There are a number of ways to rank the size of insurance companies. Companies can be measured by their market capitalization (the value of the company on a stock exchange) or by using sales figures, such as net premiums written in a year or how many policies were sold. Here, we examine the top 10 largest insurance companies by market cap, market share, and revenues.

Insurance companies are important players in the global financial economy, although they may not be as flashy as investment banks or hedge funds.
Insurance companies come in many sizes and specialize in different policy lines, from health to life to property & casualty.
Market capitalization, or market cap, is the value of a company’s outstanding shares.
Some insurance companies are mutually owned, in which the policyholders are the owners.
When ranking insurance companies, it’s important to categorize them according to their product line.

Market capitalization, or market cap, is the total value of a company’s stock, and it is calculated by multiplying the number of outstanding shares by the current share price. It is a quick way of determining the value of a company in the eyes of investors.

Companies with large market caps are generally established, conservative investments. They likely experience steady growth and offer the least amount of risk. Mid-cap companies are also established but have high growth potential. Lastly, small-cap companies are often new companies with high growth potential. Investing in these companies poses the greatest risk because they are more vulnerable to economic downturns than the more established large and mid-cap companies.

Investors can buy shares of publicly-traded companies in the insurance industry. The largest non-health insurance companies by market capitalization on the world stock exchanges as of 2020 are :

Company Name
Market Capitalization
Berkshire Hathaway (U.S.)
$455.4 billion
Ping An Insurance (China)
$187.2 billion
AIA Group (Hong Kong)
Allianz (Germany)
$77.1 billion
Anthem (U.S.)
$70.8 billion
China Life Insurance (China)
$60.3 billion
Humana (U.S.)
$50.5 billion
Chubb (Switzerland)
$48.8 billion
Zurich Insurance (Switzerland)
$47.4 billion
Progressive (U.S.)
$45.2 Billion

Company Name
Market Capitalization
United Healthcare (
$91.8 billion
Wellpoint (

$34.3 billion
Aetna (AET)
$29.8 billion
CIGNA Corp. (
$26.8 billion
Humana (
$21.1 billion
Centene Corp. (
$5.7 billion
Health Net, Inc. (

$3.9 billion
WellCare Health Plans (
$3.1 billion
Healthspring (

$3.7 billion
Molina Healthcare (
$2.4 billion

(The collective market cap data on health insurance and managed health care companies is from 2018, the last year of available data.)

Not all insurance companies are publicly traded. In fact, many insurers are structured as mutual companies, where policyholders of participating policies are essentially partial owners of the company. The mutual company model for an insurance company dates back hundreds of years, and there are certain benefits conferred on policyholders that do not exist with publicly traded (stock company) insurers.

American Family Insurance is the largest mutual insurance company in the United States.

It is useful to differentiate between the type of insurance, or line, that is being considered when considering the largest insurance companies. Using sales data is helpful as some of the largest insurance companies in the United States are not publicly traded and therefore their market value is not easily ascertained.

Property and casualty insurers write policies covering property such as real estate, dwellings, cars, and other vehicles. They also write policies dealing with liabilities that may be incurred by accident or negligence related to those properties to defray the cost of lawsuits or medical damages resulting from such incidents.

The top U.S. property and casualty companies in 2020 by net premiums written (the amount of money that non-life policies can expect to receive over the life of the contract, less commissions and costs) are :

Net Premiums Written
State Farm Group
$66.2 billion
Berkshire Hathaway (BRK.A)
$46.4 billion
Progressive Insurance Group (
$41.7 billion
Allstate Insurance Group (
$39.2 billion
Liberty Mutual
$36.2 billion
Travelers Group (
$28.8 billion
USAA Group
$24.6 billion
Nationwide Group
$18.8 billion
Farmers Insurance Group
$14.3 billion
American International Group (
$14.2 billion

Life Insurance companies promise to pay out a lump sum benefit upon the death of the insured. Although actuarial science has created mortality tables to accurately estimate the future liability of policies to be paid, having financial strength ensures that these companies can meet all of their obligations while still earning a profit.

