Insurance Companies in the United States

No Form ADV found by website, name or identifier.

Possible match by name only, not counted: Allianz Investment Management LLC (CRD 111925), registered adviser, filed September 2026, Minneapolis, MN.

Allianz Investment Management oversees approximately $192 billion in U.S. insurance general account assets for Allianz Life and related entities, as part of Allianz SE's global insurance and asset management group. Allianz SE's combined asset management operations, including PIMCO and Allianz Global Investors, manage over two trillion euros in third-party assets. The U.S. insurance general account benefits from PIMCO's fixed income expertise and Allianz Global Investors' equity and alternatives capabilities. Allianz achieved record financial results in 2025, with asset management net inflows exceeding 94 billion euros in the first nine months of the year.

Interests: U.S. insurance general account management backed by Allianz SE's global investment platform including PIMCO.

States $192BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Allianz SE manages roughly $900 billion in insurance general account assets alongside the $2 trillion+ third-party platform run by PIMCO and Allianz Global Investors. The Munich-headquartered group serves over 100 million customers in 70+ countries. PIMCO gives Allianz dominant fixed income capability; AllianzGI adds equities, multi-asset, and alternatives. Record 2025 results included over EUR 94 billion in net asset management inflows in the first nine months alone.

Interests: Global insurance group with PIMCO and Allianz Global Investors managing $2 trillion+ in third-party assets.

States $900BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Athene sits at the center of Apollo's insurance strategy, with $285 billion in invested assets backing annuities, reinsurance, and funding agreements. Apollo invests the resulting float primarily in high-grade private credit, asset-based finance, and structured credit, generating yield premiums over comparable public bonds that fund competitive annuity pricing. This is the model that started the PE-insurance convergence: manufacture liabilities, invest the float in privately originated assets, earn the spread. Apollo's total AUM reached $938 billion by December 2025, with Athene as the anchor.

Interests: Retirement services and annuity platform with Apollo-managed investment portfolio focused on private credit.

States $285BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Aviva manages approximately $400 billion across its life, general insurance, and health businesses in the UK, Ireland, and Canada. The group has built a meaningful direct investments platform focused on real estate, infrastructure, and private credit, assets that match the duration of its long-dated insurance liabilities. Aviva Investors, the group's asset management arm, manages both proprietary and third-party capital across fixed income, equities, and real assets.

Interests: Major UK insurer with growing direct investments platform in real estate and infrastructure.

States $400BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

AXA manages approximately $800 billion in insurance investment assets through its global operations spanning property-casualty, life and savings, health, and asset management. AXA Investment Managers, recently acquired by BNP Paribas, ran the group's alternatives program across PE, private credit, real estate, infrastructure, and natural resources. AXA's scale as a European insurance champion means its asset allocation decisions influence capital flows across the continent.

Interests: Global insurer with large general account and AXA Investment Managers running PE, credit, and real assets.

States $800BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Kind as first listed: its own website did not confirm it when read October 30, 2026.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Possible match by name only, not counted: Barings LLC (CRD 106006), registered adviser, filed August 2026, Charlotte, NC.

Possible match by name only, not counted: Barings (U.K.) Limited (CRD 158277), exempt reporting adviser, filed July 2026, London.

Possible match by name only, not counted: Baring Asset Management Limited (CRD 299118), exempt reporting adviser, filed July 2026, London.

Barings manages $481 billion as MassMutual's investment subsidiary, anchored by MassMutual's $407 billion general account. The third-party business has grown fast, especially with other insurers looking for private credit and CLO exposure. In November 2025, MassMutual sold 18 percent of Barings to MS&AD Insurance Group Holdings for $1.44 billion, a deal that both monetized part of the franchise and opened a path into Asian distribution. Barings leads in private credit, leveraged loans, CLOs, structured products, and EM debt.

Interests: Global private credit, public fixed income, real estate, and private equity for insurance and institutional clients.

States $481BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Berkshire Hathaway runs the largest insurance investment portfolio in the world: $174 billion in float, a $258 billion public equity book, and $369 billion in Treasury bills as of 2025. GEICO, Berkshire Hathaway Reinsurance Group, and General Re generate the float; Berkshire has deployed it into concentrated equity positions and outright acquisitions for over five decades. No other insurer invests like this. Berkshire's permanent capital structure and underwriting discipline let it hold equities and illiquid assets on a perpetual horizon, something no traditional P&C carrier can replicate.

