The world's largest life insurers, 2026

China Life Insurance Co. Ltd. maintained its position as the world's largest life insurance company, topping S&P Global Market Intelligence’s latest ranking of the top 50 life insurers. Allianz SE and Ping An Insurance (Group) Co. of China Ltd. placed second and third, respectively.

North America was the most represented region in the ranking, with 19 life insurers. Sixteen of these companies are based in the US, making it the most represented country on the list, which ranks insurers by life and health insurance and investment contract reserves or liabilities as of the end of fiscal year 2025.

Prudential Financial Inc. continued as the largest life insurance company in the US and the fourth largest globally, consistent with its ranking the previous year. MetLife Inc. maintained its status as the second-largest US-based life insurer and the sixth-largest worldwide.

European life insurers accounted for 17 spots in the top 50, with the UK contributing the most carriers in the region at six.

Asia-Pacific companies filled the remaining 14 spots. Within the region, mainland China and Japan tied for the lead, each with five insurers featured in the ranking.

Level 3 assets

Life insurers across the globe are navigating a complex and evolving operating environment characterized by premium growth momentum, demographic-driven demand for longevity and combination products, increased adoption of AI, and ongoing macroeconomic and geopolitical uncertainty.

In pursuit of higher yields, life insurers are deepening their allocations to private credit and alternative assets within their investment portfolios. At the same time, regulatory scrutiny of investment strategies — particularly regarding liquidity, credit quality and complexity — has intensified, coinciding with private equity's expanding involvement in the insurance industry.

In the US, statutory filings reveal that Level 3 assets now comprise a substantially larger share of life insurers' bond portfolios compared to a decade ago. The National Association of Insurance Commissioners describes Level 3 assets as securities valued primarily using internal models and unobservable inputs.

Advancements and disruptions from AI capabilities continue to pose challenges for the life insurance industry.

For instance, earlier this year, Globe Life Inc. flagged a shift in its direct-to-consumer division, noting that increased AI utilization by consumers has reduced paid search volume from internet marketing. A Globe Life executive compared the trend to the industry's transition from direct mail to digital marketing as consumer habits shifted toward greater internet use.

Other life insurers are leveraging AI to enhance business operations. China Life, for example, reported that it has significantly reduced claims processing time by using AI-assisted technology. In the first half of 2026, the insurer said its intelligent underwriting approval rate hit 96.8%, and claims cases addressed through digital services accounted for more than 75% of its total claims volume during that period.

Companies are ranked by 2025 life and health reserves and separate accounts or insurance and investment contract reserves or liabilities. Life and health reserves generally represent a liability to provide for future commitments under outstanding policies. Reserves for investment contracts include liabilities for unit or index-linked investment contracts. The exact components of reserves may vary based on the specific accounting regime followed by the companies listed.

Reserves or liabilities shown have been converted to US dollars at the year-end 2025 spot exchange rate. Analysis is a best-efforts basis limited to public insurance companies around the world and non-public insurance companies in North America and Europe.

A landmark deal

A blockbuster merger announced in early 2026 is poised to reshape both the global and US life insurance markets.

Corebridge Financial Inc. and Equitable Holdings Inc. on March 26 announced plans to merge in an all-stock transaction. The deal would create a retirement, life, wealth and asset management company valued at about $22 billion, based on the companies' closing stock prices as of March 25.

Following shareholder approval in July, and pending regulatory and other customary conditions, the merger is expected to close by year-end 2026.

If the deal were to close today, it would significantly disrupt global rankings, propelling the new entity into the upper echelons of the industry. With combined reserves and liabilities totaling $653.49 billion — $355.70 billion from Corebridge and $297.79 billion from Equitable — the merged company would become the fifth-largest life insurer in the world. In the US market, it would rank second, just behind Prudential, which would maintain its leading position.

The merged entity will serve more than 12 million customers and will have about $1.5 trillion in assets under management and administration across individual retirement, group retirement, asset management, wealth management, life insurance and institutional markets.

Samantha Chow, global leader for the life insurance, annuities and benefits sector at Capgemini, described the deal in an interview as being a "true combination of life, health and wealth." The resulting entity would be able to support customers through major life stages, from retirement to long-term care, thereby creating value, Chow said.

While it remains to be seen whether another large merger might come along, Chow expects there will be more deals that position insurers as a one-stop shop, though companies may seek to accomplish that through partnerships, not just mergers.

Corebridge President and CEO Marc Costantini has been vocal about the opportunities that will be unlocked for the combined entity once the deal closes. Speaking during Corebridge's second-quarter earnings call, Constantini said the strength of two balance sheets and a bigger capital base will enable the new insurer to "take bigger sizes" of pension risk transfers. The executive also said he is "bullish" on the life insurance business, adding that the merger should allow management to accomplish more in that market.

Asia looks for growth

With five companies in the top 50 ranking, mainland China stands out as a key market for life insurance in Asia with considerable growth potential.

The demand is very much there and growing around life insurance and longevity solutions, where Chinese insurers are offering "insurance plus services" such as health management, hospital networks, senior-living communities, and advisers trained as health-and-wealth planners, Paul Ricard, partner and Asia-Pacific head of insurance and asset management at Oliver Wyman, told Market Intelligence.

However, Ricard cautioned that insurers that try to be "everything to everyone will struggle" due to challenges such as low interest rates, a Solvency II-style capital regime, and the tendency of Chinese households to be more risk-averse and liquidity-focused.

Hong Kong's recently announced five-year plan is also expected to create growth opportunities for both mainland and Hong Kong life insurers. AIA Group Ltd. and China Taiping Insurance Holdings Co. Ltd. were the two Hong Kong-based insurers in the ranking.

The plan describes Hong Kong as a "springboard" for mainland China banks and insurers, particularly reinsurers, to expand into global markets, according to Ricard, who characterized the opportunity as an "exploration rather than a global push."

Meanwhile, Japan also had five entries in the ranking, led by Nippon Life Insurance Co.

A trend among Japanese life insurers has been to pursue inorganic growth overseas, with Nippon Life being a standout example. These growth ambitions have been accompanied by life insurers in Japan and Hong Kong, reinsuring some of their risk. Ricard expects inorganic growth to continue, but noted that the rationale is becoming more strategic.

"The first wave was about building international scale with largely standalone businesses across the world," Ricard said. "What we're seeing now is players progressively thinking about creating a more integrated portfolio allowing expertise-sharing across markets and generating more value from the same capital."