Biggest Insurance Companies in USA: Numerous insurance companies provide products and services in the insurance sector. Most of these companies specialize in specific types of insurance, while others offer multiple types. The largest companies generally offer all types of insurance, including life, property and casualty, health, and business insurance. Some companies have also expanded into health care services and financial services.
This list includes only publicly traded companies in the US and Canada, either directly or through ADRs. Some foreign companies may have longer reporting lag times, reporting semiannually.
Top 10 Insurance Companies in USA
These are the top 10 largest insurance companies based on their revenue over the past 12 months (TTM).”
1: United Health Group (UNH)
- Revenue (TTM): $94.4 billion
- Market Cap: $482.4 Billion
- 1-Year Trailing Total Return: 4.5%
- Exchange: New York Stock Exchange
United Health Group is a combination of United Health Care, its insurance business, and Optum, its health services business. UHG is at the top of the list of the biggest insurance companies in USA. United provides insurance and services for 152 million customers and 6,400 healthcare facilities, with 400,000 employees.
2: Berkshire Hathaway Inc. (BRK.B)
- Revenue (TTM): $93.2 billion
- Net Income (TTM): $-12.8 Billion
- Market Cap: $879.4 Billion
- 1-Year Trailing Total Return: 31.7%
- Exchange: New York Stock Exchange
Berkshire Hathaway is a holding company that owns numerous subsidiaries, a significant portion of which are insurance companies. Warren Buffet owns one of the world’s largest companies by market capitalization. Its insurance subsidiaries include Geico, General Re, MLMIC Insurance, United States Liability Insurance, and National Indemnity.
3: CVS Health Corp Group (CVS)
- Revenue (TTM): $89.4 billion
- Net Income (TTM): $2.3 Billion
- Market Cap: $97.03 Billion
- 1-Year Trailing Total Return: -12.9%
- Exchange: New York Stock Exchange
CVS is a well-known company that offers medical supplies and pharmacy services. In addition to this, it also owns Aetna, an insurance provider. The acquisition of Aetna in 2018 was an attempt to transform the consumer health experience and build healthier communities. Over the years, CVS has expanded its services to become an all-inclusive healthcare solutions provider. It offers insurance, pharmaceuticals, and health and wellness products and services. The company has a vast workforce of over 300,000 employees in 8,300 locations. In 2022, it served over 5.5 million people in its MinuteClinics and HealthHubs.
4: The Cigna Group (CI)
- Revenue (TTM): $49.0 billion
- Net Income (TTM): $1.4 Billion
- Market Cap: $99.8 Billion
- 1-Year Trailing Total Return: 13.3%
- Exchange: New York Stock Exchange
The Cigna Group is a global healthcare benefit provider that has two operational segments: Evernorth Health Services and Cigna Healthcare. Evernorth is the parent organization for several pharmaceutical and pharmacy solutions, including Express Scripts, Inside Rx, and ScreenRx. Meanwhile, Cigna Healthcare is the Group’s insurance segment that provides health insurance for the Group, the U.S. Government, and consumers.
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5: Elevance Health Inc. (ELV)
- Revenue (TTM): $42.9 billion
- Net Income (TTM): $1.3 Billion
- Market Cap: $120.5 Billion
- 1-Year Trailing Total Return: 3.6%
- Exchange: New York Stock Exchange
Elevance Health is a health insurance provider that offers coverage to approximately 47 million members. The company offers plans for individuals and groups, as well as Medicaid and Medicare. It also serves as the health benefits manager for the U.S. federal government and manages the Federal Employees Health Benefits Program.
Elevance operates through three segments: the Commercial & Specialty Business segment, the Governments Business segment, and the CarelonRx segment, responsible for managing pharmacy benefits.
6: Centene (CNC)
- Revenue (TTM): $35.2 billion
- Net Income (TTM): $469.0 Million
- Market Cap: $42.1 Billion
- 1-Year Trailing Total Return: 7.3%
- Exchange: New York Stock Exchange
Centene is a prominent insurance provider for the federal government, and it is the largest Medicare insurer in the U.S. They offer a wide range of services through specialty providers, such as behavioral health services, clinical healthcare, data analytics, pharmacy solutions, vision and dental services, and Medicaid across different states and regions.
#7: Ping An Insurance (PNGAY)
- Revenue (TTM): $28.8 billion
- Net Income (TTM): $2.3 Billion
- Market Cap: $99.8 Billion
- 1-Year Trailing Total Return: -97.1%
- Exchange: OTC
Ping An Insurance is a Chinese company that provides insurance and financial services. It offers various types of non-life insurance, including health, auto, casualty, and property insurance. Additionally, it provides banking services and investment management services. The company invests heavily in technology development to provide better services to its customers.
8: Allianz (ALIZY)
- Revenue (TTM): $26.5 billion
- Net Income (TTM): $2.2 Billion
- Market Cap: $103.9 Billion
- 1-Year Trailing Total Return: 14.4%
- Exchange: OTC
Allianz is an international insurance and asset management provider headquartered in Germany. It serves more than 122 million people in over 70 countries. It provides property, life, and health insurance and manages about €1.7 trillion ($1.8 trillion) in assets for its customers.
9: Humana Inc. (HUM)
- Revenue (TTM): $26.4 billion
- Net Income (TTM): $832.0 Million
- Market Cap: $44.9Billion
- 1-Year Trailing Total Return: -28.1%
- Exchange: New York Stock Exchange
Humana is a U.S.-based health insurance provider. It provides plans for Medicare, Medicaid, military personnel, and consumers. Humana has two operating segments, Insurance and CenterWell. The Insurance segment offers medical, dental, and vision insurance and administrative services. The CenterWell segment offers pharmacy, home, and primary care solutions.
10: Axa Sa (AXAHY)
- Revenue (TTM): $22.5 billion
- Net Income (TTM): $2.1 Billion
- Market Cap: $70.0 Billion
- 1-Year Trailing Total Return: 9.8%
- Exchange: OTC
Axa Sa is an international insurance and financial services company that provides property and casualty, health, and life insurance products and manages about €932 billion in assets. It is headquartered in and operates out of France, Europe, and Asia.
Final Words
So this was the list of the biggest insurance companies in USA based on numbers.
