Top insurance companies in the US: the largest insurers by premiums and revenue

This list is for anyone who sells to insurers (claims, underwriting and data vendors, IT services, staffing, marketing agencies) and for anyone who needs to know who the biggest carriers are. It ranks insurance groups in three ways, because no single measure covers the whole industry: property and casualty premiums from the National Association of Insurance Commissioners (NAIC), life and health premiums from the same source, and total revenue from annual reports. For health insurers in more depth, see the largest health insurance companies.

The 25 largest property and casualty insurers

Ranked by 2025 direct premiums written, all lines, from the NAIC's market share data. This is the standard measure of size in car, home and business insurance, and it covers mutual and foreign-owned groups that don't file 10-Ks.

Premiums and shares: NAIC 2025 top 25 groups by countrywide premium, based on filings received by March 18, 2026 (an estimated 98.25% of P&C filings). Countrywide means US states and territories, Canada and aggregate other alien business. Headquarters are each group's address in its SEC filings, except Farmers and Auto Club Enterprises (their own releases and the California Department of Insurance). Employees are from each company's latest 10-K or, for State Farm, Liberty Mutual and USAA, their own releases; Allstate's figure is our sum of 53,000 full-time and 300 part-time.

The industry wrote $1.11 trillion in direct premiums in 2025. The top ten groups wrote 47.87% of it and the top 25 wrote 65.71%, which leaves about a third for the hundreds of smaller groups and single companies.

Who leads each line of insurance

Personal lines are concentrated among a few brands; commercial lines are spread across many more carriers. Berkshire Hathaway's 10-K shows GEICO alone wrote $45.2 billion of premiums in 2025.

The largest insurers by revenue

Revenue answers a different question: how big is the whole company? These are the largest US-listed insurers, plus the two big mutuals that publish revenue, by total revenue for 2025 as reported.

Revenue and premiums earned are as reported in each company's 10-K for 2025, or its own results release for State Farm and Liberty Mutual (whose premium figure is net written). All fiscal years end December 31.

The premium column shows how much of each company is insurance. Cigna's Evernorth Health Services business had $232.1 billion of its $274.9 billion in revenue from external customers, and CVS's Aetna segment (Health Care Benefits) reported $143.4 billion of the company's $402.1 billion. Berkshire Hathaway earned $88.9 billion in insurance premiums alongside railroads, utilities and manufacturing.

Life, annuity and health premiums

Life insurers file a separate statement. NAIC's 2025 totals for life insurance, annuities and accident and health premiums written by those companies:

Industry total $1.06 trillion, based on filings received by March 18, 2026 (an estimated 97.50%). Health plans that file the NAIC health statement, such as HMOs, are reported separately and aren't in these figures.

In life insurance alone, New York Life ($15.6 billion) and Northwestern Mutual ($14.2 billion) lead. In annuities, Apollo Global Management's insurers lead with $36.7 billion.

How these lists are built

• Premiums written are what policyholders were charged in the year, before reinsurance, reported by each group to state regulators in its statutory annual statement and compiled by the NAIC. They're the best like-for-like measure across stock companies, mutuals and foreign groups.
• Revenue is the GAAP total from the 10-K. It adds investment income and non-insurance businesses, so it favors diversified companies.
• Groups, not companies. Each row combines every insurer in the group, as the NAIC defines it.
• Left out: health plans' HMO business (see the health insurers list), and private companies that don't publish results. AM Best, Fortune and S&P Global publish other rankings; we didn't use them.

Where the buying happens at an insurer

General guidance, not drawn from the filings. Insurers are organized around a few large cost centers, and each has its own budget owner:

• Claims. The largest cost by far. Progressive's losses and loss adjustment expenses were $54.0 billion of $87.7 billion in revenue in 2025. Claims leaders buy estimating, fraud, repair network and customer communication tools.
• Underwriting and pricing, by line of business. Buyers are line heads and chief underwriting or actuarial officers, and data products get tested on historical policies before anyone signs.
• Distribution. State Farm sells through more than 19,200 agent offices; Travelers sells to mid-sized businesses through independent agents and brokers. Sellers to agencies often go through the carrier's agency management or marketing teams.
• IT and operations, for core policy, billing and claims systems, usually with long procurement cycles and state regulatory requirements on data and vendors.

Worked example: selling risk data to mid-sized home insurers

Illustrative example. The vendor and its pricing are fictional; the premiums and loss ratios are from the NAIC's 2025 homeowners market share table.

The seller: Ridgeline (ridgeline.example) sells roof-condition imagery to homeowners insurers. The five largest homeowners writers have long procurement cycles, so Ridgeline targets the groups ranked 13 to 25 in homeowners premium.

What the data shows. Those 13 groups wrote $20.4 billion of homeowners premium in 2025, 10.8% of the market, with books from $1.2 billion to $2.0 billion each. Two had 2025 direct homeowners loss ratios above 100%: Auto Club Enterprises (167.42% on $1.80 billion) and Mercury General (137.77% on $1.67 billion).

The arithmetic. If better roof data lowered Auto Club Enterprises' homeowners loss ratio by an illustrative one point, that would be about $18.0 million a year in losses (1% of $1.80 billion). An illustrative $1.5 million annual contract pays for itself many times over at that size.

The plan.

1. Rank the 13 groups by loss ratio and premium, and start with the ones that had the hardest year.
2. Find the homeowners product leader and the head of underwriting at each, plus the claims leader who sees the roof losses.
3. Offer a back test on a sample of last year's claims, since underwriting buyers want proof on their own book.

Finding those leaders and what each carrier has said about its home business is the slow part; Bebop researches each account in a list like this and drafts the first message.

Next step: map the claims, underwriting and distribution owners at your first account with the account plan template.