Insurance is an essential part of our lives, protecting us from unexpected events and providing financial security. In the United States, there are many insurance companies to choose from, each with its own strengths and weaknesses. In this article, we will take a closer look at the largest insurance companies in the US, their size, products, and ratings.
Overview of Top 10 Largest US Insurance Companies
The following table shows the top 10 largest insurance companies in the US based on their total assets:
Rank |
Company |
Total Assets (in billions) |
|---|---|---|
1 |
UnitedHealth Group Inc. |
277.4 |
2 |
Cigna Corp. |
160.4 |
3 |
Anthem Inc. |
120.8 |
4 |
Humana Inc. |
81.2 |
5 |
Aetna Inc. |
68.9 |
6 |
Kaiser Foundation Group |
67.5 |
7 |
Centene Corp. |
45.2 |
8 |
Molina Healthcare Inc. |
17.3 |
9 |
Magellan Health Inc. |
4.4 |
10 |
Select Medical Holdings Corp. |
4 |
As the table shows, UnitedHealth Group is the largest insurance company in the US, followed by Cigna and Anthem.
1. UnitedHealth Group Inc.
UnitedHealth Group is a healthcare and insurance company based in Minnetonka, Minnesota. It offers a wide range of healthcare products and services, including health insurance, dental insurance, vision insurance, and pharmacy services. It operates through two business segments: UnitedHealthcare and Optum. UnitedHealthcare provides health benefits to commercial and individual customers, while Optum provides information and technology-enabled health services. UnitedHealth Group has more than 320,000 employees worldwide and serves more than 130 million customers.
UnitedHealth Group has received high ratings from credit agencies like Standard & Poor’s and Moody’s, indicating its financial stability and strength.
2. Cigna Corp.
Cigna is a global health services company headquartered in Bloomfield, Connecticut. It offers health, dental, and vision insurance, as well as pharmacy, behavioral, and disability insurance. It has operations in more than 30 countries and serves more than 180 million customers worldwide. Cigna operates through two business segments: Health Services and Integrated Medical. Health Services provides health insurance products and services, while Integrated Medical provides medical, dental, and behavioral health solutions.
Cigna has also received high ratings from credit agencies, like Standard & Poor’s and A.M. Best, indicating its financial strength and stability.
3. Anthem Inc.
Anthem is a health insurance company based in Indianapolis, Indiana. It offers health, dental, vision, and disability insurance, as well as life insurance and other related products and services. It operates through three business segments: Commercial and Specialty Business, Government Business, and Other. Commercial and Specialty Business offers health insurance products to commercial customers, while Government Business provides health benefits to individuals who are eligible for government-sponsored programs. Other includes businesses like dental, vision, and life insurance.
Anthem has received strong ratings from credit agencies, like Moody’s and A.M. Best.
4. Humana Inc.
Humana is a health insurance company based in Louisville, Kentucky. It offers health, dental, vision, and life insurance, as well as pharmacy services. It operates through four business segments: Retail, Group, Healthcare Services, and Individual Commercial. Retail offers Medicare and Medicaid products to individual customers, while Group provides health insurance products to commercial customers. Healthcare Services offers medical services through clinics and pharmacies, while Individual Commercial offers individual health insurance products.
Humana has also received high ratings from credit agencies, indicating its financial strength and stability.
5. Aetna Inc.
Aetna is a health insurance company based in Hartford, Connecticut. It offers health, dental, vision, and disability insurance, as well as pharmacy and behavioral health services. It operates through three business segments: Health Care, Group Insurance, and Large Case Pension. Health Care provides health insurance products to commercial and individual customers, while Group Insurance offers life and disability insurance products to commercial customers. Large Case Pension offers retirement savings products to large corporate customers.
Aetna has received high ratings from credit agencies, like A.M. Best and Standard & Poor’s.
6. Kaiser Foundation Group
Kaiser Foundation Group is a healthcare and insurance company based in Oakland, California. It offers health insurance products, as well as medical services through its network of hospitals and clinics. It operates through two business segments: Health Plan and Hospitals. Health Plan provides health insurance products to commercial and individual customers, while Hospitals offers medical services through its network of hospitals and clinics.
Kaiser Foundation Group has received strong ratings from credit agencies, like Moody’s and Fitch Ratings.
7. Centene Corp.
Centene is a healthcare and insurance company based in St. Louis, Missouri. It offers health insurance products, as well as medical services through its network of clinics and hospitals. It operates through two business segments: Managed Care and Specialty Services. Managed Care provides health insurance products to commercial and individual customers, while Specialty Services offers medical services to government-sponsored programs.
Centene has received strong ratings from credit agencies, like Moody’s and A.M. Best.
8. Molina Healthcare Inc.
Molina Healthcare is a healthcare and insurance company based in Long Beach, California. It offers health insurance products, as well as medical services through its network of clinics and hospitals. It operates through two business segments: Health Plans and Molina Medicaid Solutions. Health Plans provides health insurance products to commercial and individual customers, while Molina Medicaid Solutions offers medical services to government-sponsored programs.
Molina Healthcare has received strong ratings from credit agencies, like Moody’s and A.M. Best.
9. Magellan Health Inc.
Magellan Health is a healthcare and insurance company based in Scottsdale, Arizona. It offers health insurance products, as well as behavioral health and pharmacy services. It operates through two business segments: Healthcare and Pharmacy Management. Healthcare provides health insurance products and medical services to commercial and individual customers, while Pharmacy Management offers pharmacy benefits management services to commercial customers.
Magellan Health has received strong ratings from credit agencies, like Moody’s and A.M. Best.
10. Select Medical Holdings Corp.
Select Medical Holdings is a healthcare and insurance company based in Mechanicsburg, Pennsylvania. It offers health insurance products, as well as medical services through its network of specialty hospitals and outpatient rehabilitation clinics. It operates through two business segments: Specialty Hospitals and Outpatient Rehabilitation. Specialty Hospitals provides medical services to patients with acute and chronic medical conditions, while Outpatient Rehabilitation offers physical therapy and other rehabilitation services.
Select Medical Holdings has received strong ratings from credit agencies, like Moody’s and A.M. Best.
FAQ
1. What are the largest insurance companies in the US?
The largest insurance companies in the US are UnitedHealth Group, Cigna Corp., Anthem Inc., Humana Inc., Aetna Inc., Kaiser Foundation Group, Centene Corp., Molina Healthcare Inc., Magellan Health Inc., and Select Medical Holdings Corp.
2. What kind of insurance products do these companies offer?
These companies offer health insurance, dental insurance, vision insurance, life insurance, disability insurance, and pharmacy services. Some of them also offer behavioral health and rehabilitation services.
3. How do I choose the right insurance company?
Choosing the right insurance company depends on your specific needs and preferences. You should consider factors like the company’s financial strength and stability, the range of products and services offered, the quality of customer service, and the cost of premiums and deductibles.
4. How can I find out more about these companies?
You can visit the company’s website, read reviews from other customers, and check ratings from credit agencies like Standard & Poor’s, Moody’s, and A.M. Best. You can also consult with an insurance broker or agent to help you choose the right insurance company for you.
5. Are these companies only available in the US?
Most of these companies operate primarily in the US, but some of them have operations in other countries as well.