Interests: Diversified insurance float investment across public equities, fixed income, and wholly owned operating businesses.

States $948BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Brighthouse Financial manages approximately $225 billion in total assets, operating as an independent publicly traded company since its 2017 spinoff from MetLife. The company is one of the largest providers of annuities and life insurance in the United States, with a general account portfolio invested primarily in investment-grade fixed income securities, commercial mortgage loans, and a growing allocation to private credit and structured assets. BlackRock manages a significant portion of Brighthouse's investment portfolio under a long-term investment management agreement inherited from the MetLife relationship.

Interests: Annuity and life insurance general account investment management spun off from MetLife.

States $225BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

China Life manages approximately $600 billion in investment assets, making it one of the largest life insurers globally. The company provides life insurance, annuities, and accident and health insurance products across China. The investment portfolio is predominantly domestic, government bonds, corporate credit, and equities, but China Life has been gradually expanding into PE, private credit, real estate, and infrastructure as regulatory constraints on alternatives allocations ease.

Interests: One of the world's largest life insurers with massive domestic investment portfolio.

States $600BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Kind as first listed: its own website did not confirm it when read October 30, 2026.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

CNP Assurances manages roughly $400 billion as the largest life insurer in France and one of the biggest in Europe. Operating as a subsidiary of La Banque Postale within the La Poste Group, CNP distributes through banking partnerships, a bancassurance model that generates massive policyholder reserves requiring institutional-grade investment management. The general account allocates to PE, real estate, infrastructure, and private credit alongside its core fixed income portfolio.

Interests: France's largest life insurer with substantial alternatives allocation through bancassurance model.

States $400BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Columbia Threadneedle runs $678 billion as Ameriprise Financial's global asset management arm. Ameriprise started as a financial planning company, but its insurance and annuity operations now generate meaningful general account assets that Columbia Threadneedle invests alongside third-party institutional and retail money. The capability set spans fundamental and quantitative equities, IG and high-yield fixed income, multi-asset solutions, and a growing private credit business.

Interests: Global asset management across equities, fixed income, and alternatives as Ameriprise's investment arm.

States $678BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Possible match by name only, not counted: Fort Washington Investment Advisors Inc. (CRD 107126), registered adviser, filed June 2026, Cincinnati, OH.

Fort Washington Investment Advisors is the investment management subsidiary of Western & Southern Financial Group, managing $95 billion in total assets as of December 2025, including $89.4 billion in AUM and $5.5 billion in private equity commitments through Fort Washington Capital Partners Group. The firm manages Western & Southern's insurance general account and provides investment solutions to external institutional clients including other insurance companies, endowments, foundations, and public pension funds. Fort Washington has built capabilities across investment-grade fixed income, high yield, equities, real estate, and private equity fund-of-funds strategies.

Interests: Multi-asset investment management for insurance general accounts and institutional clients.

States $95BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Generali manages roughly $600 billion in total insurance investment assets, operating as one of the oldest and largest insurance groups in the world since its founding in Trieste in 1831. Generali Investments runs the group's asset management platform, with growing allocations to PE, private credit, real estate, and infrastructure. The group completed the acquisition of Conning and its affiliates in 2024, adding $169 billion in third-party AUM and significant US private credit capability.

Interests: Italian insurance giant with Generali Investments managing a growing alternatives platform.

States $600BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Guardian Life Insurance Company of America manages approximately $87 billion in admitted assets as of 2024, operating as one of the largest mutual life insurance companies in the United States. In 2025, Guardian restructured its investment operations through strategic partnerships, awarding Janus Henderson management of its $45 billion investment-grade public fixed income portfolio and engaging Hamilton Lane to manage its $5 billion private equity buyout portfolio with a commitment of approximately $500 million per year over the next decade. These partnerships reflect the broader industry trend of insurance companies seeking specialized external managers for both traditional and alternative asset classes.

Interests: Mutual life insurer general account with institutional-grade fixed income and growing private equity allocation.

