In this piece, we will take a look at the five biggest life insurance companies in the U.S. For more companies, head on over to 20 Biggest Life Insurance Companies in the U.S.
5. Great-West Lifeco Inc. (OTCMKTS:GWLIF)
Market Capitalization as of November 30, 2022: $22 billion
Great-West Lifeco Inc. (OTCMKTS:GWLIF) is a financial services holding company that offers life insurance, retirement plans, health insurance coverage, and investment services. The firm is headquartered in Winnipeg, Canada.
Great-West Lifeco Inc. (OTCMKTS:GWLIF) suffered from high interest rates in its third fiscal quarter, as the firm’s base and net earnings for all of its business divisions dropped. Additionally, the firm’s bottom line was also impacted by Hurricane Ian, as it had to make payouts to regions that were devastated by the storm. However, Great-West Lifeco Inc. (OTCMKTS:GWLIF)’s Life Insurance Capital Adequacy Test (LICAT) ratio stood at 118%, which met its internal targets.
4. Manulife Financial Corporation (NYSE:MFC)
Market Capitalization as of November 30, 2022: $33.44 billion
Manulife Financial Corporation (NYSE:MFC) is a Canadian firm that was set up in 1887 and is headquartered in Toronto, Canada. The company has an insurance division that offers life, annuity, long term, and accident insurance.
Manulife Financial Corporation (NYSE:MFC) was also the 28th largest fund manager in the world in 2016 based on its assets under management (AUM). The firm had CAD$1.4 trillion of assets by the end of December 2021.
14 out of the 920 hedge funds part of Insider Monkey’s Q3 2022 survey had held a stake in Manulife Financial Corporation (NYSE:MFC).
Manulife Financial Corporation (NYSE:MFC)’s largest investor is Joseph Sirdevan’s Galibier Capital Management which owns 2.6 million shares that are worth $42 million.
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3. Prudential Financial, Inc. (NYSE:PRU)
Market Capitalization as of November 30, 2022: $39.66 billion
Prudential Financial, Inc. (NYSE:PRU) is a diversified American financial services firm that offers insurance, investment management, and other financial products. The firm is headquartered in Newark, New Jersey, the United States.
Prudential Financial, Inc. (NYSE:PRU) is one of the largest financial firms in the world, since it has a whopping $1.7 trillion of assets under management. The firm’s return on equity is also a strong 14.3%, and it pays a $1.2 dividend for a 4.56% yield. Prudential Financial, Inc. (NYSE:PRU)’s five year annual dividend growth sits at 10%.
By the end of this year’s third quarter, 22 out of the 920 hedge funds polled by Insider Monkey had invested in Prudential Financial, Inc. (NYSE:PRU).
Out of these, Cliff Asness’ AQR Capital Management is Prudential Financial, Inc. (NYSE:PRU)’s largest investor through a $23 million stake that comes via 277,351 shares.
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2. Aflac Incorporated (NYSE:AFL)
Market Capitalization as of November 30, 2022: $44.07 billion
Aflac Incorporated (NYSE:AFL) provides insurance products in the United States and in Japan. The firm is headquartered in Columbus, Georgia.
Aflac Incorporated (NYSE:AFL) had $157 billion of assets last year, and it brought in $4.3 billion in net income. Both of these marked an annual drop as the devastation ushered in by the coronavirus pandemic hit the insurance sector hard due to higher payouts.
34 out of the 920 hedge fund portfolios studied by Insider Monkey for their September quarter of 2022 investments had held a stake in Aflac Incorporated (NYSE:AFL).
Out of these, Aflac Incorporated (NYSE:AFL)’s largest investor is Dmitry Balyasny’s Balyasny Asset Management which owns 1,3 million shares that are worth $75 million.
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1. MetLife, Inc. (NYSE:MET)
Market Capitalization as of November 30, 2022: $59.42 billion
MetLife, Inc. (NYSE:MET) is an American firm that is one of the oldest in the world and was set up in 1863. It is headquartered in New York, New York.
MetLife, Inc. (NYSE:MET)’s vast portfolio of products also includes life insurance and annuities. These include term life insurance and permanent life insurance options such as whole, universal, and final expense programs.
Insider Monkey’s third quarter of 2022 survey covering 920 hedge funds revealed that 36 had bought MetLife, Inc. (NYSE:MET)’s shares.
MetLife, Inc. (NYSE:MET)’s largest investor is Richard S. Pzena’s Pzena Investment Management which owns 4.7 million shares that are worth $288 million.
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