Top 20 Life Insurance Companies by Direct Premiums Written in 2023
Top 20 Life Insurance Companies by Direct Premiums Written in 2023: Top 20 Life Insurance Companies by Direct Premiums Written in 2023, the life insurance industry in 2023 demonstrated significant growth and resilience, with leading companies expanding their market presence through innovative products and customer-centric strategies.
This article delves into the top 20 life insurance companies ranked by direct premiums written, providing insights into their performance and the factors contributing to their success.
1. New York Life Insurance Group
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Direct Premiums Written: $13.29 billionInvestmentNews+8Business Day+8Insurance Info Finder+8
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Market Share: 6.86%Digital Insurance+1Insurance Info Finder+1
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Overview: Established in 1845, New York Life continues to lead the industry with a diverse portfolio of life insurance products and a strong commitment to policyholder dividends.
2. Northwestern Mutual
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Direct Premiums Written: $13.06 billion
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Market Share: 6.74%
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Overview: Known for its financial planning services, Northwestern Mutual combines insurance offerings with investment strategies to meet clients’ long-term goals.
3. MetLife
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Direct Premiums Written: $12.28 billion
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Market Share: 6.34%Insurance Info Finder+2Digital Insurance+2The Guardian Nigeria+2
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Overview: A global leader, MetLife offers a range of life insurance products, including term, whole, and universal life policies, catering to diverse customer needs.
4. Prudential Financial
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Direct Premiums Written: $10.92 billionInvestopedia+5Digital Insurance+5Business Day+5
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Market Share: 5.64%Digital Insurance
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Overview: Prudential’s robust product lineup and strong distribution channels have solidified its position among the top insurers.
5. MassMutual
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Direct Premiums Written: $9.20 billionThe Guardian Nigeria+5Digital Insurance+5Wikipedia+5
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Market Share: 4.75%
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Overview: As a mutual company, MassMutual focuses on providing value to its policyholders through dividends and comprehensive life insurance solutions.
6. Lincoln Financial Group
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Direct Premiums Written: $8.32 billion
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Market Share: 4.30%
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Overview: Lincoln Financial offers a broad range of life insurance products, emphasizing innovation and customer service.
7. Nationwide
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Direct Premiums Written: $5.80 billionInvestmentNews+1Digital Insurance+1
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Market Share: 3.00%
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Overview: Nationwide’s commitment to customer satisfaction and financial strength has contributed to its steady growth in the life insurance sector.
8. State Farm
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Direct Premiums Written: $5.75 billion
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Market Share: 2.97%
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Overview: With a vast network of agents, State Farm provides personalized life insurance solutions to a broad customer base.
9. Aegon (Transamerica)
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Direct Premiums Written: $5.10 billion
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Market Share: 2.64%
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Overview: Operating under the Transamerica brand in the U.S., Aegon offers a variety of life insurance products, focusing on financial security and retirement planning.
10. Minnesota Mutual (Securian Financial)
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Direct Premiums Written: $4.95 billion
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Market Share: 2.56%
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Overview: Securian Financial provides a range of life insurance options, emphasizing financial strength and customer-focused services.
11. Guardian Life
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Direct Premiums Written: $4.85 billion
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Market Share: 2.51%Insurance Info Finder+1Digital Insurance+1
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Overview: Guardian Life is known for its comprehensive life insurance products and commitment to mutual ownership, returning value to policyholders.
12. John Hancock
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Direct Premiums Written: $4.83 billion
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Market Share: 2.50%
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Overview: A subsidiary of Manulife Financial, John Hancock offers innovative life insurance solutions, including wellness-based policies.
13. Pacific Life
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Direct Premiums Written: $4.59 billionInvestmentNews+1Digital Insurance+1
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Market Share: 2.37%Digital Insurance
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Overview: Pacific Life provides a variety of life insurance products, focusing on long-term financial security and retirement planning.
