting with number 20:
20. Northwestern Mutual
Total revenue of the company in 2019 (in millions of dollars): 32,294
Total net profit of the company in 2019 (in millions of dollars): 1,268
Total assets of the company in 2019 (in millions of dollars): 290,318
Total employees of the company in 2019 (in millions of dollars): 5,964
The company provides various types of insurance, including permanent life insurance, life insurance, long term care insurance and disability income as well.
Pixabay/Public Domain
19. Loews
Total revenue of the company in 2019 (in millions of dollars): 14,931
Total net profit of the company in 2019 (in millions of dollars): 932
Total assets of the company in 2019 (in millions of dollars): 82,243
Total employees of the company in 2019 (in millions of dollars): 18,605
Loews is a holding company and one of their main products includes insurance. The company was founded in New York City, where it maintains its headquarters.
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18. Lincoln National (NYSE:LNC)
Total revenue of the company in 2019 (in millions of dollars): 17,258
Total net profit of the company in 2019 (in millions of dollars): 886
Total assets of the company in 2019 (in millions of dollars): 334,761
Total employees of the company in 2019 (in millions of dollars): 11,357
Lincoln National is around 115 years old and its main offices are present in Pennsylvania.
Pixabay/Public Domain
17. Hartford Financial Services Group (NYSE:HIG)
Total revenue of the company in 2019 (in millions of dollars): 20,740
Total net profit of the company in 2019 (in millions of dollars): 2,085
Total assets of the company in 2019 (in millions of dollars): 70,817
Total employees of the company in 2019 (in millions of dollars): 19,500
Hartford sells its products mainly through a network of brokers as well as agents, and has provided home and auto insurance for AARP members for more than a quarter of a century now.
Pixabay/Public Domain
16. Aflac (NYSE:AFL)
Total revenue of the company in 2019 (in millions of dollars): 22,307
Total net profit of the company in 2019 (in millions of dollars): 3,304
Total assets of the company in 2019 (in millions of dollars): 152,768
Total employees of the company in 2019 (in millions of dollars): 11,729
Aflac was founded 65 years ago in 1955 and is said to provide financial protection to around 50 million people on a global level, as it has a strong presence in Japan in addition to the US.
Pixabay/Public Domain
15. Principal Financial (NASDAQ:PFG)
Total revenue of the company in 2019 (in millions of dollars): 16,222
Total net profit of the company in 2019 (in millions of dollars): 1,394
Total assets of the company in 2019 (in millions of dollars): 276,088
Total employees of the company in 2019 (in millions of dollars): 17,601
Principal Financial is based in Iowa and and has nearly $700 billion in assets under management. The company was founded 141 years ago in 1879.
Pixabay/Public Domain
14. Massachusetts Mutual Life Insurance
Total revenue of the company in 2019 (in millions of dollars): 37,253
Total net profit of the company in 2019 (in millions of dollars): 3,701
Total assets of the company in 2019 (in millions of dollars): 290,731
Total employees of the company in 2019 (in millions of dollars): 9,896
It is one of the oldest insurance companies in our list, and is nearly 150 years old, having been founded in 1851, and has over 5 million clients.
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13. Nationwide
Total revenue of the company in 2019 (in millions of dollars): 43,982
Total net profit of the company in 2019 (in millions of dollars): 830
Total assets of the company in 2019 (in millions of dollars): 239,540
Total employees of the company in 2019 (in millions of dollars): 28,114
Based in Columbus, Ohio, Nationwide is a group of financial and insurance companies in the US, and is considered to be one of the best companies in the US to work for.
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12. New York Life Insurance
Total revenue of the company in 2019 (in millions of dollars): 44,117
Total net profit of the company in 2019 (in millions of dollars): 1,004
Total assets of the company in 2019 (in millions of dollars): 330,806
Total employees of the company in 2019 (in millions of dollars): 11,519
It is one of the biggest life insurance companies in the US, and has nearly $600 billion in total assets under management.
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11. Progressive Corporation (NYSE:PGR)
Total revenue of the company in 2019 (in millions of dollars): 39,022
Total net profit of the company in 2019 (in millions of dollars): 3,970
Total assets of the company in 2019 (in millions of dollars): 54,895
Total employees of the company in 2019 (in millions of dollars): 41,571
Progressive counts itself among one of the largest car insurers in the US, and even has a presence in Australia.
Please continue to see the 10 largest insurance companies in the US.
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This article is originally published at Insider Monkey.