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Life insurance and annuities

The 24 companies in this industry listed on the NYSE and Nasdaq are worth $476 bn combined; the largest are Manulife Financial (MFC), MetLife (MET) and Aflac (AFL). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

Evenly matched
24 companies value 476 bn revenue 361 bn margin — free cash flow — avg. score 6.1
MFC holds 16.5% of the group's value, 1.2x the runner-up · AFL leads the industry without being the largest
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 MFC Manulife Financial
Canada · score 5.9
 17% 79 bn 5.8 bn 74.5% 23 bn 29.1% — Life insurance, retirement and asset management in Canada, Asia and the US (John Hancock) · Canadian life insurer with a strong operation in Asia
2 MET MetLife
United States · score 6.8
 13% 63 bn 79 bn 4.6% 16 bn 24.6% 2.4% Life insurance, group benefits and retirement · Largest US life insurer
3 AFL Aflac
United States · score 6.8
 13% 60 bn 18 bn 26.9% 2.6 bn 4.4% 2.0% Supplemental health and life insurance in Japan and the US · Leader in supplemental insurance in the US and Japan; 40+ years of rising dividends
4 SLF Sun Life Financial
Canada · score 6.8
 9% 44 bn 30 bn 9.0% 1.9 bn 4.3% 3.4% Insurance, retirement and asset management, from Canada · Life insurance and asset management in Canada, the US and Asia
5 PRU Prudential Financial
United States · score 7.1
 8% 39 bn 65 bn 6.0% 11 bn 28.0% 5.0% Life insurance, retirement and investment management · Retirement and asset management; high yield
6 PUK Prudential plc
United Kingdom · score 6.9
 6% 30 bn 11 bn 35.8% 2.4 bn 7.7% 2.4% Life insurance and asset management in Asia and Africa · Life insurance focused on Asia and Africa
7 PFG Principal Financial Group
United States · score 6.8
 5% 23 bn 16 bn 9.9% 5.0 bn 21.9% 3.0% Retirement, insurance and asset management · Specialist in employer retirement plans
8 CRBG Corebridge Financial
United States · score 5.1
 3% 15 bn 20 bn 4.5% 1.9 bn 12.1% 3.1% Annuities and retirement products for US retail customers · Retirement and annuities, spun off from AIG
9 UNM Unum Group
United States · score 6.1
 3% 15 bn 13 bn 5.3% 0.7 bn 4.8% 2.1% Disability, life and group benefits insurance · US leader in group disability insurance
10 EQH Equitable Holdings
United States · score 2.5
 3% 15 bn 11 bn -8.7% 1.4 bn 9.3% 2.2% Annuities, life insurance and wealth management · Annuities and wealth management, part owner of AllianceBernstein
11 GL Globe Life
United States · score 6.7
 3% 13 bn 6.2 bn 19.6% 1.2 bn 9.6% 0.7% Life and supplemental insurance for the mass market · Low-ticket life insurance sold directly to consumers
12 AEG AEGON LTD.
Netherlands · score 7.0
 3% 13 bn 9.8 bn 11.2% 1.9 bn 15.3% 5.3% Life insurance, retirement and asset management, mainly in the US (Transamerica) and the UK · Netherlands — assets of $379bn
13 BNT Brookfield Wealth Solutions Ltd.
Bermuda · score 5.3
 3% 12 bn 12 bn 1.5% 3.3 bn 26.4% 0.4% Annuities and wealth management from the Brookfield group · Bermuda — assets of $206bn
14 AFG American Financial Group
United States · score 7.3
 3% 12 bn 8.3 bn 11.5% 1.6 bn 12.8% 4.7% Property and casualty and specialty insurance holding · Specialty insurance with a history of special dividends
15 JXN Jackson Financial
United States · score 5.7
 2% 8.7 bn 6.5 bn 1.6% 5.9 bn 67.6% 2.7% Variable annuities and retirement products · US variable annuity specialist
16 PRI Primerica, Inc.
United States · score 7.0
 2% 8.6 bn 3.4 bn 23.2% 0.9 bn 10.3% 1.6% Life insurance and investments for the middle class, via 151,000 agents · Georgia — assets of $14.8bn
17 VOYA Voya Financial, Inc.
United States · score 6.6
 2% 8.5 bn 8.2 bn 7.4% 1.2 bn 14.1% 2.1% Workplace benefits, retirement and savings solutions · New York — assets of $183bn
18 LNC Lincoln National
United States · score 5.4
 2% 7.5 bn 19 bn 12.2% -1.3 bn -17.7% 4.6% Life insurance, annuities and group benefits · Life insurance and annuities with a strong advisor channel
19 CNO CNO Financial Group, Inc.
United States · score 6.1
 1% 5.0 bn 4.7 bn 6.0% 0.7 bn 14.0% 1.3% Holding company for health, life and retirement insurance · Indiana — assets of $39.9bn
20 BHF Brighthouse Financial
United States · score 4.4
 1% 2.7 bn 6.7 bn 12.5% -0.5 bn -19.7% — Annuities and life insurance through independent channels · Annuities and life insurance, spun off from MetLife
21 FG F&G Annuities & Life, Inc.
United States · score 6.4
 1% 2.6 bn 6.1 bn 6.9% 4.3 bn 167.3% — Insurance: annuities and life for retail and institutional clients · Iowa — assets of $104bn
22 SNFCA SECURITY NATIONAL FINANCIAL CORP
United States · score 6.3
 0% 0.2 bn 0.3 bn 9.9% 0.1 bn 31.8% — Life insurance, cemeteries and funeral homes, and mortgages · Utah — assets of $1.6bn
23 CIA CITIZENS, INC.
United States · score 5.5
 0% 0.2 bn 0.3 bn 4.5% 0.0 bn 8.6% — Life insurance in two segments · Texas — assets of $1.8bn
24 AAME ATLANTIC AMERICAN CORP
United States · score 6.3
 0% 0.0 bn 0.2 bn 2.9% 0.0 bn 109.5% 1.4% Life, health and property insurance holding company, since 1968 · Georgia — assets of $434m

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What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

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