Life and health insurance industry – additional information
The total revenue of the life and health insurance industry reached its highest level since 2009 in 2014. Total revenue generated was close to 880 billion U.S. dollars. In general, the life and health insurance market consists of two different types of companies: mutual and stock. A mutual life insurance company is owned by its policyholders while a stock insurance company is owned by investors who have purchased company stock. Mutual companies rebate profits to policy holders whereas stock company profits are distributed to investors.
The highest revenues generated by leading mutual life and health insurance companies in the United States, were recorded by New York Life Insurance Company with around 46 billion U.S. dollars, followed by Massachusetts Mutual Life Insurance with over 38 billion U.S. dollars. On the global scale, New York Life Insurance Company ranks third on the list of the largest companies . On the other hand, the highest revenues recorded by stock companies in the United States include MetLife with around 70 billion U.S. dollars - almost double the amount of revenue from the highest ranking mutual life and health insurance company- followed by Prudential Financial with over 57 billion U.S. dollars. MetLife ranks sixth globally for having the highest revenues. Overall, stock life and health insurance companies generally acquire more revenue than their mutual counterparts.