TOP 100 Life & Health Insurance Companies in the U.S. in 2026

US Life Insurance Companies to see growth earnings in 2026 while wrestling with the impact of higher interest rates, a dynamic annuities sector and the commercial real estate market’s effect on investment portfolios. The Life & Health insurance industry’s admitted assets grew by 6% to $9,5 bn.

US Life insurers’ capital and short-term liquidity make them unlikely to be forced sellers of real estate assets at distressed valuations, any commercial real estate losses are expected to remain within ratings sensitivities

According to Beinsure Data, higher interest rates for life insurers put additional strain on borrowers’ ability to repay loans, and default rates on corporate debt in the US, though low, are beginning to rise. Corporate insolvencies are also increasing.

The US life & annuity sector experienced a 5.3% increase in total income during the 2025 compared to the same period. This growth stemmed from a 13.7% rise in premiums and annuity considerations and a 9.6% increase in net investment income.

Net investment income for the life/annuity segment increased by 10% in 2025 to $250 bn, slightly higher than the 9% year-over-year increase recorded in 2023. In addition, according to the report, Mortgage loan portfolios have grown considerably over the last decade, and at year-end 2024 accounted for 14% of invested assets.

Total expenses rose by 8.8%, driven by a $63 bn increase in surrender and other benefits. Despite these gains, the pretax net operating profit dropped 43% to $31.6 bn, while net income declined 30.5% to $21.7 bn due to reduced net realized capital losses, according AM Best’s Review.

• Prudential of America Group led Best’s Review’s Top 200 US Life/Health Insurers ranking, reporting $568.19 bn in 2024 admitted assets, which is $121.20 bn more than second-place New York Life Group.
• Northwestern Mutual Group’s admitted assets rose 5.4% to $378.45 bn, pushing the company into fifth place and moving TIAA Group to sixth despite a 1.2% increase to $367.98 bn.
• Pacific Life Group and Brighthouse Insurance Group exchanged positions, ranking 15th and 16th, respectively.
• CL Life & Annuity Insurance Co. recorded the largest increase in admitted assets among the 200 companies, rising 174.7% to $637.9 mn and moving to 174th place from 218th a year earlier.
• Federal Life Insurance Co. advanced from 206th to 167th with a 166.1% increase to $849.6 mn in assets.
• Venerable Holdings Group experienced the largest drop, with assets declining 13.2% to $41.00 bn and its rank falling from 41st to 45th.
• Gleaner Life Insurance Society saw a 12.3% decrease in assets, finishing in the 152nd position compared to 143rd the previous year.
• Genworth Financial Cos. dropped from 32nd to 35th place, the only insurer in the top 40 reporting a decline, with assets down 1.7% to $62.93 bn.

