Visualizing America's $1.7 Trillion Insurance Industry | ZeroHedge
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Data and Key Takeaways
The data we used to create this graphic is listed in the table below. Note that this ranking includes publicly traded companies only.| Rank | Name | Market Cap |
|---|---|---|
| 1 | UnitedHealth | $473,256,000,000 |
| 2 | Progressive | $141,930,000,000 |
| 3 | Marsh McLennan | $103,126,000,000 |
| 4 | Elevance Health | $88,304,689,152 |
| 5 | Cigna | $77,863,362,560 |
| 6 | Gallagher | $69,887,385,600 |
| 7 | MetLife | $56,875,376,640 |
| 8 | Travelers | $54,865,952,768 |
| 9 | Allstate | $49,263,951,872 |
| 10 | AIG | $45,279,391,744 |
| 11 | Prudential | $42,419,859,456 |
| 12 | Humana | $32,175,022,080 |
| 13 | Centene | $31,609,597,952 |
| 14 | The Hartford | $31,603,916,800 |
| 15 | Brown & Brown | $28,901,777,408 |
| 16 | Cincinnati Financial | $22,245,187,584 |
| 17 | Markel | $21,944,627,200 |
| 18 | Berkley | $21,911,468,032 |
| 19 | Erie Insurance | $21,034,135,552 |
| 20 | Principal | $17,909,245,952 |
| 21 | Corebridge Financial | $17,674,076,160 |
| 22 | Molina Healthcare | $16,958,656,512 |
| 23 | Fidelity National Financial | $15,400,402,944 |
| 24 | Equitable | $15,387,979,776 |
| 25 | RGA | $14,604,749,824 |
| 26 | Unum | $13,398,243,328 |
| 27 | CNA | $12,846,034,944 |
| 28 | U-Haul | $12,048,060,416 |
| 29 | AFG | $11,094,878,208 |
| 30 | Assurant | $10,616,492,032 |
| 31 | Kinsale | $9,797,028,864 |
| 32 | Globe Life | $9,359,039,488 |
| 33 | Primerica | $9,209,505,792 |
| 34 | Old Republic | $8,666,577,920 |
| 35 | RLI | $7,162,358,784 |
| 36 | Jackson | $6,637,221,376 |
| 37 | First American | $6,233,802,240 |
| 38 | Selective Insurance | $5,529,822,208 |
| 39 | Hanover | $5,503,021,056 |
| 40 | Lincoln Financial | $5,413,500,928 |
| 41 | Other | $73,980,086,936 |
As we highlighted in a previous graphic, the company is the world’s eighth largest company by revenue, bringing in $372 billion during its 2024 fiscal year.
UnitedHealth has made several major acquisitions in recent years, with one example being LHC Group, a provider of in-home healthcare services, for $5.4 billion.
Progressive Gains
The second largest company in the U.S. insurance industry is Progressive, which is known for its popular ads featuring “Flo”, a fictional saleswoman.Rather than health insurance, Progressive focuses on vehicle insurance (personal and commercial).
Shares of Progressive (Ticker: PGR) have climbed 230% over the past five years, significantly outperforming the S&P 500’s return of 81%.
Not all insurance companies are rising, though. Shares of Elevance Health, #4 on this ranking, fell over 20% in 2024 after the company reduced its forward earnings guidance.
