US Life Insurance Industry Statistics 2026: Premiums and Coverage

US life insurers held $9,955.2 billion in total net admitted assets at year-end 2025, an increase of 6.9% from year-end 2024, according to US life insurance industry statistics from the National Association of Insurance Commissioners (NAIC). Direct written premiums and deposits increased 6.0% to $1,513.7 billion, and overall profitability rose 30.7% to $30.6 billion in 2025.

Total individual life insurance new annualized premium reached $17.5 billion in 2025, up 10%, on preliminary results from LIMRA’s sales survey. Even so, 38% of Americans have a life insurance need-gap, which works out to about 92 million adults who need coverage or more of it. The sections below track premiums, sales by product, annuities, ownership, the largest carriers, investments and state premiums, using regulator filings and industry surveys from the NAIC, LIMRA, the American Council of Life Insurers (ACLI) and company reports.

Key Takeaways

• The number of US individual life policies sold rose 8% in the second quarter of 2026, outpacing new premium growth of 3%.
• Annuity direct written premium of $546.4 billion in 2025 was 2.34 times the $233.5 billion in life direct written premium.
• Total ceded premium rose 32.8% ($143.4 billion) in 2025, and the life insurance retention rate fell three percentage points to 56% in the first six months of 2026.
• Among adults with a need-gap, cost is the top barrier, cited by 45%, and adults under 31 overestimate the true cost of a $250,000 20-year term policy by about five to six times.
• Gen X now leads all generations at 58% ownership, the first time baby boomers (53%) are not the most-insured generation.
• The life industry reported $21 billion of net income in the first six months of 2026, a 6% decrease from the same period of 2025.

Editor’s Choice

• Total net admitted assets: $9,955.2 billion at year-end 2025.
• Direct written premiums and deposits: $1,513.7 billion in 2025.
• Individual life new annualized premium: a record $17.5 billion in 2025, on preliminary results.
• Life insurance in force: $22,005,633 million ($22.01 trillion) in 2024.
• Total US annuity sales: $121.2 billion in the second quarter of 2026.
• Americans who own life insurance: 52% own at least one policy.
• Life insurance companies: 711 in business in the United States at the end of 2024.

US Life Insurance Industry Statistics: Size and Assets

• Total net admitted assets increased 6.9% to $9,955.2 billion from year-end 2024.
• Separate accounts increased 8.2% to $3.5 trillion and accounted for 35.4% of total net admitted assets.
• Direct written premiums and deposits increased 6.0% to $1,513.7 billion in 2025, driven largely by a $21.9 billion (4.2%) increase in annuities to $546.4 billion.
• Total capital and surplus increased 5.7% to $540.7 billion, while stockholder dividends decreased 16.1% to $35.8 billion.
• 727 companies filed the NAIC life, accident and health annual financial statement at year-end 2025, and 12 of them reported being party to a merger.
• 711 life insurance companies were in business in the United States at the end of 2024, and 530, or 75% of the industry, were stock companies.
• Accident and health (A&H) direct written premium of life filers fell 5.7% to $236.5 billion in 2025.

Source: NAIC 2025 Annual Life Industry Report

How big is the US life insurance industry?

The US life insurance industry held $9,955.2 billion in total net admitted assets at year-end 2025 and wrote $1,513.7 billion in direct written premiums and deposits that year. Life insurance in force totaled $22,005,633 million ($22.01 trillion) in 2024, according to ACLI tabulations of NAIC data.

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About This Data

Compiled from 10 sources: 3 regulator reports and company filings (NAIC annual and mid-year results, an SEC filing) and 7 industry association publications and surveys (LIMRA, ACLI). Sources date from November 2025 to September 2026. Only primary regulator, company and industry-body data qualified. Figures are reviewed on a rolling basis and updated when sources publish new editions.

Life Insurance Premiums by Year

• Life direct written premium rose from $185.4 billion in 2018 to $233.5 billion in 2025.
• Annuity direct written premium climbed from $277.0 billion in 2018 to $546.4 billion in 2025.
• Annuity premium grew 97.3% from 2018 to 2025, against 25.9% growth in life direct written premium.
• Annuity premium was 2.34 times life direct written premium in 2025.
• Deposits rose 21.3% to $423.8 billion in 2025.
• Total net life insurance premiums decreased 7.2% to $158.2 billion for year-end 2025.
• Whole life and term life accounted for 69.7% of total life insurance premiums.
• Whole life net premiums increased 5.0% to $69.8 billion, while term life decreased 1.3% to $40.4 billion.

The gap between the two lines is the clearest structural fact in the NAIC data. Life insurers now earn far more of their top line from retirement savings products than from death-benefit coverage, which ties industry revenue closely to interest rates and equity markets.