14. Dai-ichi Life Holdings
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Direct Premiums Written: $4.44 billionInsurance Info Finder
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Market Share: 2.29%
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Overview: A prominent Japanese insurer, Dai-ichi Life has expanded its global presence, offering diverse life insurance solutions.Wikipedia+1Digital Insurance+1
15. American International Group (AIG)
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Direct Premiums Written: $3.53 billionDigital Insurance+1InvestmentNews+1
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Market Share: 1.82%
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Overview: AIG offers a wide range of life insurance products, leveraging its international experience to serve various markets.
16. Mutual of Omaha
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Direct Premiums Written: $3.44 billion
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Market Share: 1.78%
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Overview: Known for its customer service and financial strength, Mutual of Omaha provides a variety of life insurance options.
17. Globe Life
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Direct Premiums Written: $3.09 billionDigital Insurance
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Market Share: 1.60%Digital Insurance
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Overview: Globe Life specializes in affordable life insurance
17. Globe Life Inc.
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Direct Premiums Written: $3.09 billion
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Market Share: 1.60%
Globe Life Inc. secured the 17th position among the top writers of life insurance deposit-type contracts in 2023, maintaining its reputation for simplicity and affordability. With a focused business model emphasizing individual term and whole life insurance products, Globe Life has consistently attracted a customer base that values straightforward policies with guaranteed benefits.
One of the company’s strengths lies in its distribution strategy, which combines direct-to-consumer marketing with captive agents and online platforms. This approach has helped Globe Life reach underserved markets, particularly middle- and lower-income households seeking cost-effective coverage. The company’s deposit-type contracts—often structured as interest-sensitive whole life or universal life products—continue to gain traction as consumers look for both protection and modest accumulation.
18. Sammons Financial Group
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Direct Premiums Written: $2.97 billion
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Market Share: 1.53%
Sammons Financial Group, the parent of Midland National and North American Company for Life and Health Insurance, ranks 18th in direct premiums written for deposit-type contracts in 2023. As a privately held entity, Sammons leverages its independence to maintain long-term policyholder commitments rather than focusing on shareholder returns.
The group has built a strong reputation in the life and annuity space, offering flexible deposit-type products including fixed and indexed universal life insurance. These contracts appeal to individuals seeking a combination of guaranteed returns and death benefit protection. In recent years, Sammons has expanded its digital tools and underwriting technology, improving customer experience and agent efficiency.
19. Western & Southern Financial Group
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Direct Premiums Written: $2.85 billion
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Market Share: 1.47%
Western & Southern Financial Group is another prominent player in the deposit-type contract arena, earning the 19th spot in 2023. With a strong financial foundation and a diversified product suite, the company caters to both individual and institutional clients. Its subsidiaries, including Western-Southern Life and Lafayette Life, offer competitive deposit-type policies such as whole life and universal life insurance with cash accumulation features.
What sets Western & Southern apart is its personalized service through a network of career agents and financial professionals. The company has invested significantly in product innovation, risk management, and digital platforms, helping it compete effectively in a rapidly evolving market.
20. Brighthouse Financial
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Direct Premiums Written: $2.69 billion
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Market Share: 1.39%
Rounding out the top 20 is Brighthouse Financial, a relatively new name in the life insurance landscape following its spinoff from MetLife. Brighthouse has carved a niche in offering life insurance and annuity products that focus on long-term value and income planning.
Its deposit-type contracts are primarily structured through universal life insurance and indexed universal life products, designed for clients seeking protection with the potential for tax-deferred growth. In 2023, Brighthouse’s strategy focused on simplifying its product lineup, strengthening capital reserves, and expanding distribution partnerships—all of which contributed to its strong premium performance.
These four companies demonstrate the diversity of approaches in the life insurance market, especially in the deposit-type segment. Whether through traditional channels, digital innovation, or targeted marketing, they each play a vital role in shaping the financial futures of millions of policyholders across the United States.
Conclusion
Top 20 Life Insurance Companies by Direct Premiums Written in 2023, the 2023 rankings of the top 20 writers of life insurance deposit-type contracts highlight the dynamic and competitive nature of the industry. These companies, ranging from long-established mutual insurers to emerging market players, have demonstrated strategic innovation, financial strength, and a deep understanding of evolving consumer needs. Their focus on delivering value through reliable deposit-type products underscores their critical role in helping individuals plan for long-term financial security and stability.
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