The United States Life and Non-Life Insurance Market Report is Segmented by Insurance Type (Life Insurance, Non-Life Insurance), Customer Segment (Retail, Corporate), Distribution Channel (Brokers, Agents, Banks, Direct Sales, Other Channels), and Geography (Northeast, Midwest, South, West). The Market Forecasts are Provided in Terms of Value (USD).

In 2023, the largest share of the U.S. life insurance market was held by Milwaukee-based Northwestern Mutual, which accounted for **** percent of the market. As a mutual society specializing in life insurance, Northwestern Mutual has attained a higher share of this market than diversified, publicly listed insurance giants like MetLife and Corebridge Financial (formerly AIG Life). In fact, many of the largest life insurance companies in the United States are not publicly listed, so do not factor into the list of the largest U.S. life insurance companies by market capitalization.

The number of life insurance companies in the United States rose significantly in the first few years of the time period under observation, before decreasing year-on-year until the present day. In 2023, there were a total of *** life insurance companies in the United States, down from *** in the previous year. The number of life insurers peaked in 1990, with well over ***** life insurance companies in the United States that year. Life and annuities in the United StatesBeing home to one of the largest insurance markets in the world, the life/annuity insurance industry in the United States generated a total revenue of over one trillion U.S. dollars in 2022. Generally, life insurance provides the insured individual's family with financial protection in the event that they die before meeting that individual's financial obligations. On the other hand, an annuity is a contract whereby the insured individual agrees to pay the insurer a certain amount of money, which then entitles them to receive a series of payments from the insurer in the future. Insurers dominate different areas of the industryThe U.S. insurance market is quite competitive, with different insurers leading the industry by varying factors. For instance, the largest life insurer on the U.S. market in 2021 was Northwestern Mutual when considering company market share. However, Prudential Financial was the largest life insurer in the U.S. in 2021 by the total value of assets held.

Graph and download economic data for Life Insurance Companies; Total Financial Assets, Level (BOGZ1FL544090005Q) from Q4 1945 to Q2 2025 about life, insurance, assets, and USA.

United States Life Insurance Market was valued at USD 784.13 billion in 2024 and is anticipated to grow USD 1,167.34 billion by 2030 with a CAGR of 6.92% during forecast period

United States Insurance: Number of U.S. Life Insurers data was reported at 719.000 Unit in 2023. This records a decrease from the previous number of 727.000 Unit for 2022. United States Insurance: Number of U.S. Life Insurers data is updated yearly, averaging 1,312.500 Unit from Dec 1950 (Median) to 2023, with 50 observations. The data reached an all-time high of 2,343.000 Unit in 1988 and a record low of 649.000 Unit in 1950. United States Insurance: Number of U.S. Life Insurers data remains active status in CEIC and is reported by National Association of Insurance Commissioners. The data is categorized under Global Database’s United States – Table US.RG001: Insurance: Operational Statistics.

In 2023, the life/annuity insurance industry in the United States generated revenues of over *** trillion U.S. dollars. Revenues in this sector decreased by about ** billion U.S. dollars between 2022 and 2023. A life annuity is an insurance product, which is commonly used to provide a guaranteed income in retirement that cannot be outlived. The annuitant pays into it periodically while they’re still working, or makes a lump sum purchase upon retirement to provide a reliable, usually monthly, source of income. Life/annuity insurance lines The life/annuity insurance industry provides three lines of insurance: annuities, accident and health, and life insurance. The value of direct premiums written of annuities have been consistently higher than those of the other two lines. MetLife Inc was the largest U.S. life insurer in terms of direct premiums written. Most popular life insurance distribution channel Over half of all life insurance sales are made by independent agents. The next most used distribution channel are affiliated, or captive, agents who account for approximately ********* of all sales.

Graph and download economic data for Life Insurance Companies; Total Miscellaneous Assets, Level (BOGZ1FL543090005A) from 1945 to 2024 about life, miscellaneous, insurance, assets, and USA.

The US life and non-life insurance industry exhibits robust growth, projected at a compound annual growth rate (CAGR) of 6.95% from 2019 to 2033, reaching a market size of $2.02 trillion by 2025. This expansion is driven by several key factors. Increased awareness of financial security needs, particularly among millennials and Gen Z, fuels demand for life insurance products, especially individual policies. The rising prevalence of chronic illnesses and the escalating costs of healthcare are also significant drivers, boosting demand for health insurance coverage. Furthermore, the growing adoption of digital distribution channels and technological advancements like AI-powered underwriting and personalized risk assessments are streamlining processes and enhancing customer experiences, fostering market growth. The increasing penetration of motor vehicles and homeownership, especially in developing regions, contributes to the growth of the non-life insurance segment. However, the industry faces certain challenges. Regulatory changes and stringent compliance requirements can impact profitability. Economic downturns can lead to reduced consumer spending on insurance products, affecting overall market growth. Furthermore, intense competition among established players and the emergence of Insurtech companies necessitate strategic innovation and adaptability to maintain market share. Segment-wise, the life insurance sector, particularly individual life insurance, is anticipated to witness higher growth compared to group life insurance due to rising individual disposable income and awareness about financial planning. Within the non-life sector, home and motor insurance remain the largest segments, influenced by factors like rising property values and increasing vehicle ownership. The distribution channel analysis indicates that agency-based sales still dominate, but digital channels are gaining traction. Recent developments include: In 2022, With a USD100 million investment in health worker diversity, United Health Group advanced health equity and fulfilling its objectives to increase access to care, make it more affordable, and produce better health outcomes., In 2021, Cigna introduced its Cigna ID card which clients can access from anywhere at any time. By which clients can find in-network doctors, care, and cost estimates.. Notable trends are: Growing Insurtech in the United States is Driving the Market.

