| Insurance carriers | Insurance agencies, brokerages and related services | |||||||
|---|---|---|---|---|---|---|---|---|
| Direct insurers (1) | ||||||||
| Year | Life and health (2) | Property/ casualty | Reinsurers | Total | Insurance agencies and brokers | Other insurance- related activities (3) | Total | Total industry |
| 2015 | 829.8 | 611.6 | 25.1 | 1,466.5 | 762.8 | 309.1 | 1,071.9 | 2,538.4 |
| 2016 | 818.9 | 643.5 | 25.3 | 1,487.7 | 783.5 | 321.5 | 1,105.0 | 2,592.7 |
| 2017 | 850.4 | 639.7 | 26.6 | 1,516.7 | 809.6 | 333.3 | 1,142.9 | 2,659.6 |
| 2018 | 882.8 | 629.5 | 28.6 | 1,540.9 | 825.6 | 346.2 | 1,171.8 | 2,712.7 |
| 2019 | 931.2 | 650.3 | 28.6 | 1,610.1 | 842.8 | 349.5 | 1,192.3 | 2,802.4 |
| 2020 | 945.6 | 653.9 | 27.6 | 1,627.1 | 856.5 | 352.3 | 1,208.8 | 2,835.9 |
| 2021 | 908.7 | 646.9 | 28.1 | 1,583.7 | 886.6 | 354.5 | 1,241.1 | 2,824.8 |
| 2022 | 900.9 | 684.9 | 30.2 | 1,616.0 | 934.8 | 367.2 | 1,302.0 | 2,918.0 |
| 2023 | 907.9 | 679.7 | 30.8 | 1,618.4 | 966.6 | 384.3 | 1,350.9 | 2,969.3 |
| 2024 (4) | 904.4 | 678.7 | 31.0 | 1,614.1 | 1,004.6 | 382.7 | 1,387.3 | 3,001.4 |
A property/casualty insurer must maintain a certain level of surplus to underwrite risks. This financial cushion is known as “capacity.” When the industry is hit by high losses, such as a major hurricane, capacity is diminished. It can be restored by increases in net income, favorable investment returns, reinsuring more risk, and/or raising additional capital.
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Net premiums written | $618.3 | $639.9 | $655.8 | $715.7 | $775.1 |
| Percent change | 10.7% | 3.5% | 2.5% | 9.1% | 8.3% |
| Premiums earned | $599.8 | $627.7 | $643.0 | $689.8 | $745.8 |
| Losses and loss adjustment expenses incurred | 428.2 | 446.0 | 451.0 | 500.6 | 567.6 |
| Other underwriting expenses | 167.6 | 172.6 | 179.4 | 188.5 | 199.0 |
| Policyholder dividends | 3.7 | 4.9 | 7.7 | 4.6 | 3.2 |
| Net underwriting gain/loss | 3.1 | 7.9 | 12.1 | -0.3 | -22.4 |
| Net investment income | 57.0 | 56.5 | 53.5 | 56.1 | 71.3 |
| Miscellaneous income/loss | -2.4 | -2.5 | -1.9 | 0.1 | -1.6 |
| Operating income | 57.7 | 60.9 | 59.3 | 54.7 | 47.8 |
| Realized capital gain | 10.7 | 11.0 | 10.7 | 17.5 | -3.5 |
| Federal income tax | 7.3 | 8.5 | 8.7 | 9.1 | 6.1 |
| Net income after taxes | 61.1 | 63.4 | 61.3 | 63.2 | 38.2 |
Source: NAIC data, sourced from S&P Global Market Intelligence; Insurance Information Institute.
| Rank | Group/company | Direct premiums written (1) | Market share (2) |
|---|---|---|---|
| 1 | State Farm | $78,643,121 | 9.2% |
| 2 | Berkshire Hathaway Inc. | 55,930,316 | 6.6 |
| 3 | Progressive Corp. | 52,326,628 | 6.1 |
| 4 | Allstate Corp. | 45,512,585 | 5.3 |
| 5 | Liberty Mutual | 43,876,546 | 5.1 |
| 6 | Travelers Companies Inc. | 34,273,833 | 4.0 |
| 7 | Chubb Ltd. | 29,266,847 | 3.4 |
| 8 | USAA Insurance Group | 26,828,296 | 3.1 |
| 9 | Farmers Insurance Group of Companies | 26,416,672 | 3.1 |
| 10 | Nationwide Mutual Group | 20,306,711 | 2.4 |
(1) Before reinsurance transactions, includes state funds.
