American insurance and investment corporations play a vital role in the US economy by providing financial security products and services to consumers and businesses. As of 2022, some of the largest US insurance companies by total assets include Berkshire Hathaway, MetLife, Prudential Financial, New York Life, and TIAA. On the investment side, top firms like BlackRock, Vanguard, State Street Global Advisors, and Fidelity Investments manage trillions in assets.
In this article, we will provide an overview of major players in the US insurance and investment industries, discussing their key business areas, market positions, total assets under management or administration, as well as recent business developments.
Largest US life and health insurance firms like MetLife and New York Life
MetLife and New York Life are two of the biggest US life insurers providing policies to protect families in case of premature death. Both companies also offer annuities, employer-sponsored benefits, as well as asset management services.
As of 2021, MetLife reported over $730 billion in total assets, serving around 100 million customers in over 40 countries. The insurer has been expanding internationally while also growing its US group benefits distribution platform through acquisitions.
Founded in 1845, New York Life Investments had over $700 billion in assets under management as of June 2022. The mutual company provides life insurance, retirement, and investment products to both retail and institutional clients. New York Life Investments recently acquired a majority stake in Ariel Investments to strengthen its offering.
Largest US property and casualty insurers
Leading property and casualty (P&C) insurers in the US include Progressive, Allstate, and Travelers. These companies offer auto, home, commercial and other non-life insurance policies to protect policyholders against losses from accidents, natural disasters, theft, and other events.
The Progressive group of companies reported around $60 billion in total assets in 2021, providing auto insurance to over 18 million vehicles. Allstate is the largest publicly held P&C insurer in the country, with a market cap exceeding $35 billion. The Travelers Companies, currently number 25 on the Fortune 500 list, manages over $300 billion in total assets.
Top US investment managers like BlackRock and Vanguard
BlackRock and Vanguard stand out as the two largest investment managers globally with assets under management (AUM) over $10 trillion combined. While BlackRock is the biggest with near $10 trillion AUM, Vanguard also has over $7 trillion in assets and leads the passive investing industry.
Both investment giants offer a suite of mutual funds, ETFs, institutional asset management, and other financial services that cater to a wide range of investors. With increasing market uncertainty and that has boosted demand for index funds and ETFs, growth leaders like Vanguard and BlackRock are poised for continued expansion.
Major American insurance corporations like MetLife and New York Life provide policies to millions of customers, while leading investment managers including BlackRock and Vanguard oversee trillions in assets globally. As consumer demand rises for protection and wealth management products amid growing economic uncertainty, top US insurers and asset managers remain well-positioned to benefit.