In this piece, we will take a look at the five largest insurance companies in the US by assets in 2024. If you want to take a look at how the insurance industry has been dealing with one catastrophe after another, then read 25 Largest Insurance Companies in the US by Assets in 2024.
5. New York Life Insurance Company
Total Assets: $408 billion
New York Life Insurance Company is headquartered in New York City and it was set up in 1845. Its age has also seen the firm find itself in a crucial role in American history, with the New York Life Insurance Company having the distinct honor of counting the well known activist Susan B. Anthony as its policyholder. The firm also shared its 2023 financial results in March 2024 which saw it report a whopping $3.1 billion in operating income which marked a first in its long history.
4. American International Group, Inc. (NYSE:AIG)
Total Assets: $539 billion
American International Group, Inc. (NYSE:AIG) is another iconic American firm. Also headquartered in New York City, it offers property, liability, reinsurance, and other associated products. The firm has beaten analyst EPS estimates in all four of its latest quarters, and the shares are rated Buy on average.
As of Q4 2023 end, 51 out of the 933 hedge funds part of Insider Monkey’s database had bought and owned American International Group, Inc. (NYSE:AIG)’s shares. Natixis Global Asset Management’s Harris Associates was the biggest shareholder due to its $1.5 billion stake.
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3. MetLife, Inc. (NYSE:MET)
Total Assets: $687 billion
MetLife, Inc. (NYSE:MET) is the third consecutive insurance company on this part of our list that is headquartered in New York City. Its investors were no doubt jubilant in March 2024 when the shares surged to $74.39 and set a new 52-week high reading.
By the end of last year’s fourth quarter, 43 out of the 933 hedge funds covered by Insider Monkey’s research were the firm’s investors. MetLife, Inc. (NYSE:MET)’s largest hedge fund investor is Richard S. Pzena’s Pzena Investment Management as it owns $668 million worth of shares.
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2. Prudential Financial, Inc. (NYSE:PRU)
Total Assets: $721 billion
Prudential Financial, Inc. (NYSE:PRU) provides disability, life, and other insurance products. It is headquartered in Newark, New Jersey. It scored a win in March 2024 after landing a deal to fund $5.9 billion in pension plans for telecommunications giant Verizon.
Insider Monkey’s December quarter of 2024 survey covering 933 hedge funds revealed that 32 had held a stake in Prudential Financial, Inc. (NYSE:PRU). Cliff Asness’s AQR Capital Management owned the biggest stake which was worth $42.6 million.
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1. Berkshire Hathaway Inc. (NYSE:BRK-B)
Total Assets: $811 billion
Berkshire Hathaway Inc. (NYSE:BRK-B) is the investment holding company run by Warren Buffett. It owns a plethora of insurance businesses such as Berkshire Hathaway Specialty Insurance, Berkshire Hathaway GUARD Insurance Companies, and of course, GEICO.
117 out of the 933 hedge funds part of Insider Monkey’s Q4 2023 research had invested in the firm. Berkshire Hathaway Inc. (NYSE:BRK-A)’s largest hedge fund investor is Michael Larson’s Bill & Melinda Gates Foundation Trust through its $7.1 billion stake.
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Disclosure: None. You can also take a look at 15 Best Places in Alabama for a Couple to Live on Only Social Security and 15 US States that have the Death Penalty.
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