Top 20 Most Valuable Insurance Companies in the US
In this article, we will take a look at the top 20 most valuable insurance companies in the US. If you want to skip our detailed analysis, you can go directly to Top 5 Most Valuable Insurance Companies in the US.
Will Insurance Prices Impact Monetary Policy?
On January 12, Reuters reported that the surge in auto insurance prices has been preventing inflation from declining further. According to the report, motor vehicle premiums surged by a staggering 20.3% in December 2023 from a year earlier in December 2022. This has been the largest increase in motor vehicle insurance premiums since the mid-70s. Auto insurance premiums are primarily rising due to the inflating cost of labor and car parts supported by the general expansion of car prices over the past few years. According to the report, auto insurance policies may not see an unexpected surge over the next 12 months. The report highlights that auto insurance prices have rarely contributed to the rise in inflation in the past. On the contrary, auto insurance prices were responsible for 15% of headline price increases in the fourth quarter of 2023. However, the impact auto insurance prices may have on the monetary policy over the next 12 months is rather ambiguous. Since the industry is regulated on a state-by-state basis, experts may be unable to assess the impact regional insurance prices may have on the national consumer price index.
Prominent Insurance Companies in the United States
Some of the leading insurance companies in the United States include UnitedHealth Group Incorporated (NYSE:UNH), The Progressive Corporation (NYSE:PGR), and Elevance Health, Inc. (NYSE:ELV). Let's discuss some recent updates from these companies. You can also take a look at the best jewelry insurance companies heading into 2024.
UnitedHealth Group Incorporated (NYSE:UNH) is a health insurance company based in Minnetonka, Minnesota. On February 6, UnitedHealth Group Incorporated (NYSE:UNH) launched a program for type 2 diabetes patients in the Owensboro Community. The company collaborated with the Audubon Area Community Care Clinic and Girls Inc. to educate people in Kentucky about diabetes, preventive strategies, and disease management. Patients of the clinic will be eligible to become members of the UnitedHealthcare Catalyst program. These patients will then receive personalized education, social needs support, and eye exams. Girls Inc. will execute educational programs for children between the ages of 8 and 12.
Elevance Health, Inc. (NYSE:ELV) is one of the largest health insurance companies in the United States. The company was previously known as Anthem, Inc. On January 10, Elevance Health, Inc. (NYSE:ELV) announced that the company is set to launch smartphones for customers enrolled in its medical health plans. These smartphones come with built-in personalized digital and virtual healthcare tools. The smartphone will be launched in collaboration with Verizon, Samsung, AT&T, and T-Mobile.
The Progressive Corporation (NYSE:PGR) is one of the largest auto insurance companies in the United States. On January 24, The Progressive Corporation (NYSE:PGR) reported earnings for the fiscal fourth quarter of 2023. The company reported earnings per share of $2.97, beating estimates by $0.55. The company reported revenue worth $15.13 billion during the quarter, with a year-over-year revenue growth rate of 21.43%.
You can also take a look at the states with the cheapest car insurance in the US. Without further ado, let's discuss the top 20 most valuable insurance companies in the United States.
Top 20 Most Valuable Insurance Companies in the US
Our Methodology
We scanned for insurance companies using the Yahoo Finance Stock Screener, the Finviz Stock Screener, and multiple industry reports to come up with the top 20 most valuable insurance companies in the US. We sorted publicly listed companies using their market capitalization and private companies using their latest reported official revenue. Our list of the 20 most valuable insurance companies in the United States is in ascending order of market capitalization as of February 10, 2024, for publicly listed companies and annual revenue for private companies.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Top 20 Most Valuable Insurance Companies in the US
20. The Hartford Financial Services Group, Inc. (NYSE:HIG)
Market Capitalization as of February 10, 2024: $27.11 Billion
The Hartford Financial Services Group, Inc. (NYSE:HIG) is one of the best insurance companies in the United States. Under its commercial lines segment, the company provides workers' compensation, property insurance, automobile insurance, general insurance, professional liability coverage, umbrella insurance, marine insurance, livestock insurance, and reinsurance. The Hartford Financial Services Group, Inc. (NYSE:HIG) is based in Connecticut and has a market capitalization of $27.11 billion.
19. The United Services Automobile Association
Annual Revenue (2022): $36.00 Billion
The United Services Automobile Association, commonly referred to as USAA, is one of the most valuable insurance companies in the United States. The company provides insurance, retirement, and financial services to military personnel. USAA was founded in 1922 and is headquartered in San Antonio.
18. Prudential Financial, Inc. (NYSE:PRU)
Market Capitalization as of February 10, 2024: $38.11 Billion
Prudential Financial, Inc. (NYSE:PRU) ranks 18th on our list of the most valuable insurance companies in the United States. Prudential Financial, Inc. (NYSE:PRU) provides coverage across life and health insurance lines. The company also provides workplace benefits. The company was founded in 1875 and has a market capitalization of $38.11 billion.
17. Centene Corporation (NYSE:CNC)
Market Capitalization as of February 10, 2024: $41.33 Billion
With a market capitalization of $41.33 billion, Centene Corporation (NYSE:CNC) ranks as one of the most valuable insurance companies in the United States. The health care and insurance company operates through two segments including managed care and specialty services. Through the managed care segment, the company provides health coverage to individuals. Centene Corporation (NYSE:CNC) was founded in 1984.
