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15 Best Life Insurance Companies Heading into 2024

In this article, we will look into the 15 best life insurance companies heading into 2024. If you want to skip our detailed analysis, you can go directly to the 5 Best Life Insurance Companies Heading into 2024.

Life Insurance Industry: A Market Analysis

Life insurance provides insurance to individuals against the financial repercussions of an unforeseen event such as an illness, accident, or death. According to a report by Research and Markets, the global life insurance market was worth $3.45 trillion in 2022. The market is expected to grow at a CAGR of 5.5% and reach $4.80 trillion by 2028. The growth can be attributed to the growing awareness and concern about financial security among people. With the increasing risks and uncertainties, people are becoming more mindful of having a secure financial future. Another significant factor driving the global life insurance market is a rise in the aging population, which is creating a higher demand for financial security.

Digitalization is one of the major trends in the global life insurance market, driving growth in the market. Increased use of digital channels including mobile apps, social media, and online portals has revolutionized traditional insurance practices. Digital platforms enable customers to buy insurance products, compare different insurance policies, and manage them online. Some of the companies in the market are now utilizing AI and data analytics to offer customized products and services. Another trend that is gaining traction in the market is term life insurance policies. These insurance policies cover a specific period and offer more affordable options as compared to permanent life insurance policies. Term life insurance policies are preferred by younger customers due to their affordability. Microinsurance is another growing trend in the market, led by the increased demand for simple and affordable insurance products.

Regionally, the market is dominated by North America, with a significant share in the global insurance market. The growth is characterized by increased awareness about financial security and changing consumer preferences. Another factor driving the growth in North America is the addition of new life insurance policies.

Key Players in the Market

Some of the key players in the global life insurance market include Aflac Incorporated (NYSE:AFL), MetLife, Inc. (NYSE:MET), and  Prudential Financial, Inc. (NYSE:PRU).

Aflac Incorporated (NYSE:AFL) is a leading American insurance company, offering life insurance products and services. On October 31, the company announced that it had delivered its innovative product, My Special Aflac Duck, to children at Lurie Children’s Hospital in Chicago. The innovative product is a robotic companion that is developed to comfort and help children diagnosed with cancer and sickle cell disease. The program was launched in 2018, and since then it has benefited over 25,000 children. Aflac Incorporated’s (NYSE:AFL) robotic duck employs medical play, realistic motions, and emotional responses to interact with children during their treatment journey.

MetLife, Inc. (NYSE:MET) is a leading life insurance company. On October 17, the company announced that it had partnered with, Nayya, a benefits decision support platform, to provide improved employee benefits experiences. This partnership will empower employees to utilize their benefits, leading to increased satisfaction, well-being, and loyalty. A recent study by MetLife, Inc. (NYSE:MET) found that 45% of employees in the US are unaware of their employee benefits. AI-assisted personalized recommendation by Nayya and year-round engagement will tackle this issue and improve the overall well-being of employees. MetLife, Inc. (NYSE:MET) and Nayya will start exhibiting their collective capabilities to customers and brokers in 2024.

Prudential Financial, Inc. (NYSE:PRU) is among the top life insurance companies leading the global market. On November 8, the company announced that it had partnered with a digital community app for military spouses called Twelve Million Plus. Prudential Financial, Inc. (NYSE:PRU) will offer financial education and resources through its digital life stage planning platform, Prudential Stages. The community member will be able to access tools and education on retirement planning, financial wellness, and connecting with virtual advisors. The partnership aims to empower military spouses with knowledge and provide them with tailored services.

Now, that we have discussed the global life insurance market and talked about the major players, let’s have a look at the 15 best life insurance companies heading into 2024.

15 Best Life Insurance Companies Heading into 2024

Methodology

To rank the 15 best life insurance companies heading into 2024, we screened the companies listed under life insurance using stock screeners from Finviz and Yahoo Finance. Then, we sourced the market cap of each company from Yahoo Finance. Finally, we ranked the 15 best life insurance companies heading into 2024 in ascending order of their market cap, as of December 11.

15 Best Life Insurance Companies Heading into 2024

15. Primerica, Inc. (NYSE:PRI)

Market Cap as of December 11: $7.41 billion

Primerica, Inc. (NYSE:PRI) is a leading insurance company, headquartered in Georgia, United States. Founded in 1977, the company offers a variety of products and services, focusing majorly on middle-income families. Some of the products offered by the company include term life insurance, mutual funds, annuities, mortgages, and senior health. With specialties in term life insurance, investment services, home and auto insurance, and identity theft protection, Primerica, Inc. (NYSE:PRI) is ranked among the best life insurance companies heading into 2024. As of December 11, the company boasts a market cap of $7.41 billion.

