The latest rankings for the TOP 50 public insurance companies in the US and Canada for 2025 show growth and strategic developments in the insurance industry. Beinsure Media has analyzed AM Best’s data to understand how these companies achieved their results and the changes they went through.
The TOP 10 US and Canada insurers have demonstrated solid growth driven by strategic investments, market expansion, and technological advancements.
Berkshire Hathaway and Lincoln National Corp have shown double-digit growth, highlighting their effective strategies and robust performance in the competitive global insurance landscape. As these insurers continue to innovate and adapt to changing market conditions, they are well-positioned to maintain their leading positions in the industry.
US & Canada Insurance companies: Total Assets Results
- 1 // Berkshire Hathaway continues to dominate the insurance sector with a substantial asset base of over $1 trln. The company’s diverse portfolio and strategic investments have driven its impressive 12.8% growth in total assets. Berkshire’s insurance subsidiaries, such as GEICO and General Re, have contributed significantly to this growth by expanding their market presence and re/insurance underwriting capabilities.
- 2 // Prudential Financial secured its position with a 4.7% increase in total assets from $689 bn to $721 bn. This growth is attributed to strong performance in their investment and retirement solutions segments. Prudential has also benefited from a diversified product offering and global footprint, which have helped mitigate risks and capture new market opportunities.
- 3 // MetLife saw a 3.7% growth in assets from $663 bn to $688 bn, driven by its robust insurance operations and strategic investments in technology to enhance customer experience. The company’s focus on expanding its health and accident insurance lines and improving operational efficiency has contributed to steady growth.
- 4 // Manulife Financial reported a 5% increase in total assets from $616 bn to $661 bn. The company’s growth strategy includes expanding its presence in Asia and increasing digital capabilities to streamline services and enhance customer engagement. Manulife’s diversified insurance and wealth management products have also played a crucial role in its growth.
- 5 // American International Group’s total assets grew by 3.3% from $522 bn to $539 bn, driven by its focus on core insurance operations and divesting non-core assets. The company’s strategic initiatives to strengthen its underwriting capabilities and focus on profitable segments have helped improve its financial performance.
TOP 50 US and Canada Insurers by Assets
| № | Insurance Company | Total Assets, $ mn | Change, % |
| 1 | Berkshire Hathaway | 1,069,978 | 12.8% |
| 2 | Prudential Financial | 721,123 | 4.7% |
| 3 | MetLife | 687,584 | 3.7% |
| 4 | Manulife Financial Corp | 660,980 | 5.0% |
| 5 | American International Group | 539,306 | 3.3% |
| 6 | Great-West Lifeco | 538,424 | 6.1% |
| 7 | Corebridge Financial | 379,270 | 5.3% |
| 8 | Lincoln National Corp | 372,413 | 11.4% |
| 9 | Jackson Financial | 330,255 | 4.8% |
| 10 | Principal Financial Group | 305,047 | 4.9% |
| 11 | Athene Holding | 300,579 | 23.2% |
| 12 | Equitable Holdings | 276,814 | 9.5% |
| 13 | UnitedHealth Group Inc | 273,720 | 11.4% |
| 14 | Sun Life Financial | 251,567 | 3.0% |
| 15 | Brighthouse Financial | 236,340 | 5.1% |
| 16 | Ameriprise Financial | 175,191 | 10.3% |
| 17 | Voya Financial | 157,085 | 7.1% |
| 18 | The Cigna Group | 152,761 | 6.2% |
| 19 | Aflac Incorporated | 126,724 | -3.8% |
| 20 | The Travelers Companies | 125,978 | 8.9% |
| 21 | Elevance Health | 108,928 | 6.0% |
| 22 | The Allstate Corp | 103,362 | 5.5% |
| 23 | Reinsurance Group of America | 97,623 | 15.0% |
| 24 | Fairfax Financial Holdings | 91,985 | 16.7% |
| 25 | Genworth Financial | 90,817 | 1.2% |
| 26 | Progressive Corp | 88,691 | 17.5% |
| 27 | Centene Corp | 84,641 | 10.1% |
| 28 | Fidelity National Financial | 80,614 | 23.7% |
| 29 | Amer Equity Investment Life Holding | 79,918 | 9.2% |
| 30 | Loews Corp | 79,197 | 4.8% |
| 31 | Hartford Financial Services Group | 76,780 | 5.2% |
| 32 | Unum Group | 63,255 | 3.4% |
| 33 | Markel Group | 55,045 | 10.6% |
| 34 | Humana | 47,065 | 9.3% |
| 35 | Intact Financial Corp | 42,259 | 4.2% |
| 36 | W.R. Berkley Corp | 37,202 | 9.9% |
| 37 | American National Group | 35,885 | 21.5% |
| 38 | CNO Financial Group | 35,102 | 5.9% |
| 39 | Assurant | 33,635 | 1.6% |
| 40 | Cincinnati Financial Corp | 32,769 | 10.2% |
| 41 | American Financial Group | 29,787 | 3.3% |
| 42 | Globe Life Inc | 28,051 | 7.9% |
| 43 | Old Republic International | 26,501 | 5.3% |
| 44 | OneMain Holdings | 24,294 | 7.8% |
| 45 | First American Financial Corp | 16,803 | 12.4% |
| 46 | Primerica | 15,028 | 2.6% |
| 47 | Molina Healthcare | 14,892 | 20.9% |
| 48 | The Hanover Insurance Group | 14,612 | 4.4% |
| 49 | Horace Mann Educators Corp | 14,050 | 5.6% |
| 50 | Kemper Corp | 12,743 | -4.3% |
Percent changes are derived from original reporting currency
For Canadian companies adopting accounting standard IFRS 17 (Insurance Contracts). Total revenue is defined as total insurance revenue plus insurance finance result, less total net expenses from global reinsurance market.