16. The Allstate Corporation (NYSE:ALL)
Market Capitalization as of February 10, 2024: $42.01 Billion
The Allstate Corporation (NYSE:ALL) is based in Illinois and has a market capitalization of $42.01 billion. The company provides coverage across property insurance and casualty insurance lines. Under the Allstate Protection segment, the company provides private passenger auto and homeowners insurance. Under the Allstate Health and Benefits segment the company provides life, accident, critical illness, disability, and health insurance. The Allstate Corporation (NYSE:ALL) was founded in 1931.
15. Aflac Incorporated (NYSE:AFL)
Market Capitalization as of February 10, 2024: $45.25 Billion
Aflac Incorporated (NYSE:AFL) ranks 15th on our list of the best insurance companies in the United States. The company engages in the provision of supplemental health and life insurance products in Japan and the United States. In the United States, the company provides coverage for cancer, accident, disability, critical illness, hospital indemnity, dental, vision, and whole life insurance. Aflac Incorporated (NYSE:AFL) has a market capitalization of $45.25 billion.
14. Humana Inc. (NYSE:HUM)
Market Capitalization as of February 10, 2024: $45.28 Billion
Humana Inc. (NYSE:HUM) is one of the most valuable insurance companies in the United States. The company offers a range of medical and supplemental benefit plans to its customers. Additionally, the company also provides commercial medical and specialty insurance covering dental, vision, life, and supplemental health insurance. Humana Inc. (NYSE:HUM) has a market capitalization of $45.28 billion and was founded in 1961.
13. American International Group, Inc. (NYSE:AIG)
Market Capitalization as of February 10, 2024: $48.53 Billion
American International Group, Inc. (NYSE:AIG) ranks 13th on our list of the top 20 most valuable insurance companies in the United States. The company provides insurance services to businesses, institutions, and individuals. American International Group, Inc. (NYSE:AIG) provides coverage for commercial insurance, industrial property insurance, environmental insurance, commercial automobile insurance, excess casualty insurance, and crisis management insurance. The company was founded in 1919 and has a market capitalization of $48.53 billion.
12. The Travelers Companies, Inc. (NYSE:TRV)
Market Capitalization as of February 10, 2024: $48.95 billion
With a market capitalization of $48.95 billion, The Travelers Companies, Inc. (NYSE:TRV) ranks as one of the most valuable insurance companies in the United States. The company offers its services across commercial, property, and casualty insurance lines. The company operates through three segments including business insurance, bond and specialty insurance, and personal insurance. The Travelers Companies, Inc. (NYSE:TRV) was founded in 1853 and is based in New York.
11. MetLife, Inc. (NYSE:MET)
Market Capitalization as of February 10, 2024: $49.33 Billion
MetLife, Inc. (NYSE:MET) ranks 11th on our list of the most valuable insurance companies in the United States. The company engages in the provision of insurance, annuities, employee benefits, and asset management services across the globe. MetLife, Inc. (NYSE:MET) offers plans across multiple insurance lines including life, dental, group, disability, pet, accidental death, vision, accident, and health insurance. The company was founded in 1863 and is headquartered in New York.
10. Liberty Mutual Group
Annual Revenue (2022): $50.00 Billion
Liberty Mutual Group ranks 10th on our list of the most valuable insurance companies in the United States. The diversified insurer is known for its property and casualty insurance services. It also provides coverage for auto insurance, home insurance, and renters insurance. Liberty Mutual Group is headquartered in Boston and was founded in 2001.
9. Nationwide Mutual Insurance Company
Annual Revenue (2022): $56.8 Billion
Nationwide Mutual Insurance Company reported revenue worth $56.8 billion for the fiscal year 2022. The company is a group of insurance and financial services companies in the United States. It provides coverage for a range of insurance lines including business insurance, auto insurance, home insurance, life insurance, homeowners insurance, and renters insurance.
8. State Farm Insurance
Annual Revenue (2022): $89.3 Billion
State Farm Insurance ranks eighth on our list of the most valuable insurance companies in the United States. The company is a group of mutual insurance companies. It provides coverage across auto, motorcycle, homeowners, condo, life, pet, medicare supplement, and renters insurance lines. State Farm Insurance reported revenue worth $89.3 billion in 2022.
7. CVS Health Corporation (NYSE:CVS)
Market Capitalization as of February 10, 2024: $96.05 Billion
Aetna Inc. is a product of CVS Health Corporation (NYSE:CVS). Aetna is a leading health insurance company based in Connecticut, United States. The company offers traditional health insurance, dental insurance, and vision insurance coverage. CVS Health Corporation (NYSE:CVS) has a market capitalization of $96.05 billion.
6. Marsh & McLennan Companies, Inc. (NYSE:MMC)
Market Capitalization as of February 10, 2024: $97.37 Billion
Marsh & McLennan Companies, Inc. (NYSE:MMC) ranks sixth on our list of the top 20 most valuable insurance companies in the United States. The company specializes in the provision of risk management, strategy management, and people management solutions. Prominent services by the company entail risk advice, risk transfer, risk control, risk mitigation, insurance and reinsurance broking, strategic advisory services, analytics solutions, and insurance program management services. Marsh & McLennan Companies, Inc. (NYSE:MMC) was founded in 1871 and has a market cap of $97.37 billion.
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Disclosure: None. Top 20 Most Valuable Insurance Companies in the US is originally published on Insider Monkey
