25 Largest Life Insurance Companies in 2025
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Americans interested in buying life insurance have no shortage of options, with hundreds of companies to choose from. There are over 700 insurers operating in the U.S., according to the most recent data from the American Council of Life Insurers.
The major players in the life insurance space are financially strong, offer a range of policies to suit different needs, and have long histories — some spanning more than 100 years.
» MORE: Best life insurance companies
Biggest life insurers in the U.S.
Here are the 25 largest life insurers in the United States based on market share for individual policies in 2023, according to S&P Global Market Intelligence. This is the latest data available. Collectively, these 25 companies make up over 74% of the industry’s market share.
Click on the links to learn more about each company and the types of life insurance they offer.
Company | Life insurance options | Market share in 2023 |
|---|---|---|
Term life. Whole life. Universal life. Variable universal life. | 10.71% | |
Term life. Whole life. Universal life. Variable universal life. | 7.22% | |
Term life. Whole life. Universal life. Variable universal life. | 6.44% | |
Term life. Universal life. Variable universal life. Indexed universal life. Indexed variable universal life. | 5.08% | |
Term life. Universal life. Variable universal life. Indexed universal life. | 3.98% | |
Term life. Whole life. Universal life. | 3.58% | |
Term life. Whole life. Universal life. Variable universal life. | 3.25% | |
Term life. Universal life. Variable universal life. Indexed universal life. | 2.98% | |
Term life. Whole life. Indexed universal life. | 2.85% | |
Term life. Universal life. Variable universal life. Indexed universal life. | 2.75% | |
Term life. Whole life. Universal life. Variable universal life. Indexed universal life. | 2.63% | |
12. Corebridge Financial (formerly AIG Life) | Term life. Whole life. Variable universal life. Indexed universal life. Guaranteed universal life. | 2.10% |
13. Nationwide | Term life. Whole life. Universal life. Variable universal life. | 2.08% |
14. MetLife | Life insurance offered through workplace plans only. | 1.97% |
15. Penn Mutual | Term life. Whole life. Variable universal life. Indexed universal life. Guaranteed universal life. | 1.90% |
16. National Life Group 4.5 NerdWallet rating | Term life Whole life Universal life Variable universal life Indexed universal life | 1.84% |
17. Primerica | Term life. | 1.81% |
18. Equitable (formerly AXA) | Term life. Variable universal life. Indexed universal life. | 1.71% |
Term life. Whole life. Universal life. | 1.59% | |
20. Globe Life | Term life. Whole life. | 1.57% |
21. Sammons (Midland National) | Term life. Indexed universal life. Guaranteed universal life. | 1.34% |
22. Securian | Term life. Whole life. Universal life. | 1.25% |
23. Principal Financial (formerly AXA) | Term life. Universal life. Variable universal life. Indexed universal life. | 1.24% |
24. Brighthouse Financial (formerly AXA) | Term life. Whole life. Indexed universal life. | 1.19% |
25. Western & Southern Life 3.0 NerdWallet rating | Term life. Whole life. Universal life. Indexed universal life. | 1.17% |
Source: S&P Global Market Intelligence, compiled March 28, 2024. Market share is based on 2023 direct ordinary premiums, from U.S. subsidiaries only. | ||
» MORE: Compare life insurance quotes
Learn about more life insurers
Read NerdWallet’s life insurance company reviews:
Find the best life insurers
In the market for a specific policy? Check out NerdWallet’s top picks across these life insurance categories:
How to choose a life insurance company in 2025
What makes a good life insurance company? A few factors. When comparing life insurers, consider:
Financial strength ratings. These ratings are assigned by agencies like AM Best, and point to a company’s ability to pay out claims long into the future. Each ratings agency uses its own criteria and has its own ranking system, so an A+ from one agency will not mean the same as an A+ from another agency.
Complaint ratios. These indicate how satisfied customers are with the service they receive from their life insurance companies. NerdWallet’s star rating methodology assesses data from the National Association of Insurance Commissioners, and favors life insurers with low complaint volumes. The complaint volumes are adjusted for company size.
Policy options. Some companies specialize in term or permanent life insurance, but most offer both types. It’s important to choose a carrier that offers the type of policy that will meet your goals and needs.
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