Life Insurance companies in the U.S. can be ranked by direct premium written (the number of new policies written directly and not re-insured). For 2020:

Total Direct Premium
Market Share
New York Life Grp
$11.69 billion
Northwestern Mutual
$11.30 billion
Metropolitan Group (
$10.49 billion
Prudential of America (
$10.06 billion
Lincoln National
$8.37 billion
$7.92 billion
State Farm
$4.97 billion
Aegon (
$4.86 billion
John Hancock
$4.73 billion
Minnesota Mutual Grp
$4.69 billion

Health insurance companies provide policies to cover all or part of policyholder’s health and medical costs. Policies may be purchased individually or through an employer. Technically, the United States government is the largest health insurance provider in America through the Medicare program, Social Security, and Medicaid administered by individual states.

Based on the National Association of Insurance Commissioners (NAIC) 2018 report, the largest non-government sponsored U.S. health insurance companies measured by total direct premium collected were:

Total Direct Premium
Market Share
UnitedHealth Group (
$156.9 billion
Kaiser Foundation Group
$93.2 billion
Anthem Inc Group
$67.2 billion
Humana Group
$56 billion
$55.4 billion
HCSC Group
$36.9 billion
Centene Corp Group
$36.3 billion
Cigna Health Group (
CI )
$29.3 billion
$20.5 billion
Molina Healthcare Inc Group
$18.5 billion

(The sales data on health insurance companies is from 2018, the last year of available data.)

The following CEOs of the 6 largest health insurance companies make in excess of $15 million annually:

Michael Neidorff of Centene earns $26.4 million
David Cordani of Cigna earns $19.1 million
David Wichmann of UnitedHealth Group earns $18.9 million
Joseph Zubretsky of Molina Healthcare earns $18 million
Bruce Broussard of Human earns $16.7 million
Gail Boudreaux of Anthem earns $15.5 million

Investing in insurance companies can be a safe option for some investors. Insurance companies are founded to deal with risk, which can ultimately reduce the risks associated with investing in them. Health insurance, subject to rapid changes, has the potential for significant growth compared to other types of insurance companies.

The largest investors in insurance companies are generally other institutions. For example, UnitedHealth Group (UNH) has 4,116 institutional owners, who hold more than 989 million shares.

The five largest homeowners insurance companies in the U.S. are State Farm, Allstate, USAA, Liberty Mutual, and Farmers. Together, these companies hold more than 45% of the homeowners insurance market share.

The five largest insurance companies in Canada are Manulife Financial Corporation, Great-West Lifeco, Desjardins, Sun Life Financial, and Fairfax Financial. Manulife is Canada’s largest insurance company, employing over 35,000 employees and serving more than 30 million customers.

Ranking the largest insurance companies can be done in a number of ways. Shares of publicly traded companies can be bought to help build a well-diversified investment portfolio that has exposure to the financial and healthcare sectors. Identifying which types of insurance a company primarily deals with helps determine which firms are competitors and which really are not. Looking at sales figures, or premiums collected in a year, one can also see how public companies stack up against privately held or mutual companies which make up a large segment of the industry.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our
editorial policy.

Statista. “Largest insurance companies worldwide as of May 2020, by market capitalization.” Accessed May 13, 2021. “List of Mutual Insurance Companies in USA.” Accessed May 13, 2021.

Insurance Information Institute. “Facts + Statistics: Insurance company rankings.” Accessed May 13, 2021.

NAIC. “Life and Fraternal Insurance Industry 2020 Top 25 Groups and Companies by Countrywide Premium,” Page 1. Accessed May 13, 2021.

Insurance Business Mag. “Top 10 health insurance companies in the US.” Accessed May 13, 2021.

Besker Hospital Review. “Pay for each of these 6 health insurance CEOs surpasses $15M.” Accessed May 13, 2021

Fintel. “UNH Institutional Ownership – UnitedHealth Group Inc.” Accessed May 13, 2021.

Insurify. “Top 10 Largest Home Insurance Companies: Consumer Reviews, Rates (2021).” Accessed May 13, 2021.

ADV Ratings. “Top Insurance Companies in Canada.” Accessed May 13, 2021.

Leave a Reply

Your email address will not be published.