Stock prices rise, and stock prices fall — and some of the biggest life and annuity issuers in the United States are (partly) out of that game.
Some of the biggest issuers are mutual insurers, meaning that they're controlled by some or all of the policyholders based on one set of rules, or fraternal benefit societies, meaning that they're nonprofit entities that operate under another, similar set of rules.
Some of the other well-known issuers are public companies. Those companies are owned by ordinary investors and post financial statements based on the U.S. generally accepted accounting principles rules that the U.S. Securities and Exchange Commission uses.
For a look at the 10 highest-revenue non-public life and annuity insurers that we could find, based on their total revenue for the first three quarters of 2024, see the gallery above.
Note that we did not try to add up the revenue for companies in corporate groups; the figures for each insurance company are reported separately.
The list excludes insurers that are not public companies in the United States because they are owned by private equity firms or non-U.S. companies. In some cases, the non-U.S. owners are public companies in their own countries.
To make this list, a company needed to post more than $7 billion in year-to-date revenue. The biggest company on the list had almost $28 billion in year-to-date revenue.
The data: All insurers file reports with state insurance regulators based on the states' statutory accounting principles. Some also post reports based on the GAAP standards, and some don't.
Some, but not all, of the non-public companies post their statutory financial reports on their websites.
Finding and compiling data from the non-public companies' reports is more difficult because fewer people want that data. Collections of the reports are available mainly through specialized services, not the SEC's filing database.
We used data for the first three quarters because, for many non-public insurers, the reports for the first three quarters of 2024 are the latest reports that are readily available.
Credit: Diego M. Radzinschi/ALM
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