The market of life insurance in the United States is a massive market and highly competitive one as well. In 2014, about 180 million Americans have are involved in owning some form of life insurance. In the same year of 2014, and more than nine hundred life insurance companies have reported a total of almost $ 147 billion of direct premiums across the country. The largest life insurer in the United States is the, MetLife Corporation. Have earned about $ 11.3 billion of insurance premiums and a market share of about 7.7%. The other 3 (three) insurance companies .i.e., (New York Life, Prudential Financial and Northwestern Mutual). All these companies have managed to capture more than 5% market share and more than $ 7 billion in bonuses each year. Even forty-ninth company in the current rankings that is the Allstate Insurance Company, said that it has more than $ 711 million in written premiums over the market share of only 0.5%.
MetLife Insurance Corporation
MetLife Insurance Corporation is the largest life insurance company in the United States since the year 2015. MetLife Insurance Corporation claims almost $ 11.3 billion in bonuses in the US market, accounting for a market share of 7.66%. MetLife have also earned the life insurance premiums on foreign markets amounted around $ 1 billion, making this company, of the few insurance companies in this list with a large insurance companies in the abroad. MetLife insurance corporation is one of the leading companies in the world in every industry, with combined revenues of $ 73300000000 9 73 BILLION us DOLLARS) in the year 2014. The company offers a wide range of insurance products, annuities, life insurance benefits and provides asset management services as well. MetLife Insurance Corporation is operating in fifty countries and it has over one hundred million customers in the countries where they are performing their operations. MetLife Corporation has a market worth of about fifty six billion US dollars.
Northwestern Mutual Insurance Company
Northwestern Mutual Insurance Company has reported over $ 9.5 billion in written premiums for life insurance in 2014, it means that Northwestern Mutual Insurance Corporation captures almost 6.5% of the US market. In its life insurance and other insurance products, the company has offered, the investment coverage’s and also have provided the services in the field of financial planning. Northwestern Mutual consolidated revenues of around twenty seven billion US dollars in the year 2014. As an insurance company, it has managed all the benefit of the policyholders rather than the shareholders. Dividends paid by insurers amounted to $ 5.5 billion in 2014 to nearly $ 5 billion was paid to insurance policyholders. Out of these dividend payments 75% were used for the purchase of new security in Northwestern Mutual.
New York Life Insurance
New York Life Insurance Company has written about $ 8.2 billion in the shape of the domestic life insurance premiums in the year 2014, equivalent to about 5.6% of the market. In addition to its business of life insurance, this insurance company also provides the coverage’s of care insurance, mutual funds and annuities. New York Corporation also manages the business and the growing investment management.
Prudential Financial is the fourth largest life insurance services provider in the United States. It is a conglomeration of the listed financial services, offering the insurance coverage’s mutual funds, investment management services, annuities and other products. This gigantic organization is working and operating in 43 countries around the world. So we can easily say that apart from US it has its influence in other countries of the world.