- 6 // Great-West Lifeco saw a 6.1% increase in total assets, reflecting its strong performance in the retirement and investment product segments. The company’s expansion into new markets and strategic acquisitions have bolstered its asset base and enhanced its service offerings.
- 7 // Corebridge Financial reported a 5.3% growth in total assets, driven by its diversified investment portfolio and growth in annuity sales. The company’s focus on delivering financial solutions and expanding its digital platforms has attracted a broader customer base.
- 8 // Lincoln National Corporation achieved an 11.4% increase in total assets, reflecting its strategic focus on expanding its life insurance and retirement plan services. The company has invested in technology to enhance distribution channels and improve customer experience.
- 9 // Jackson Financial reported a 4.8% growth in total assets, supported by strong sales of annuity products and effective risk management strategies. The company’s efforts to optimize its investment portfolio and expand its product offerings have yielded positive results.
- 10 // Principal Financial Group saw a 4.9% increase in total assets. The company’s growth strategy includes expanding its global asset management business and enhancing its retirement and income solutions. Principal’s commitment to sustainability and responsible investing has also attracted new clients and assets.
US & Canada Insurance companies: Revenue Results
The TOP 10 public insurers in the US and Canada showed different performance levels in 2024.
Berkshire Hathaway, UnitedHealth Group, and Progressive Corporation experienced significant revenue growth due to strategic expansions, technological advancements, and strong market presence
- 1 // Berkshire Hathaway saw a remarkable increase of 87.7% in revenue from $234 bn to $439 bn. This significant growth can be attributed to its diversified portfolio and strong performance across various sectors, including insurance, utilities, and manufacturing. The company’s strategic acquisitions and investments, coupled with robust market conditions, played a key role in this revenue surge.
- 2 // UnitedHealth Group’s revenue increased by 14.6% from $324 bn to $372 bn. This growth was driven by the expansion of its health services and insurance businesses. The company’s innovative approaches to healthcare delivery and cost management, as well as its continued investment in technology and data analytics, have bolstered its market position and revenue growth.
- 3 // Cigna Group experienced a 7.4% increase in revenue from $182 bn to $195 bn, benefiting from its diversified health services and international markets. Cigna’s focus on expanding its global footprint, along with enhancements in its pharmacy benefits and healthcare services, contributed to steady revenue growth.
- 4 // Elevance Health, formerly known as Anthem, saw a 9.4% rise in revenue from $157 bn to $171 bn. The company’s emphasis on improving health outcomes and reducing costs through value-based care models and digital health initiatives has strengthened its revenue base. Strategic acquisitions and partnerships also played a crucial role in this growth.
- 5 // Centene Corp’s revenue grew by 6.5% from $155 bn to $146 bn. The company’s expansion into new markets and its comprehensive portfolio of healthcare solutions, including Medicaid, Medicare, and Health Insurance Marketplace offerings, contributed to this growth. Centene’s investments in technology and integrated care models have also enhanced its revenue streams.
