A little-known fact about the insurance industry is that it is one of the oldest industries in the world. The history of insurance dates back to the time of the Code of Hammurabi, one of the first written laws in human history. The insurance industry has existed in one form or another ever since, but in 2024 the insurance industry will need to combat cyber threats and prepare for the challenges posed by changing global climate trends.
Look at the five largest insurance companies in the US by assets in 2024.
5. New York Life Insurance Company
Total Assets: $408 billion
New York Life Insurance Company is headquartered in New York City and founded in 1845. The company’s history has made it an important part of American history, and New York Life Insurance Company has the special honor of adding prominent activist Susan B. Anthony as one of its policyholders. The company also announced its 2023 financial results in March 2024, reporting a staggering operating profit of $3.1 billion, the first in its long history.
4. American International Group, Inc. (NYSE:AIG)
Total assets: $539 billion
American International Group, Inc. (NYSE:AIG) is another representative American company. The company is also headquartered in New York City and offers real estate, liability, reinsurance and other related products. The company has exceeded analysts’ EPS estimates in each of the last four quarters, and the stock has an average rating of Buy.
3. MetLife, Inc. (NYSE:MET)
Total Assets: $687 Billion
MetLife, Inc. (NYSE:MET) is the third consecutive New York City-based company on this part of our list. This is an insurance company that is ranked in Investors were definitely excited as the stock rose to $74.39 in March 2024, setting a new 52-week high.
The biggest hedge fund investor in MetLife Inc. (NYSE: MET) is Richard S. Pzena, his Pzena Investment Management, with $668 million in stock.
2. Prudential Financial, Inc. (NYSE:PRU)
Total assets: $721 billion
Prudential Financial, Inc. (NYSE:PRU) provides disability insurance, life insurance, and other insurance products. Our headquarters are located in Newark, New Jersey. In March 2024, the company won a $5.9 billion deal to fund telecom giant Verizon’s pension plan.
1. Berkshire Hathaway Inc. (NYSE:BRK-B)
Total Assets: $811 billion
Berkshire Hathaway Inc. (NYSE:BRK-B) is an investment holding company led by Warren Buffett. It owns a variety of insurance companies, including Berkshire Hathaway Specialty Insurance, Berkshire Hathaway Guard Insurance Company, and of course GEICO.