14. Sanlam Limited (OTC:SLLDY)

Market Cap as of December 11: $7.45 billion 

Sanlam Limited (OTC:SLLDY) is one of the largest insurance companies in Africa, headquartered in Cape Town, South Africa. The company provides a diverse range of products and services including individual life insurance, group life cover, retirement solutions, medical health insurance, and bancassurance. Life Cover + Quick Payout is Sanlam Limited’s (OTC:SLLDY) key life insurance product. The company is ranked 14th on our list and is valued at $7.45 billion, as of December 11.

13. Unum Group (NYSE:UNM)

Market Cap as of December 11: $8.35 billion

Unum Group (NYSE:UNM) is a leading insurance company, specializing in disability insurance, financial protection, voluntary benefits, commitment to Service, life Insurance, and behavioral health services. With 175 years of excellence, the company has business in the UK, the US, and Poland. Unum Group’s (NYSE:UNM) life insurance products and services provide coverage for disability, life, accident, and critical illness. The company’s life insurance portfolio offers both term and whole life insurance coverage. As of December 11, Unum Group (NYSE:UNM) reports a market cap of $8.35 billion.

12. T&D Holdings, Inc. (OTC:TDHOY)

Market Cap as of December 11: $8.54 billion

T&D Holdings, Inc. (OTC:TDHOY) is a leading Japanese insurance group, headquartered in Tokyo, Japan. The group offers a variety of life insurance products and services. T&D Holdings, Inc. (OTC:TDHOY) operates through a range of segments including Taiyo Life Insurance, Daido Life Insurance, T&D Financial Life Insurance, and Capital Taiyo Life Insurance Limited. These segments provide coverage for death protection, medical, and nursing care products. As of December 11, the group reports a market cap of $8.54 billion.

11. Samsung Life Insurance Co Ltd (KRX:032830)

Market Cap as of December 11: $9.42 billion

Samsung Life Insurance Co Ltd (KRX:032830) is a leading insurance company, specializing in life insurance, loan, corporate pension, fund, and trusts. Headquartered in Seoul, the company offers individual and group life insurance through its vast network of branches. Samsung Life Insurance Co Ltd (KRX:032830) is ranked among the best life insurance companies heading into 2024. As of December 11, it boasts a market cap of $9.42 billion.

10. Globe Life Inc. (NYSE:GL)

Market Cap as of December 11: $11.52 billion

Globe Life Inc. (NYSE:GL) is a life insurance company, headquartered in Texas. The company provides a diverse suite of products and services across multiple segments including life insurance, supplemental health insurance, annuities, and investments. The life insurance portfolio of the company covers both whole life insurance and term life insurance. Globe Life Inc. (NYSE:GL) is ranked 10th on our list and is valued at $11.52 billion.

9. HDFC Life Insurance Company Ltd (NSE:HDFCLIFE)

Market Cap as of December 11: $17.38 billion

HDFC Life Insurance Company Ltd (NSE:HDFCLIFE) is an insurance company, specializing in life insurance and pensions. Headquartered in Mumbai, the company offers a wide range of products and services meeting the needs of customers including protection, pension, savings, investment, and health. As of December 11, HDFC Life Insurance Company Ltd (NSE:HDFCLIFE) reports a market cap of $17.38 billion.

8. Sbi Life Insurance Company Ltd (NSE:SBILIFE)

Market Cap as of December 11: $17.50 billion

Sbi Life Insurance Company Ltd (NSE:SBILIFE) is a leading insurance company in India, specializing in life insurance, ULIP, online plans, protection plans, retirement plans, and savings plans. With its diverse range of products and services, Sbi Life Insurance Company Ltd (NSE:SBILIFE) caters to both individual and group products through its life insurance solutions. The company is ranked 8th on our list, reporting a market cap of $17.50 billion, as of December 11.

7. Dai-ichi Life Holdings, Inc. (OTC:DCNSF)

Market Cap as of December 11: $21.23 billion

Dai-ichi Life Holdings, Inc. (OTC:DCNSF) is a life insurance company in Tokyo, Japan. It offers a diverse range of products including EduPro Premier, Smart Shield, DL EduPro, and LoanShield. The group has a global presence in 10 countries including the US, Cambodia, India, and Myanmar among others. As of December 11, Dai-ichi Life Holdings, Inc. (OTC:DCNSF)  boasts a market cap of $21.23 billion. It is ranked 7th on our list.

6. Fubon Financial Holding Co., Ltd. (OTC:FUIZF)

Market Cap as of December 11: $25.49 billion

Fubon Financial Holding Co., Ltd. (OTC:FUIZF) is a leading insurance company, headquartered in Taipei, Taiwan. The company offers its customers a wide range of products and services across various business segments such as insurance, asset management, life insurance, banking, and securities. Fubon Financial Holding Co., Ltd. (OTC:FUIZF)  is ranked among the 15 best life insurance companies heading into 2024 and is valued at $256.49 billion.

Click to continue reading and see 5 Best Life Insurance Companies Heading into 2024.

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Disclosure: None. 15 Best Life Insurance Companies Heading into 2024 is originally published on Insider Monkey.

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