TOP 50 US and Canada Insurers by Revenue
| № | Insurance Company | Total Revenue, $mn | Change, % |
| 1 | Berkshire Hathaway | 439,337 | 87.7% |
| 2 | UnitedHealth Group orporated | 371,622 | 14.6% |
| 3 | The Cigna Group | 195,187 | 7.4% |
| 4 | Elevance Health | 171,340 | 9.4% |
| 5 | Centene Corp | 155,392 | 6.5% |
| 6 | Humana | 106,374 | 14.2% |
| 7 | MetLife | 66,905 | -2.7% |
| 8 | Progressive Corp | 61,733 | 25.2% |
| 9 | The Allstate Corp | 57,094 | 11.1% |
| 10 | Prudential Financial | 54,315 | -3.7% |
| 11 | American International Group | 47,480 | -14.3% |
| 12 | The Travelers Companies | 41,364 | 12.1% |
| 13 | Molina Healthcare | 34,072 | 6.6% |
| 14 | Fairfax Financial Holdings Limited | 27,158 | 13.2% |
| 15 | Hartford Financial Services Group | 24,527 | 9.7% |
| 16 | Manulife Financial Corp | 19,867 | -8.8% |
| 17 | Corebridge Financial | 19,554 | -20.8% |
| 18 | Intact Financial Corp | 19,321 | -3.0% |
| 19 | Aflac orporated | 18,701 | -2.3% |
| 20 | Reinsurance Group of America | 18,567 | 14.4% |
| 21 | Sun Life Financial | 17,307 | 13.7% |
| 22 | Ameriprise Financial | 16,096 | 12.3% |
| 23 | Loews Corp | 15,901 | 13.2% |
| 24 | Markel Group | 15,803 | 33.8% |
| 25 | Great-West Lifeco | 15,393 | -1.5% |
| 26 | Pripal Financial Group | 13,666 | -22.1% |
| 27 | Equitable Holdings | 12,925 | 2.2% |
| 28 | Unum Group | 12,386 | 3.4% |
| 29 | W. R. Berkley Corp | 12,143 | 8.3% |
| 30 | Fidelity National Financial | 11,752 | 1.6% |
| 31 | Loln National Corp | 11,645 | -38.1% |
| 32 | Assurant | 11,132 | 9.2% |
| 33 | Jackson Financial | 10,270 | -18.0% |
| 34 | Cinnati Financial Corp | 10,013 | 52.6% |
| 35 | Brighthouse Financial | 8,024 | 7.5% |
| 36 | Genworth Financial | 7,488 | -0.1% |
| 37 | American Financial Group | 7,422 | 9.0% |
| 38 | Voya Financial | 7,348 | 23.9% |
| 39 | Old Republic International Corp | 7,258 | -10.2% |
| 40 | First American Financial Corp | 6,004 | -21.1% |
| 41 | The Hanover Insurance Group | 5,994 | 9.6% |
| 42 | Oscar Health | 5,863 | 42.0% |
| 43 | American National Group | 5,517 | 42.9% |
| 44 | Globe Life | 5,447 | 4.2% |
| 45 | Kemper Corp | 4,944 | -10.5% |
| 46 | Mercury General Corp | 4,629 | 27.1% |
| 47 | Selective Insurance Group | 4,232 | 18.9% |
| 48 | CNO Financial Group | 4,147 | 15.9% |
| 49 | OneMain Holdings | 3,578 | -3.0% |
| 50 | Definity Financial Corp | 3,015 | 22.9% |
Percent changes are derived from original reporting currency
In contrast, MetLife and Prudential Financial saw slight revenue declines, highlighting the challenges and market volatility in the insurance industry.
- 6 // Humana reported a 14.2% increase in revenue. The company’s focus on expanding its Medicare Advantage business and its integrated healthcare services has driven substantial revenue growth. Humana’s commitment to value-based care and improved member health outcomes has positioned it strongly in the market.
- 7 // MetLife experienced a slight decline of 2.7% in revenue to $67 bn. Despite facing challenges, the company remains a key player in the insurance industry with its diverse product offerings and global presence. The decrease in revenue may be attributed to market volatility and changes in interest rates affecting investment returns.
- 8 // Progressive saw a revenue increase of 25.2% to $62 bn. The company’s innovative insurance solutions, competitive pricing, and strong customer acquisition strategies have contributed to this growth. Progressive’s focus on leveraging technology for underwriting and claims processes has also enhanced its market position.
- 9 // Allstate Corp achieved an 11.1% growth in revenue to $57 bn. The company’s strong performance in auto and home insurance segments, along with its digital transformation initiatives, have driven this growth. Allstate’s strategic acquisitions and focus on customer-centric services have further strengthened its revenue base.
- 10 // Prudential Financial. experienced a revenue decline of 3.7% to $54.3 bn. Despite the decrease, Prudential remains a prominent player in the insurance and financial services industry. The decline may be due to market fluctuations and changes in the economic environment impacting investment returns and insurance demand.
Overall, the sector is evolving with a focus on innovation, customer-centric services, and value-based care models driving growth and resilience.
FAQ
The top insurers have shown growth through strategic investments, market expansion, and technological advancements. Many companies focused on expanding their product offerings, improving operational efficiency, and increasing digital capabilities to adapt to evolving market demands.
Berkshire Hathaway sustained its lead with a significant asset base exceeding $1 trillion. Its diversified portfolio and strategic investments, particularly through subsidiaries like GEICO and General Re, enabled substantial growth in market presence and re/insurance underwriting capabilities.
Companies like Berkshire Hathaway, UnitedHealth Group, and Progressive Corp showed notable revenue growth. Their strategic expansions, technology adoption, and strong market presence contributed to increased revenues, despite market challenges.
Prudential Financial recorded a 4.7% growth in total assets, supported by its investment and retirement solutions segments. However, its revenue declined slightly by 3.7%, reflecting the market volatility and challenges in investment returns.
Insurers are increasingly focusing on innovation, digital transformation, and customer-centric approaches. Strategies include expanding value-based care models, enhancing digital platforms, and investing in technology to streamline operations and improve the customer experience.
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Edited & Fact-checked by Oleg Parashchak – CEO Finance Media & Editor-in-Chief at Beinsure Media and Insurance TOP Ratings (23+ years of professional experience in Rankings, Insurance & Media) by AM Best Data.