Recent Developments

• August 5, 2026: Brighthouse Financial said completion of its merger with Aquarian Capital, an all-cash deal valued at approximately $4.1 billion, remained subject to insurance regulatory approvals in Delaware, New York and Massachusetts.
• August 26, 2026: LIMRA reported US individual life new annualized with excess premium of $4.75 billion in the second quarter of 2026, up 3%, with policies sold up 8%.
• September 8, 2026: LIMRA reported total US annuity sales of $121.2 billion in the second quarter of 2026, up 2% and the 11th consecutive quarter of more than $100 billion in sales.
• September 2026: The ACLI Financial Resilience Index fell 10 points between the first and second quarters to a score of +10, and 39% of middle-class households plan to rely on Medicare to pay for long-term care.
• First six months of 2026: The NAIC reported that life industry capital and surplus increased by 4% to $564 billion compared to the prior year-end.

Life Insurance Sales Statistics

• Total new annualized premium increased 10% year over year to $17.5 billion in 2025, according to preliminary LIMRA results.
• Individual life insurance new premium set records in four of the past five years, including 2025.
• The number of policies sold rose 7% for the year.
• Whole life new premium climbed 7% to a record $6.4 billion, or 37% of the total life insurance market in 2025.
• Indexed universal life (IUL) new premium totaled a record $4.5 billion, 17% higher than 2024 results.
• Variable universal life (VUL) new premium totaled $2.6 billion, up 17%, and term new premium increased 3% to $3.1 billion.
• Fixed universal life new premium was $985 million, down 4% year over year.
• LIMRA expects overall life insurance new annualized premium to grow between 2% and 6% in 2026, slightly above the historical average of 3.1%.

LIMRA credited advances in technology with improving underwriting automation, digital applications, marketing and lead generation, making the buying process faster and more accessible.

What are the current trends in the life insurance industry?

Policy count is growing faster than premium: policies sold rose 8% in the second quarter of 2026 while premium rose 3%. Whole life and variable universal life led premium growth, while indexed universal life premium fell 9%, its first decline since the second quarter of 2023. Annuity sales stayed above $100 billion for an 11th consecutive quarter.

Life Insurance Sales by Product in 2026

• The number of policies sold increased 8% in the second quarter of 2026, outpacing premium growth.
• Whole life premium totaled $1.77 billion, up 9%, the largest single contributor to overall premium growth, largely driven by network marketing distribution.
• Variable universal life premium rose 13%, the strongest premium growth rate of any product line.
• Indexed universal life premium fell 9% from a year earlier, yet the number of IUL policies sold increased 6%.
• Term policy count increased 5%, with the largest gains supported by online distributors and digital term platforms.
• Fixed universal life premium declined for the seventh consecutive quarter.

Source: LIMRA US Life Insurance Sales Survey, Q2 2026

Key finding: “Growth remains concentrated in the final expense market, where relatively new products, digital sales platforms, and expanded distribution networks continue to drive sales and extend the market’s reach”, said Karen Terry of LIMRA Insurance Research. More policies at a lower premium per sale point to smaller policies reaching more households.

Annuity Sales Statistics

• Total US annuity sales rose 2% year over year to $121.2 billion in the second quarter of 2026.
• Year-to-date sales reached $228.7 billion, 1% higher than the first half of 2025 and a new first-half record.
• Fixed-rate deferred annuity sales were $41.8 billion in the second quarter, down 9% from a year earlier.
• Registered index-linked annuity (RILA) sales set a quarterly record of $23.3 billion, 22% higher than a year earlier.
• Traditional variable annuity sales rose 24% from the second quarter of 2025.
• Single premium immediate annuity sales set a record of $4.1 billion, up 15%.
• Life insurers paid $110 billion in annuity benefits in 2024, the most ever.

Life Insurance Ownership Statistics

• 52% of Americans own at least one life insurance policy, up 1 point from 2025.
• Among owners, 18% say they don’t have enough coverage.
• Gen X leads all generations at 58% ownership, the first time baby boomers (53%) are not the most-insured generation.
• Only 44% of Gen Z own life insurance, the lowest of any adult generation.
• A 6-point gender gap persists: 55% of men vs. 49% of women report having coverage.
• Ownership rises sharply with income, from 29% of households under $50,000 to 64% of those earning $150,000 or more.
• Among the insured, 53% hold individual coverage only.

Life Insurance Coverage Gap Statistics

• 38% have a life insurance need-gap, down from 42% in 2024 and 40% in 2025.
• About 92 million US adults need life insurance or more coverage.
• The need-gap is moving toward the pre-pandemic average of 34%.
• Need is highest among households under $50,000, at 54%.
• Among those with a need-gap, the top barriers are cost (45%), other financial priorities (35%), not knowing how much or what type to buy (23%) and simply not getting to it (23%).
• Roughly three-quarters of consumers overestimate the cost of life insurance, and 46% admit their estimate was a gut feeling or wild guess.
• Just 29% could stay financially secure for more than two years if a primary wage earner died, and 47% would feel the impact within six months.

