What are the 4 major mutual insurance companies?
Key Takeaways. According to a 2021 NAIC report,
Northwestern Mutual is the largest life insurance company, according to 2022 NAIC data, holding a little over 7 percent of market share.
- #1: United Health Group (UNH)
- #2: Berkshire Hathaway Inc. ( BRK.B)
- #3: CVS Health Corp Group (CVS)
- #4: The Cigna Group (CI)
- #5: Elevance Health Inc. ( ELV)
- #6: Centene (CNC)
- #7: Ping An Insurance (PNGAY)
- #8: Allianz (ALIZY)
- #1 State Farm: Editor's Choice. ...
- #2 Geico: Affordable for Most Drivers. ...
- #3 Progressive: Low Rates for High-Risk Drivers. ...
- #4 Allstate. ...
- #5 USAA: Low Rates for Military. ...
- #6 Liberty Mutual: Good Programs for Young Drivers. ...
- #7 Farmers Insurance. ...
- #8 Travelers: Most Coverage Options.
As the largest life insurer by market share in the U.S., Northwestern Mutual is an established choice with a proven record.
State Farm is the largest auto insurance company in the U.S., with 17% of the market. Other big car insurance companies include Progressive, Geico and Allstate.
| Company | Forbes Advisor Rating | Our expert take |
|---|---|---|
| Nationwide | 5.0 | Best overall |
| USAA | 4.8 | Best for military members and veterans |
| Travelers | 4.7 | Great for drivers with speeding tickets |
| Erie | 4.6 | Best for drivers who caused an accident |
Allianz has operations in over 70 countries and has around 150,000 employees. The parent company, Allianz SE, is headquartered in Munich, Germany. Allianz has more than 100 million customers worldwide and its services include property and casualty insurance, life and health insurance and asset management.
| Rank | Company | Total assets (US$ Billion) |
|---|---|---|
| 1 | Allianz | 1,261.9 |
| 2 | Axa | 950.6 |
| 3 | Prudential Financial | 940.7 |
| 4 | Ping An Insurance | 883.9 |
Executive Life Insurance Company (1991) - One of the largest life insurance companies in the US, it went bankrupt due to investment losses in junk bonds.
Who is State Farm's biggest competitor?
Considering State Farm and Geico are the two biggest auto insurance companies in the U.S., most drivers can find what they need from either company, whether that's minimum or full coverage. However, there are a few key differences between State Farm vs. Geico when it comes to auto insurance options.
The top 10 cheapest car insurance companies are Nationwide, Geico, State Farm, Travelers, Progressive, AAA, Allstate, Chubb, Farmers and USAA.
| Company | Best for | AM Best Financial Strength Rating |
|---|---|---|
| Nationwide | Customer satisfaction | A+ (Superior) |
| Northwestern Mutual | Universal life insurance | A++ (Superior) |
| Prudential | Policy personalization | A+ (Superior) |
| State Farm | Term life insurance | A++ (Superior) |
- Fidelity Life: Our top pick for seniors.
- MassMutual: Our pick for guaranteed issue coverage for seniors.
- State Farm: Our pick for customer satisfaction.
- Northwestern Mutual: Our pick for a personalized experience.
- Mutual of Omaha: Our pick for accelerated death benefits.
- 1 AAA68%
- 2 BlueCross BlueShield59%
- 3 State Farm56%
- 4 USAA52%
- 5 Progressive52%
- 6 GEICO49%
- 7 UnitedHealthcare49%
- 8 Aflac47%
| Provider | Star Rating | A.M. Best |
|---|---|---|
| Our Top Pick Allstate Get Quote | 4.8 | A+ |
| State Farm Learn More | 4.8 | A++ |
| American Family Learn More | 4.7 | A |
| Nationwide Learn More | 4.6 | A |
Geico is not owned by Progressive. Berkshire Hathaway owns Geico, while the Progressive Corporation is an independent company. Progressive is the second-largest auto insurance company in the U.S., according to the NAIC.
Progressive is owned by its shareholders, as it is a publicly-traded company. The biggest shareholders are The Vanguard Group, BlackRock Fund Advisors, and Wellington Management, which have a combined ownership stake of almost 20%, according to public records, as of Q1 2021.
State Farm, American Family, Geico and Progressive are the cheapest car insurance companies for most drivers. USAA has even cheaper rates, but only military members, veterans or their families can qualify. *USAA is only available to military members, veterans and some of their family members.
In terms of number of policies settled during 2022-23, Max Life Insurance has the highest claim settlement ratio of 99.51%. With a 99.39% claim settlement ratio, HDFC Life Insurance came second on the list. Aegon Life Insurance bagged the third position with a 99.37% claim settlement ratio.
Who is the biggest insurance agent?
Based on 2023 brokerage revenues from U.S. clients, the largest insurance broker in the United States is Marsh & McLennan Cos Inc.
Allianz Travel Insurance plans from AAA can help protect you before and during your trip—keeping you, your loved ones, and your travel budget safer.
Allianz Partners has signed an agreement to take over Aetna International's health insurance portfolio outside the Americas and India. Allianz Ayudhya has also acquired 100 percent of Aetna Thailand.
Background and history
Allianz Global Corporate & Specialty SE was founded as "Hanseatische Seeversicherungs-Gesellschaft" on July 28, 1885. The Allianz Commercial trade name was first announced in March 2023.
1735 The Friendly Society, the first insurance company in the United States, was established in Charleston, South Carolina.
