Asset size is one of the most quoted ways to compare life insurers. It shows how much money a company manages on behalf of policyholders and how large its long-term promises are. Below is the top 25 of AM Best's ranking of US life/health insurance groups by admitted assets, with an explanation of what the numbers do and do not tell you.
About the ranking and its date
The list comes from AM Best's "Top 200 U.S. Life/Health Insurers" ranking, published in July 2020. It ranks groups by 2019 admitted assets, using AM Best's statutory Statement File data as of June 2, 2020, partly supplied by the NAIC. Keep the date in mind: the figures describe the market at the end of 2019, and several groups have since been renamed, sold or restructured. The ranking is still useful as a picture of how concentrated the life sector is.
According to AM Best, the top 200 insurers held about $7.55 trillion in admitted assets in 2019, up 8.3%, and the total US life/health industry about $7.57 trillion, up 8.2%.
What "admitted assets" means
US insurers report to regulators under statutory accounting principles (SAP) set by the NAIC, which are more conservative than the GAAP figures in investor reports. The NAIC glossary defines admitted assets as insurer assets that can be valued and included on the balance sheet to determine the company's financial viability. Assets that have economic value but cannot be used to fulfill policyholder obligations are "nonadmitted" and are left out of the regulatory balance sheet.
For life groups, admitted assets also include separate account assets, which back variable annuities and similar products where the customer bears most of the investment risk.
Top 25 US life/health groups by 2019 admitted assets
| 2019 rank | 2018 rank | Group | Admitted assets, 2019 ($ billions) | Change vs. 2018 |
|---|---|---|---|---|
| 1 | 1 | Prudential of America Group | $634.6 | 9.8% |
| 2 | 2 | Metropolitan Life & Affiliated Cos | $427.6 | 4.4% |
| 3 | 3 | New York Life Group | $344.7 | 6.1% |
| 4 | 4 | TIAA Group* | $328.2 | 3.9% |
| 5 | 5 | AIG Life & Retirement Group | $308.1 | 8.6% |
| 6 | 6 | Northwestern Mutual Group | $290.4 | 6.7% |
| 7 | 7 | Lincoln Financial Group | $286.3 | 12.0% |
| 8 | 8 | Massachusetts Mutual Life Group | $280.0 | 9.9% |
| 9 | 9 | John Hancock Life Insurance Group | $274.5 | 10.9% |
| 10 | 10 | Jackson National Group | $269.5 | 13.7% |
| 11 | 12 | AXA Equitable Group | $221.3 | 14.0% |
| 12 | 11 | Aegon USA Group | $214.5 | 6.6% |
| 13 | 13 | Principal Financial Group | $210.2 | 13.6% |
| 14 | 15 | Nationwide Mutual Life Group | $195.2 | 14.5% |
| 15 | 14 | Brighthouse Insurance Group | $194.6 | 8.6% |
| 16 | 16 | Allianz Life Insurance Group | $162.2 | 11.7% |
| 17 | 18 | Pacific Life Group | $152.9 | 12.8% |
| 18 | 17 | Voya Financial Group | $150.1 | 8.3% |
| 19 | 19 | Talcott Resolution Group | $122.0 | 3.5% |
| 20 | 20 | Ameriprise Financial Group | $113.5 | 9.0% |
| 21 | 21 | Sammons Enterprises Group | $103.9 | 4.7% |
| 22 | 22 | Thrivent Financial for Lutherans | $102.2 | 8.7% |
| 23 | 23 | Athene US Life Group | $97.9 | 16.8% |
| 24 | 26 | Protective Life Group | $87.4 | 17.8% |
| 25 | 24 | State Farm Life Group | $81.8 | 4.9% |
Source: AM Best, Top 200 U.S. Life/Health Insurers, July 2020 (amounts converted from thousands of dollars and rounded). *AM Best notes that TIAA's assets are significantly understated because most of its separate account assets are held by its affiliate, CREF.
How to read the table
- Concentration. Every one of the top ten groups held more than $269 billion, and Prudential alone held about $634.6 billion, roughly one and a half times the second-ranked MetLife group.
- Stability at the top. The first ten places were unchanged from 2018; movement happened only further down.
- Uneven growth. Protective Life, Athene, Nationwide Mutual Life, AXA Equitable and Jackson National grew assets by 13.7% to 17.8% in 2019, well above the industry's 8.2%, while TIAA and Talcott grew by less than 4%.
What has changed since 2019
The sector has kept growing. The NAIC's industry snapshot for year-end 2025 reports total net admitted assets of about $9.95 trillion for life/accident and health insurers, including about $3.52 trillion in separate account assets. Because AM Best and the NAIC use different data pulls and filer groups, the two totals are not perfectly comparable, but the direction is clear.
Corporate names have also changed. Triple-I's 2025 list of the top life/annuity writers by premiums includes groups such as Equitable Holdings, Athene Holding and Corebridge Financial, so check the current legal name of any company you see in older rankings. Note also that a ranking by premiums gives a different order than a ranking by assets: in Triple-I's 2025 premium list, MetLife is first.
Does a bigger insurer mean a safer insurer?
Not automatically. Asset size shows scale and diversification, but safety depends on capital relative to risk, the quality of investments, reserve adequacy and management. A smaller mutual company with strong capital can be a better choice for your policy than a giant with a lower rating. When you choose life insurance or an annuity, look at:
- the financial strength rating of the specific company that issues your policy (see insurer financial strength ratings);
- its capital and complaint record (see how to check insurer reliability);
- how the product fits your goals: term vs. permanent coverage, fixed vs. variable annuity.
Bottom line
The AM Best asset ranking is a good map of who the largest life insurance groups were in 2019, but treat it as background, not as a buying signal. Use current ratings, the exact insuring entity and the policy terms to make a decision. Compare life insurance and annuity options with Polis Re, or request a quote; policies are issued by licensed insurers and placed through licensed producers in your state.