States $87BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Jackson National Life Insurance Company manages approximately $73 billion in general account assets as part of Jackson Financial Inc., one of the largest annuity providers in the United States. Jackson's investment portfolio is managed by PPM America, its registered investment advisory subsidiary, with a focus on investment-grade corporate bonds, structured securities, commercial mortgage loans, and a growing allocation to private credit. The general account supports Jackson's variable annuity, fixed annuity, and fixed index annuity product lines, with an investment strategy designed to balance yield generation against the hedging requirements of guaranteed living benefit riders.

Interests: Variable and fixed annuity general account management with PPM America investment advisory.

States $73BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Legal & General is one of the largest financial services companies in the United Kingdom, managing approximately $1.5 trillion through LGIM (Legal & General Investment Management) alongside its insurance and retirement businesses. LGIM is the dominant index and institutional fund manager in the UK and a major player globally. The group's private markets arm invests across PE, private credit, real estate, and infrastructure, particularly in UK housing, urban regeneration, and clean energy transition.

Interests: UK-based insurance and investment management giant spanning LGIM, private markets, and retirement solutions.

States $1.5TN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

LIC manages approximately $500 billion, making it India's largest institutional investor by a wide margin. The state-owned corporation holds massive positions in Indian public equities and government bonds, and its buying and selling moves markets. LIC has been gradually expanding into infrastructure, real estate, and PE as India's alternatives market matures. The 2022 IPO, the largest in Indian history, added transparency to an institution that had operated with limited disclosure for decades.

Interests: India's dominant life insurer and largest domestic institutional investor.

States $500BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Lincoln Financial Group manages $331 billion in end-of-period account balances as of June 2025, net of reinsurance, across its life insurance, annuities, retirement plan, and group protection businesses. In 2025, Bain Capital acquired a 9.9 percent equity stake in Lincoln for $825 million and launched a strategic investment partnership, with Lincoln committing $1.4 billion in initial AUM to a jointly managed private credit platform. Lincoln expanded into private market fund distribution in 2025, launching evergreen funds focused on direct lending, asset-based finance, and structured credit to give individual investors access to institutional private credit strategies.

Interests: Life insurance and annuity general account investing with growing private credit partnership.

States $331BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Possible match by name only, not counted: Manulife Investment Management (US) LLC (CRD 106435), registered adviser, filed March 2026, Boston, MA.

Possible match by name only, not counted: Manulife Investment Management (North America) Limited (CRD 125142), registered adviser, filed April 2026, Toronto, On.

Manulife Investment Management is the global wealth and asset management arm of Manulife Financial Corporation, one of the largest life insurers in Canada, managing $234 billion in assets under management as of December 2025 with an additional $246 billion in assets under administration. The firm has built distinctive capabilities in private equity through its partnership with Ardian, timber and agriculture investing, Asian equities, and private credit. Manulife IM manages the parent company's general account alongside a growing third-party institutional business, with particular emphasis on expanding its Asian client base where Manulife has deep operational roots.

Interests: Global multi-asset management with strength in private markets, Asia equities, and timber and agriculture.

States $234BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Kind as first listed: its own website did not confirm it when read October 30, 2026.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Possible match by name only, not counted: New York Life Investment Management LLC (CRD 109591), registered adviser, filed March 2026, New York, NY.

New York Life Investment Management oversees $808 billion for the largest mutual life insurer in the U.S. In early 2026, New York Life consolidated its boutiques, NYL Investors, MacKay Shields, IndexIQ, under the unified NYLIM brand, creating a single $785 billion platform. NYLIM ranks in the top 25 globally in active fixed income and top 15 in private markets. Core strengths: investment-grade credit, munis, private placements, and real estate.

Interests: Global active fixed income, private markets, and multi-asset investment management.

States $808BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Nippon Life manages roughly $700 billion as the largest private life insurance company in Japan. As a mutual company, it operates without shareholder pressure, investing its general account across domestic bonds, equities, real estate, PE, and infrastructure. Nippon Life has been steadily expanding overseas, acquiring Resolution Life and taking strategic stakes in asset managers to build global investment capability beyond its traditional domestic bond-heavy portfolio.

Interests: Japan's largest private life insurer with expanding overseas and alternative investment programs.