Graph and download economic data for Life Insurance Companies; Total Financial Assets, Level (BOGZ1FL544090005A) from 1945 to 2024 about life, insurance, assets, and USA.

Market Size statistics on the Life Insurance & Annuities industry in the US

United States Life Insurers: Assets Size by Organizational Structure data was reported at 8,743.195 USD bn in 2023. This records an increase from the previous number of 8,274.918 USD bn for 2022. United States Life Insurers: Assets Size by Organizational Structure data is updated yearly, averaging 6,992.794 USD bn from Dec 2011 (Median) to 2023, with 13 observations. The data reached an all-time high of 8,743.195 USD bn in 2023 and a record low of 5,492.658 USD bn in 2011. United States Life Insurers: Assets Size by Organizational Structure data remains active status in CEIC and is reported by National Association of Insurance Commissioners. The data is categorized under Global Database’s United States – Table US.RG002: Life Insurance: Size of Insurers.

Graph and download economic data for Life Insurance Companies; Life Insurance Reserves and Annuity Entitlements; Liability (IMA), Level (BOGZ1FL543152205A) from 1945 to 2024 about annuities, life, IMA, reserves, insurance, liabilities, and USA.

Discover the booming global life and non-life insurance market! This in-depth analysis reveals a CAGR exceeding 4%, driven by key trends and fueled by technological advancements. Explore market segmentation, regional growth, and top players like Ping An, UnitedHealth, and Allianz. Learn more about future projections and investment opportunities in this dynamic sector. Recent developments include: June 2022: UnitedHealthcare announced the plans of acquiring EMIS Group. The EMIS Group is a leading health technology company based in the UK. The deal is expected to be an all-cash deal of GBP 1.24 billion (USD 1.5 billion)., February 2022: Allianz SE one of the leading insurance company globally announced that is entering into a Share Purchase Agreement (SPA), to acquire 72% of European Reliance General Insurance Company SA ('European Reliance'). European Reliance is one of the leader in the Greek insurance sector with a network of 5,667 agents and 110 retail offices.. Notable trends are: Cyber Insurance is Driving the Market.

United States Insurance: Number of Foreign-owned U.S. Life Insurers data was reported at 101.000 Unit in 2023. This records a decrease from the previous number of 102.000 Unit for 2022. United States Insurance: Number of Foreign-owned U.S. Life Insurers data is updated yearly, averaging 101.000 Unit from Dec 2007 (Median) to 2023, with 17 observations. The data reached an all-time high of 107.000 Unit in 2017 and a record low of 93.000 Unit in 2021. United States Insurance: Number of Foreign-owned U.S. Life Insurers data remains active status in CEIC and is reported by National Association of Insurance Commissioners. The data is categorized under Global Database’s United States – Table US.RG001: Insurance: Operational Statistics.

In a survey of representatives of the life insurance industry in the United States, it was found that in 2019 the sector spent **** million U.S. dollars on advertising.

Graph and download economic data for Life Insurance Companies; Insurance Reserves, Excluding Life Insurance Reserves and Pension Entitlements; Liability, Level (LICELPQ027S) from Q4 1945 to Q2 2025 about pension, life, IMA, companies, reserves, insurance, liabilities, and USA.

Graph and download economic data for Life Insurance Companies; Total Mortgages; Asset, Level (BOGZ1FL543065005Q) from Q4 1945 to Q2 2025 about life, insurance, mortgage, assets, and USA.

The Global Life and Non-Life Insurance Market Report is Segmented by Insurance Type (Life Insurance, Non-Life Insurance), Customer Segment (Retail, Corporate), Distribution Channel (Brokers, Agents, Banks, Direct Sales, Other Channels), and Geography (North America, South America, Europe, Middle East and Africa, Asia-Pacific). The Market Forecasts are Provided in Terms of Value (USD).

Graph and download economic data for Life Insurance Companies, General Accounts; Total Financial Assets, Level (BOGZ1FL544090075A) from 1945 to 2024 about general accounts, life, insurance, assets, and USA.