TOP 100 Largest Life & Health Insurers in the United States by admitted assets

Rank	Company/Group	Total Assets ($’000)	% Change
1	Prudential of America Group	568,189,539	6.9
2	New York Life Group	446,993,932	5.6
3	MetLife Life Ins Companies	414,849,940	0.1
4	Massachusetts Mutual Life Group	406,644,847	6.7
5	Northwestern Mutual Group	378,451,501	5.4
6	TIAA Group	367,981,623	1.2
7	Corebridge Finl	364,554,224	4.5
8	Lincoln Finl Group	313,032,183	6.7
9	Jackson Natl Group	300,149,158	4.8
10	John Hancock Life Insurance Group	294,684,772	3.1
11	Equitable Life Group	284,853,258	9.7
12	Athene US Life Group	284,781,867	17.3
13	Nationwide Life Group	265,370,311	10.0
14	Principal Finl Group Inc.	241,283,870	5.6
15	Pacific Life Group	219,957,778	8.3
16	Brighthouse Ins Group	210,462,535	0.9
17	Aegon USA Group	207,540,415	2.6
18	Allianz Life Ins Group	192,258,882	4.6
19	Great-West Life Group	188,508,102	8.1
20	Global Atlantic Group	184,959,784	16.1
21	Voya Finl Group	142,565,399	5.3
22	Sammons Finl Group	127,209,623	7.9
23	Ameriprise Finl Group	120,306,322	7.8
24	Thrivent Finl for Lutherans	117,953,918	3.9
25	Talcott Resolution Group	113,464,766	0.5
26	Amer Natl Ins Companies	103,387,299	7.3
27	Protective Life Group	103,175,105	5.7
28	Guardian Life Group	102,400,108	5.7
29	State Farm Life Group	98,256,454	3.8
30	Western & Southern Finl Group	75,957,661	7.4
31	Group 1001 Life & Annuity Group	67,320,699	8.7
32	Securian Finl Ins Group	66,347,594	2.6
33	Fidelity & Guaranty Life Group	66,183,636	16.4
34	RGA Group	65,215,888	8.9
35	Genworth Finl Companies	62,930,455	-1.7
36	Symetra Life Group	60,722,375	7.2
37	SBL Hldgs Group	58,023,971	6.2
38	Oneamerica Group	51,762,846	6.5
39	Fidelity Investments Group	51,090,965	13.5
40	Mutual of Omaha Group	50,602,944	4.3
41	Penn Mutual Group	48,404,095	13.0
42	ERAC Group	48,367,290	0.7
43	Natl Life Group	47,056,335	11.4
44	Meiji Yasuda US Life Group	46,578,243	14.9
45	Venerable Hldgs Group	40,997,948	-13.2
46	Unum Ins Group	40,966,943	1.5
47	CMFG Life Group	37,461,666	6.1
48	Wilton Re Group	37,397,885	5.5
49	Resolution Life US Group	34,700,074	-0.6
50	EquiTrust Life Ins Co	33,576,723	23.5
51	USAA Life Group	32,490,954	6.7
52	Aetna Life Group	32,133,556	14.4
53	CNO Group	31,240,633	8.9
54	Knights of Columbus	31,194,633	2.9
55	Fortitude Re US Group	31,167,198	-4.4
56	Ameritas Life Group	30,558,978	5.6
57	Cigna Life Group	30,255,569	-3.1
58	AuguStar Life Group	29,305,447	4.5
59	Tokio Marine US Life Group	29,095,056	15.9
60	Berkshire Hathaway Group	28,268,382	-5.0
61	Kuvare US Group	27,231,744	16.3
62	Everlake Life Group	25,913,096	0.3
63	Mutual of America Group	24,018,246	-0.4
64	UnitedHealth Life Companies	23,802,153	0.6
65	Globe Life Group	23,485,534	1.7
66	Prosperity Life Group	23,344,019	0.6
67	Sun Life Finl Group	23,278,496	-1.3
68	Hannover Life Reassur America	20,620,838	7.5
69	Nassau Ins Group	19,237,091	5.4
70	Aflac U.S. Group	19,149,195	3.6
71	Modern Woodmen of America	18,169,069	2.5
72	Zurich Amer Life Group	18,057,368	8.7
73	Southern Farm Bureau Life Ins Co	16,491,564	2.4
74	Legal & Gen America Group	13,611,194	16.9
75	Swiss Re Life Group	13,267,048	-0.9
76	Hartford Life & Accident Ins Co	12,942,016	-0.9
77	Calton Hldgs Group	12,047,109	37.5
78	Axcelus Finl US Group	11,620,710	18.8
79	Oceanview Life & Annuity Co	11,322,191	35.0
80	Woodmen of the World Life Ins Society	11,300,236	0.3
81	Munich Amer Group	11,056,102	6.9
82	COUNTRY Finl Life Companies	10,904,886	3.8
83	Sentry Life Ins Group	10,567,756	7.3
84	Horace Mann Life Companies	10,372,870	4.8
85	SILAC Ins Group	10,056,105	-3.8
86	Farm Bureau Life Group	9,966,334	1.7
87	Amer Fidelity Group	8,367,311	3.6
88	Americo Life Group	8,186,620	6.4
89	Aspida Life Ins Co	7,905,081	156.6
90	Advantage Capital Life Group	6,529,809	12.2
91	Sagicor Life Ins Co	5,479,804	15.1
92	Union Labor Life Ins Co	5,424,996	9.8
93	Cincinnati Life Ins Co	5,281,772	1.7
94	Amer Family Life Ins Co	5,172,228	-0.1
95	AAA Life Group	5,165,153	4.3
96	Natl Guardian Life Ins Co	5,129,325	4.0
97	GBU Finl Life	4,729,123	6.8
98	Auto-Owners Life Ins Co	4,674,208	0.9
99	Continental Gen Ins Co	4,615,310	-2.5
100	Physicians Mutual Companies	4,447,575	1.6
	Top 200 Insurers	9,233,983,117	5.8
	Total U.S. Life/Health Industry	9,248,860,523	5.8

While life insurers’ exposures to illiquid assets have been rising, it does not necessarily lead to unmeasured risks. Private and illiquid credit cannot be traded or sold and the lender is primarily exposed to default risk.