States $700BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Kind as first listed: its own website did not confirm it when read October 30, 2026.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Northwestern Mutual manages a general account investment portfolio exceeding $335 billion as of year-end 2025, backing its life insurance and annuity obligations. The company announced a historic $9.2 billion policyholder dividend for 2026, reflecting the portfolio's strong investment performance. Northwestern Mutual allocates approximately 19 percent of its general account to higher-risk assets, well above the industry average, and roughly 50 percent to illiquid investments including private credit, private equity, and real estate. The company has maintained the highest financial strength ratings from all major agencies for 35 consecutive years, a distinction no other insurer matches.

Interests: General account investment management with significant alternatives allocation backing life and annuity products.

States $335BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Ping An manages approximately $1.1 trillion in investment assets, making it one of the largest insurance groups in the world. Headquartered in Shenzhen, Ping An operates across life and health insurance, property-casualty, banking, and asset management. The investment portfolio has been shifting from traditional fixed income and equities into PE, private credit, real estate, and infrastructure as the group seeks yield in a low-rate Chinese environment.

Interests: China's largest insurer by market cap with massive general account and growing PE and infrastructure allocations.

States $1.1TN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Kind as first listed: its own website did not confirm it when read October 30, 2026.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Possible match by name only, not counted: Principal Global Investors, LLC (CRD 109002), registered adviser, filed May 2026, Des Moines, IA.

Possible match by name only, not counted: Principal Asset Management Company (Asia) Limited (CRD 322390), registered adviser, filed March 2026, Wanchai.

Principal Asset Management runs $781 billion for Principal Financial Group, up from $717 billion at the start of 2025, reflecting strong organic growth. The firm manages Principal's general account alongside retirement plan and third-party institutional money. It has built real depth in real estate, preferred securities, and income strategies, plus an international pension business that few U.S. insurance-affiliated managers can match. The integrated model produces fee income on top of traditional insurance spread earnings.

Interests: Diversified asset management across public equities, fixed income, real estate, and retirement solutions.

States $781BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Kind as first listed: its own website did not confirm it when read October 30, 2026.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Protective Life Corporation manages approximately $80 billion in total assets, operating as a subsidiary of Dai-ichi Life Holdings, one of Japan's largest life insurance groups. The company provides life insurance, annuities, and stable value products with a general account portfolio invested across investment-grade fixed income, structured securities, and commercial mortgage loans. Protective has been an active acquirer of insurance blocks, expanding its asset base through reinsurance transactions and closed-block acquisitions. The Dai-ichi Life Group provides balance sheet strength and access to Japanese institutional investment expertise.

Interests: Life insurance and annuity general account management with Dai-ichi Life Group backing.

States $80BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Kind as first listed: its own website did not confirm it when read October 30, 2026.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Sammons Financial Group manages approximately $127 billion in combined assets across its insurance subsidiaries, including North American Company for Property and Life Insurance and Midland National Life Insurance Company. The group is one of the largest fixed annuity writers in the United States, with a general account invested primarily in investment-grade fixed income, structured securities, and commercial mortgage loans. Sammons Financial is a subsidiary of Sammons Enterprises, a diversified private holding company, which provides patient long-term capital and shields the insurance operations from public market pressures on investment strategy.

Interests: Fixed annuity and life insurance general account management across multiple carrier subsidiaries.

States $127BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Kind as first listed: its own website did not confirm it when read October 30, 2026.

Files: no federal filing found.

No Form ADV found by website, name or identifier.

Thrivent Financial is a Fortune 500 diversified financial services organization and fraternal benefit society managing approximately $118 billion in total assets. Thrivent serves over two million members through life insurance, annuities, and investment products, with Thrivent Asset Management operating a growing mutual fund and ETF platform. The general account is invested across investment-grade fixed income, commercial mortgages, and diversified alternatives. As a fraternal benefit society, Thrivent operates under a unique legal structure that blends insurance company investment management with a mission-driven approach to serving its membership community.

Interests: Faith-based fraternal benefit society with diversified general account and mutual fund platform.

States $118BN on its own website (as read April 2026); not filed with the SEC, so not ranked.

Files: no federal filing found.