Top 10 U.S. Insurance Companies by Assets

In the vast US insurance market, a select group of companies stand out for their immense asset portfolios—some surpassing hundreds of billions, even crossing the trillion mark. These insurers have often built their fortunes through a blend of strategic acquisitions, diversified product lines, and robust investment arms that multiply premium reserves into long-term growth. By offering everything from auto and homeowners coverage to life insurance and retirement products, they serve millions of policyholders across the country (and sometimes worldwide). Below, we rank the 10 largest insurance companies in the United States by assets (as of 2024), exploring how each reached its scale and what lines of insurance they focus on. Whether they are mutual companies pooling policyholder dividends or publicly traded giants expanding through mergers, these insurers shape much of America’s economic landscape.

10. Principal Financial Group (Radnor, PA)

Principal has around $305 billion in total assets, reflecting steady growth from both insurance and wealth management. Founded in 1879, it initially specialized in life insurance but soon branched into 401(k) plans and other retirement offerings, especially after demutualizing in 2001 and pursuing global pension markets. This dual approach—combining insurance know-how with deep asset management—has propelled Principal’s asset base upwards, particularly through expansions into Latin America and Asia. Its size also stems from acquiring retirement plan businesses (like Wells Fargo’s) and maintaining a reputation for strong retirement solutions among midsize and large employers.

• Key Stats
  1. Assets (2024): About $305 billion
  2. Serves ~50 million customers worldwide
  3. Publicly traded since demutualizing (listed as PFG)
• Major Insurance Lines
  1. Individual and group life products
  2. Annuities and retirement plan services
  3. Specialty benefits (disability, dental)

9. State Farm Insurance Companies (Bloomington, IL)

State Farm collectively boasts over $300+ billion in assets, driven by its dominance in auto and homeowners insurance. Founded in 1922 to serve rural drivers, it rapidly grew nationwide through an extensive agent network that now counts almost 19,000 agents. That massive policy volume (87+ million policies in force) fuels enormous premium revenue, which it conservatively invests in stocks and bonds. Despite challenges from underwriting losses in recent years, State Farm’s consistent market leadership in personal lines underscores its ability to maintain a substantial reserve base, placing it firmly among America’s largest insurers.

• Key Stats
  1. Over 87 million active policies across auto/home/life
  2. Leading personal lines insurer (#1 auto, #1 homeowners)
  3. Mutual structure pooling policyholder capital
• Major Insurance Lines
  1. Auto coverage (primary revenue driver)
  2. Homeowners/renters insurance
  3. Life insurance subsidiary (State Farm Life)

8. Massachusetts Mutual Life Insurance Co. (Springfield, MA)

MassMutual commands around $335 billion in assets, making it one of the largest mutual life insurers in the country. Established in 1851, it has stayed true to its mutual roots, meaning policyholders collectively own the company and share in its annual dividends. Its portfolio is heavily based on traditional life insurance and annuities, with expansions into asset management boosting income. Over the decades, MassMutual’s conservative approach—alongside acquisitions like certain group insurance segments—has grown reserves steadily, reflecting a commitment to policyholder returns and prudent investments in bonds, real estate, and equities.

• Key Stats
  1. Approximately $335 billion in total assets
  2. Serving over 4 million policyholders
  3. Founded 1851; mutual ownership model
• Major Insurance Lines
  1. Whole life, term, universal, and LTC products
  2. Annuities (deferred and immediate)
  3. Retirement services, including wealth management

7. Lincoln Financial Group (Radnor, PA)

Lincoln Financial manages about $390.8 billion in total assets, reflecting a strong presence in life insurance and corporate retirement solutions. The company traces back to 1905, using Abraham Lincoln’s name with the blessing of his son, and later merged with Jefferson-Pilot in 2006 to grow its block of life and annuities. Thanks to that strategic expansion, Lincoln covers around 17 million customers in individual and group markets, building a robust investment portfolio from premium inflows. This diversification between retail products (life/annuity) and employer-sponsored plans has helped Lincoln climb into the top 10 by asset size.

• Key Stats
  1. $390.8 billion in total assets
  2. Serving ~17 million customers
  3. Publicly traded (NYSE: LNC) post-mergers
• Major Insurance Lines
  1. Term and universal life insurance
  2. Fixed/variable annuities
  3. Group benefits (disability, dental)

6. Northwestern Mutual (Milwaukee, WI)

Northwestern Mutual stands at $359 billion in assets and is renowned for its strong financial ratings and mutual structure. Established in 1857, it relies heavily on participating whole life policies, delivering dividends to policyholders each year. Over 5 million clients tap into Northwestern Mutual for life insurance, annuities, and more recently, wealth management services. Its size owes much to decades of premium inflows invested conservatively, combined with a robust advisor network that fosters long-term relationships with middle- and upper-income customers. That loyalty has preserved a stable flow of new policies and surplus growth over time.

• Key Stats
  1. $359 billion in total assets
  2. Serves more than 5 million policyholders
  3. Consistently top-rated for financial strength
• Major Insurance Lines
  1. Whole life, term, universal
  2. Annuities and retirement planning
  3. Disability income coverage

5. New York Life Insurance Company (New York, NY)

With $408.9 billion in assets, New York Life is the largest U.S. mutual life insurer by asset size. Formed in 1845, the firm remains wholly owned by its policyholders and focuses on life coverage, annuities, and long-term care. Over the years, it has grown steadily by absorbing other insurers’ businesses (like Cigna’s group life unit) and reinvesting premiums in conservative but sizable bond/equity portfolios. This mutual approach, which locks in profits rather than paying shareholders, has propelled New York Life’s balance sheet above $400 billion, supported by a strong brand reputation and top financial strength ratings.

