Insurance Companies in the United States

AllianceBernstein manages $867 billion for Equitable Holdings, which raised its ownership to 69 percent in April 2025. AB runs active strategies across equities, fixed income, multi-asset, and alternatives for institutions, private wealth, and retail. The bigger story: in March 2026, Equitable announced an all-stock merger with Corebridge Financial, creating a $1.5 trillion combined platform with AB as the central investment engine. That deal, if closed, would vault AB into a different weight class.

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.

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.

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.

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.

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.

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.

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; Buffett 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.

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.

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.

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.

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.

Corebridge Financial manages over $385 billion in assets under management and administration as of December 2025, operating the former AIG Life & Retirement business that was spun off in 2022. The general account exceeds $350 billion with 96 percent of fixed maturities rated investment grade and an average credit rating of A-minus. In March 2026, Corebridge announced a transformational all-stock merger with Equitable Holdings that will create a combined entity with $1.5 trillion in AUM and AUA, positioning the merged company as a top-tier insurance and asset management platform with AllianceBernstein as its investment engine.

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.

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.

Global Atlantic is a leading insurance and reinsurance company managing $135 billion in assets, operating as a wholly owned subsidiary of KKR since 2024. Founded at Goldman Sachs in 2004 and separated as an independent company in 2013, Global Atlantic provides retirement and life insurance products to over two million policyholders and reinsurance solutions to institutional clients. KKR manages Global Atlantic's investment portfolio with a focus on privately originated credit, asset-based finance, and real estate debt, generating yield premiums that support competitive annuity crediting rates. The Global Atlantic platform is a core component of KKR's insurance strategy and a significant source of permanent capital for the firm's broader investment activities.

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.

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.

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.

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.

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.

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.

MetLife Investment Management runs over $742 billion after absorbing PineBridge Investments in 2025. MIM manages MetLife's general account and serves outside institutions -- other insurers, pensions, sovereign wealth funds. Its core strengths are public and private fixed income, agricultural finance, real estate debt and equity, and infrastructure. The PineBridge deal plugged the gap in global equities and multi-asset, giving MIM a much broader third-party offering than it had as a pure fixed income shop.

Nationwide manages approximately $270 billion in total invested assets across its insurance and financial services operations, with over $150 billion in direct investment portfolio assets and $130 billion in retirement plan assets under management. As one of the largest diversified insurance and financial services companies in the United States, Nationwide invests its general account across investment-grade fixed income, commercial mortgage loans, and a growing allocation to private credit and alternative strategies. The company works with leading external investment managers and has been expanding its product platform to include private market access for retirement plan participants.

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.

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.

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.

Nuveen manages $1.4 trillion as TIAA's investment arm, including the entirety of TIAA's $316 billion general account plus all third-party capital on the platform. The firm has carved out strong positions in real assets, private credit, munis, and responsible investing. Nuveen is on an aggressive growth trajectory -- targeting $2 trillion in AUM by 2030 -- and backed that up in early 2026 with a $13.5 billion bid for Schroders that would create a $2.5 trillion combined platform.

Pacific Life manages approximately $220 billion in total assets through its life insurance and annuity operations, held by Pacific Mutual Holding Company. The general account is invested across a diversified portfolio of investment-grade fixed income, commercial mortgage loans, private placements, and structured securities. Pacific Life sold its Pacific Asset Management subsidiary to Aristotle Capital in 2023, refocusing its investment operations on general account portfolio management and institutional funding agreement programs. The company is a major issuer of funding agreement-backed notes in the institutional capital markets.

PGIM runs $1.47 trillion for Prudential Financial and outside clients, placing it among the top 20 asset managers globally. The platform is organized into specialist units: PGIM Fixed Income, PGIM Real Estate ($139 billion), PGIM Private Alternatives, and Jennison Associates for equities. Its edge is credit -- investment-grade, high-yield, commercial real estate debt -- plus a growing private alternatives book. Third-party institutional and retail assets now make up a meaningful share of AUM alongside Prudential's own general account.

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.

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.

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.

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.

SLC Management is Sun Life Financial's institutional asset management arm, managing C$425 billion (US$309 billion) in assets as of December 2025. The platform encompasses BGO (real estate), Crescent Capital (credit), InfraRed Capital Partners (infrastructure), and Sun Life Capital Management (public fixed income). Sun Life completed full ownership acquisitions of BGO and Crescent Capital in 2025 and announced the acquisition of Bell Partners, a leading multifamily real estate manager. Under new leadership, SLC Management has set an ambitious target to double AUM to $600 billion within five years through private markets expansion.

State Farm is the largest property-casualty insurer in the United States with an estimated $318 billion in total invested assets across its mutual and subsidiary companies. State Farm Investment Management Corp manages the group's public equity portfolio, while the broader general account is predominantly allocated to investment-grade fixed income securities. As a mutual company, State Farm invests conservatively to maintain its top-tier financial strength ratings and support policyholder surplus. The company posted a $1.5 billion underwriting profit in 2025, with investment income serving as the primary complement to underwriting results.

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.

Voya Investment Management is the asset management division of Voya Financial, managing $360 billion in assets as of December 2025 with an additional $62 billion in assets under advisement. The firm achieved record net inflows of $14.6 billion for the full year, representing 4.8 percent organic growth. Voya IM has deep expertise in investment-grade and high-yield fixed income, bank loans, CLOs, and multi-asset retirement solutions. The firm launched its first actively managed ETFs in November 2025, expanding its distribution capabilities beyond its traditional institutional and retirement plan client base.