Why it matters: The 2026 Insurance Barometer Study found that adults under 31 overestimate the true cost of a $250,000 20-year term policy by about five to six times. With cost cited as the top barrier and roughly three-quarters of consumers overestimating it, a mistaken price belief may account for part of the coverage gap.

Largest Life Insurance Companies in the US

• Northwestern Mutual led US life insurers with $19,006 million in total direct life insurance premiums in 2024.
• Northwestern Mutual, MetLife, New York Life and Prudential Financial wrote a combined $67,034 million.
• State Farm ($6,395 million) and Protective Life ($5,750 million) placed ninth and tenth.
• Mutual companies had $8.5 trillion of life insurance in force in 2024 and stock life insurers $12.9 trillion.

Who are the top 10 life insurance companies?

Ranked by total direct life insurance premiums in 2024, the top 10 US life insurers were Northwestern Mutual, MetLife, New York Life, Prudential Financial, Massachusetts Mutual, Lincoln Financial, Nationwide, Guardian, State Farm and Protective Life. Northwestern Mutual led with $19,006 million, and Protective Life placed tenth with $5,750 million.

Life Insurance in Force Statistics

• Life insurance in force totaled $22,005,633 million ($22.01 trillion) in 2024, down from $22,163,409 million ($22.16 trillion) in 2023.
• Individual policies accounted for $14,068,473 million ($14.07 trillion) of coverage in force and group certificates for $7,847,187 million ($7.85 trillion).
• 262.278 million policies and certificates were in force in 2024.
• Americans bought 9.642 million individual life policies in 2024.
• The total face amount of life insurance purchased fell to $3,535,724 million ($3.54 trillion) in 2024 from $3,632,527 million ($3.63 trillion) in 2023.

Source: ACLI Life Insurers Fact Book 2025, from NAIC data for 2024

Life Insurer Investment Portfolio Statistics

• The industry’s invested asset portfolio increased 6.1% to $6.0 trillion at year-end 2025.
• Bonds made up 67.0% of invested assets, worth $3,999.7 billion, down from 70.3% in 2021.
• Mortgage loans rose to 13.9% of invested assets from 12.7% in 2021.
• Corporate bonds represented the largest share of long-term bonds at 55.0%.
• Noninvestment-grade bonds represented 4.6% of total bonds at December 31, 2025.
• Net investment income increased 6.7% to $259.1 billion in 2025, and the net investment yield rose to 4.5%.

Life Insurance Premiums by State

• California had the largest share of life insurance premiums, at $22,106 million in 2025.
• Texas life insurance premiums rose 4% in 2025, and Florida premiums rose 5%.
• Illinois life insurance premiums grew 5%, while New Jersey premiums slipped 1%.

Life Insurance Industry Profitability

• Net income rose 30.7% to $30.6 billion in 2025, from $23.4 billion in 2024.
• Net income was $39.7 billion in 2019 and fell to $17.4 billion in 2020.
• Net income fell 6% to $21 billion in the first six months of 2026, compared with the first six months of 2025.
• Return on equity (ROE) increased to 5.7% in 2025 from 4.6% in 2024.
• Life insurance ceded premium increased 32.2% to $162.3 billion.
• Gross premiums for life insurance increased 5% to $155 billion in the first six months of 2026.
• The industry paid $487.6 billion in surrender benefits, and the average surrenders-to-premiums ratio increased to 61.1% from 58.4% in 2024.
• Operating cash flow reached $219.2 billion in 2025, up 28.4%.

Worth noting: Total ceded premium rose 32.8%, or $143.4 billion, in 2025, according to the NAIC. The industry retention rate on life insurance premiums then decreased three percentage points to 56% in the first six months of 2026. More premium, and the risk behind it, is moving to reinsurers.

Life Insurance Industry Jobs and Benefits Paid

• Life insurance home-office personnel totaled 309,300 in 2024, down from 310,500 in 2023 and 334,400 in 2014.
• Agents, brokers and service personnel across the insurance industry reached 1,386,500 in 2024, up from 1,351,000 in 2023.
• Aggregate insurance industry employment reached 3,000,500 in 2024, up from 2,969,400 in 2023.
• In 2024, life insurers paid $89 billion to the beneficiaries of life insurance policies.
• Life insurers also paid $110 billion in annuity benefits and $10 billion in long-term care claims in 2024.

Source: ACLI Life Insurers Fact Book 2025, from BLS Current Employment Statistics, 2014-2024

Conclusion

US life insurers closed 2025 with $9,955.2 billion in total net admitted assets and $1,513.7 billion in direct written premiums and deposits, and 38% of Americans still report a life insurance need-gap. The industry is larger and more profitable than a year ago, yet its growth leans on annuities and reinsurance more than on new protection for uninsured households.

LIMRA expects life insurance new annualized premium to grow between 2% and 6% in 2026. The policy count gains of 2026 suggest smaller, cheaper policies are reaching more buyers, and whether that narrows the coverage gap is the figure to watch in the next Barometer study.