• Key Stats
  1. $408.9 billion in total assets (2024)
  2. Over $1.2 trillion in life insurance in force
  3. Founded 1845; fully mutual ownership
• Major Insurance Lines
  1. Whole life, term, universal, LTC
  2. Annuities (fixed, indexed, variable)
  3. Some group benefits and wealth management

4. American International Group (New York, NY)

AIG once surpassed $500–$600 billion in total assets when including its life/retirement segment, now spun off into Corebridge. Even so, the restructured AIG remains formidable, retaining a global commercial P&C empire and around 90 million policyholders across 80 countries. Started in 1919 Shanghai, AIG built global scale through acquisitions and expansions into reinsurance, specialty lines, and major commercial policies for large corporations. Though it faced near-bankruptcy during the 2008 crisis and was bailed out by the government, AIG has recovered through asset sales and refocusing on property & casualty. Despite shedding Corebridge, it still wields robust capital, keeping it among major US insurance companies.

• Key Stats
  1. AIG’s P&C assets ~$161 billion after spin-off; combined with Corebridge still near $550B
  2. 90+ million customers worldwide
  3. Operates in 80+ countries, major brand in commercial lines
• Major Insurance Lines
  1. Commercial property & casualty
  2. Specialty lines (aviation, marine, etc.)
  3. Personal lines in certain markets

3. MetLife, Inc. (New York, NY)

MetLife stands at about $688 billion in assets, frequently ranking high among largest US insurance companies by total size. Founded in 1868, MetLife expanded from a Civil War-era insurer into a global behemoth across 60+ countries, serving over 90 million customers. Key acquisitions (Travelers Life & Annuity, Alico) and a focus on corporate group benefits helped it grow beyond North America. Much of MetLife’s size stems from its life and annuity lines, though it also offers dental/vision group plans and a wide range of retirement vehicles. Its global footprint ensures a steady stream of premiums, invested in a huge portfolio to back policy liabilities.

• Key Stats
  1. $688 billion in total assets
  2. ~100 million customers in 60+ nations
  3. Demutualized in 2000, now publicly traded
• Major Insurance Lines
  1. Individual and group life
  2. Retirement annuities
  3. Employee benefits (dental, disability)

2. Prudential Financial (Newark, NJ)

Prudential commands about $721 billion in assets, making it one of the largest diversified insurance and investment firms worldwide. Launched in 1875 as a small burial insurer, Prudential blossomed into a top provider of life, annuities, retirement plan services, and asset management via PGIM. Operating in 40+ countries, it serves 50+ million customers, benefiting from robust growth in Asia and the U.S. Over time, large acquisitions and a prudent investment strategy have swelled its balance sheet, as have strong retirement product sales and institutional partnerships that feed more assets under management.

• Key Stats
  1. $721 billion total assets (2024)
  2. 50+ million customers globally
  3. Founded 1875, demutualized in 2001
• Major Insurance Lines
  1. Life insurance (individual and group)
  2. Annuities and retirement income solutions
  3. Asset management (PGIM), including mutual funds

1. Berkshire Hathaway (Omaha, NE)

Berkshire Hathaway tops the list with a staggering $1.07 trillion in assets, the only U.S. insurer surpassing the trillion mark. Originally a failing textile mill, it pivoted to insurance under Warren Buffett’s leadership—acquiring National Indemnity (1967), GEICO (1996), and Gen Re (1998). These insurers provide Berkshire a massive “float” (the premium reserves), which Buffett invests in stocks and other assets, creating exponential growth over decades. Today, Berkshire’s insurance subsidiaries serve tens of millions of policyholders worldwide, making it not just an insurance giant but a diversified conglomerate that includes railroads, utilities, consumer brands, and more. The ability to strategically invest float—and the strong underwriting profits from lines like GEICO—propel Berkshire’s unparalleled financial scale.

• Key Stats
  1. $1.07 trillion in total assets
  2. Includes GEICO (17+ million auto policies) and multiple reinsurers
  3. Warren Buffett’s flagship conglomerate, massive investment portfolio
• Major Insurance Lines
  1. Auto (GEICO)
  2. Reinsurance (General Re)
  3. Specialty and commercial P&C (National Indemnity)

Conclusion

From State Farm’s enormous auto/home presence to Berkshire Hathaway pushing beyond $1 trillion in assets, these largest US insurance companies showcase the diverse ways insurers can reach top-tier scale. Some—like New York Life and Northwestern Mutual—remain proudly mutual, channeling profits back into policyholders and investment reserves. Others, such as MetLife or Prudential, have gone public and used global acquisitions to widen their footprint. Meanwhile, AIG exemplifies how even a crisis can’t fully dethrone a global insurer with deep historical roots. Each of these US insurance giants carries extensive reserves to underwrite their billions in life, property, or reinsurance obligations, often leveraging integrated financial services (like retirement plans or asset management) to grow further. For consumers and businesses alike, these 10 insurers form the backbone of American coverage—driving innovation, underwriting large-scale risks, and anchoring the US insurance industry in an ever-evolving market.

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