Mortgage loan holdings have nearly doubled in the last 10 years, although the quality of mortgages in good standing continues to deteriorate as economic conditions impact debt service coverage and loan-to-value ratios, in addition to residential mortgages constituting a greater share of the portfolio.

Kaitlin Piasecki, industry research analyst, Industry Research and Analytics, AM Best

Capital and surplus increased to $514.4 bn. Key drivers included $37.9 bn from net income, changes in unrealized gains, contributed capital, and other surplus changes, offset by $31.5 bn in changes to the asset valuation reserve and stockholder dividends.

US Life & Annuity – Financial Indicators

Financial Indicators	2024 ($ bn)	% Change
Premiums and Annuity Considerations	795	13.7
Net Investment Income	223	9.6
Commissions and Expense Allowances – Ceded	30	-16.6
Other Income	6	-89.7
Total Income	1 055	5.3
Death Benefits	84	-1.7
Annuity Benefits	100	6.7
Surrender Benefits	455	20.9
Other Benefits	259	3.6
Total Incurred Benefits	898	11.5
Commissions and Expense Allowances – Direct & Assumed	74	4.1
General Insurance Expenses and Other	104	-4.4
Net Transfers to Separate Accounts	-81	12.2
Dividends to Policyholders	20	3.5
Total Expenses	1 015	8.8
Pretax Net Operating Gain	39	-43
Federal and Foreign Taxes	9	-29.1
Net Operating Gain	30	-46.1
Net Realized Capital Gains/Losses	-3	-80.5
Net Income	26	-30.5

The majority of private credit lies in senior notes and term loans, but structured private credit, particularly collateralized loan obligations, has grown markedly,” said Jason Hopper, associate director, Industry Research and Analytics, AM Best.

“The amount of private credit on L/A insurers’ balance sheets, as well as the expertise required to manage the risk exposure of these holdings, raises the question of how much larger allocations to private credit can become.”

US Life & Annuity – Capital and Surplus

Capital and Surplus Indicators	$ bn	% Change
Prior Year End Capital and Surplus	635	4.9
Net Income	26	-27
Change in Unrealized Gains (Losses)	5	340
Change in Asset Valuation Reserve	-9	4.7
Other Changes in Surplus	8	2.7
Contributed Capital	6	63
Stockholder Dividends	-20	-1.2
Ending Capital and Surplus	643	4.0
Change in C&S from Prior Year End ($)	8
Change in C&S from Prior Year End (%)	1

Cash and short-term investments grew by 11% from the end of 2025. The mortgage loan asset class maintained a consistent share of 12–14% of invested assets over the last five years.

Profitability is improving as well, with greater room for margins in new spread-based products and opportunity to reinvest assets backing legacy liabilities at a higher rate, according to Swiss Re sigma.

The surge in interest rates to 15-year highs significantly improves the outlook for life and annuity insurance. The global life insurance industry today looks very different to 15 years ago.

Low interest rates from 2008 until the inflation surge after 2021 put huge strain on the traditional life insurance business model of using balance sheet leverage and investment income to deliver contractual promises to policyholders.

US fixed annuity sales are projected to reach a new record this year, following a more than twofold increase in 2025 compared to any previous year before 2022.

Life insurer operating results and investment return, key markets

This demand boost should help mobilize the substantial private savings needed to narrow the retirement savings gap between current pension assets and the amount required for secure retirements, according to Top Trends in the Global Life Insurance Market.

Individual annuities direct business, first year and single premiums

US life insurers are expected to see growth during third-quarter earnings while wrestling with the impact of higher interest rates, a dynamic annuities sector and the commercial real estate market’s effect on investment portfolios.

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Edited & Fact-checked by Oleg Parashchak – CEO Finance Media & Editor-in-Chief at Beinsure Media and Insurance TOP Ratings (25+ years of professional experience in Rankings, Insurance & Media) by AM Best Data.