The insurance market has gone through major changes since the economic downturn of 2008. Companies that were once at the top of lists have been merged or bought, and other companies have been forced to sell portions of the business in order to recoup their losses.Some companies, such as the leading Metlife, are maintaining their top positions even as they suffer enormous losses. For Metlife, the company value was down 25.4% from 2008 to 2009. Not all companies are down, though, such as TIAA-CREF f New York, which reported a 10.5% increase in value during the same period.
Knowing the largest company does not always mean dealing with the one that is more financially sound. In order to check the financial rating of an insurance company, refer to a financial rating service such as A.M. Best Company, or Standard and Poor's. Similarly, losing a point in financial ratings can occur even as overall gains are shown in the company's net worth.
The largest companies are generally comprised of diversified holdings, balancing the risk of providing insurance with investments and other holdings. Additionally, many smaller insurance companies are complete subsidiaries of the larger ones, such as Metlife's possession of
Here are the top 10 Life insurance companies as of July2010:
- MetLife (New York City)
- New York Life (New York City)
- Prudential Financial (Newark)
- TIAA-CREF (New York City)
- Massachusetts Mutual (Springfield)
- Northwestern Mutual (Milwaukee)
- AFLAC (Columbus, Georgia)
- Unum Group (Chattanooga)
- Guardian Life (New York City)
- Lincoln National (Radner)