(2) Based on U.S. total, includes territories.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
| Rank | Group/company | Direct premiums written (1) | Market share (2) |
|---|---|---|---|
| 1 | MetLife Inc. | $111,058,571 | 12.1% |
| 2 | Equitable Holdings | 75,176,303 | 8.2 |
| 3 | New York Life Insurance Group | 47,449,630 | 5.2 |
| 4 | Massachusetts Mutual Life Insurance Co. | 46,097,832 | 5.0 |
| 5 | Prudential Financial Inc. | 44,537,546 | 4.9 |
| 6 | Athene Holding Ltd. | 36,421,814 | 4.0 |
| 7 | Nationwide | 36,173,449 | 4.0 |
| 8 | Western & Southern Financial | 35,551,162 | 3.9 |
| 9 | Corebridge Financial | 26,718,998 | 2.9 |
| 10 | Lincoln Financial | 26,086,284 | 2.9 |
(1) Includes life insurance, annuity considerations, deposit-type contract funds and other considerations, and accident and health insurance. Before reinsurance transactions.
(2) Based on U.S. total, includes territories.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
| 2018 | 2019 | 2020 | 2021 | 2022 | Percent change, 2021-2022 (1) |
|
|---|---|---|---|---|---|---|
| Revenue | ||||||
| Life insurance premiums | $145.1 | $151.0 | $143.0 | $159.5 | $165.1 | 3.5% |
| Annuity premiums and deposits | 269.7 | 339.8 | 294.6 | 285.8 | 343.3 | 20.1 |
| Accident and health premiums | 183.1 | 185.0 | 183.1 | 189.2 | 188.7 | -0.3 |
| Credit life and credit accident and health premiums | 1.3 | 1.4 | 1.2 | 1.2 | 1.2 | 0.0 |
| Total premiums, consideration and deposits | $603.2 | $679.4 | $624.1 | $637.8 | $700.2 | 9.8% |
| Net investment income | 187.4 | 186.7 | 186.0 | 200.9 | 199.1 | -0.9 |
| Reinsurance allowance | 32.0 | -29.7 | -22.8 | 8.5 | 38.2 | NA |
| Separate accounts revenue | 37.3 | 36.8 | 37.4 | 41.0 | 38.4 | -6.3 |
| Other income | 44.0 | 48.7 | 55.0 | 57.5 | 58.8 | 2.3 |
| Total revenue | $903.9 | $921.9 | $881.2 | $945.7 | $1,034.7 | 9.4% |
| Expense | ||||||
| Benefits | 289.5 | 301.8 | 313.2 | 338.4 | 321.0 | -5.1 |
| Surrenders | 350.3 | 339.6 | 323.3 | 326.7 | 348.1 | 6.6 |
| Increase in reserves | 143.3 | 120.6 | 107.8 | 89.8 | 128.6 | 43.2 |
| Transfers to separate accounts | -89.6 | -72.0 | -69.2 | -75.6 | -50.1 | -33.7 |
| Commissions | 58.3 | 61.2 | 60.0 | 64.5 | 67.5 | 4.7 |
| General and administrative expenses | 65.9 | 67.8 | 66.8 | 69.4 | 70.5 | 1.6 |
| Insurance taxes, licenses and fees | 10.7 | 9.3 | 11.4 | 10.1 | 10.4 | 3.0 |
| Other expenses | 11.3 | 14.4 | 6.3 | 14.8 | 61.6 | 316.2 |
| Total expenses | $839.7 | $842.7 | $819.6 | $874.0 | $957.6 | 9.6% |
| Net income | ||||||
| Policyholder dividends | 18.2 | 18.1 | 18.0 | 17.8 | 19.7 | 10.7 |
| Net gain from operations before federal income tax | 46.0 | 70.0 | 39.1 | 54.0 | 57.4 | 6.3 |
| Federal income tax | 3.4 | 9.4 | 5.2 | 8.2 | 8.5 | 3.7 |
| Net income before capital gains | $42.6 | $51.6 | $33.8 | $45.8 | $49.0 | 7.0% |
| Net realized capital gains (losses) | -4.7 | -6.9 | -10.7 | -8.3 | -10.8 | 30.1 |
| Net income | $37.9 | $44.7 | $23.1 | $37.5 | $38.2 | 1.9% |
| Pre-tax operating income | 46.0 | 61.0 | 39.1 | 54.0 | 57.4 | 6.3 |
| Capital and surplus, end of year | 399.9 | 421.7 | 441.2 | 477.5 | 467.0 | -2.2 |
(1) Calculated from unrounded data.
NA=Not applicable.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
