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 2022, there were a total of 727 life insurance companies in the United States, down from 737 in the previous year. The number of life insurers peaked in 1990, with well over 2,100 life insurance companies in the United States that year.
Life and annuities in the United States
Being 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 industry
The 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.
