Berkshire Hathaway finished No. 1 on a ranking of most profitable U.S. insurers, posting annual profits of $81.4 billion last year, according to a tally by the financial services website HowMuch.net.
The analysis, which is based on Fortune 500 data, indicated that 15 property and casualty insurers surpassed $1 billion in 2019 profits. The numbers do not include surplus or reserve funds.
The average profit level among the 50 companies stood at $3.2 billion, according to the analysis. In the second and third spots were MetLife ($5.9 billion) and State Farm ($5.6 billion).
The study shows that there are numerous insurance companies making less than $1 billion in annual profits, suggesting that the insurance markets are generally very competitive while providing low prices for consumers, according to HowMuch.net.
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50 Most Profitable Insurers in U.S.
| Rank | Insurance Company | Classification | Annual Profits (in Millions of $) |
| 1 | Berkshire Hathaway Inc. | Property & Casualty (Stock) | $8,140 |
| 2 | MetLife | Life & Health (Stock) | $5,900 |
| 3 | State Farm | Property & Casualty (Mutual) | $5,600 |
| 4 | Allstate | Property & Casualty (Stock) | $4,800 |
| 5 | Prudential | Life & Health (Stock) | $4,200 |
| 6 | USAA | Property & Casualty (Stock) | $4,000 |
| 7 | Progressive | Property & Casualty (Stock) | $4,000 |
| 8 | MassMutual | Life & Health (Mutual) | $3,700 |
| 9 | AIG | Property & Casualty (Stock) | $3,300 |
| 10 | Aflac | Life & Health (Stock) | $3,300 |
| 11 | Travelers | Property & Casualty (Stock) | $2,600 |
| 12 | FM Global | Property & Casualty (Stock) | $2,500 |
| 13 | TIAA | Life & Health (Mutual) | $2,500 |
| 14 | The Hartford | Property & Casualty (Stock) | $2,100 |
| 15 | Cincinnati Insurance Cos. | Property & Casualty (Stock) | $2,000 |
| 16 | Markel | Property & Casualty (Stock) | $1,800 |
| 17 | Auto-Owners Insurance | Property & Casualty (Mutual) | $1,400 |
| 18 | Principal | Life & Health (Stock) | $1,400 |
| 19 | Northwestern Mutual | Life & Health (Mutual) | $1,300 |
| 20 | Fidelity | Property & Casualty (Stock) | $1,100 |
| 21 | Unum | Life & Health (Stock) | $1,100 |
| 22 | OR | Property & Casualty (Stock) | $1,000 |
| 23 | Liberty Mutual | Property & Casualty (Stock) | $1,000 |
| 24 | New York Life | Life & Health (Mutual) | $1,000 |
| 25 | Thrivent Financial | Life & Health (Mutual) | $968 |
| 26 | Loews | Property & Casualty (Stock) | $932 |
| 27 | American Financial Group Inc. | Property & Casualty (Stock) | $897 |
| 28 | Lincoln Financial Group | Life & Health (Stock) | $886 |
| 29 | RGA | Life & Health (Stock) | $870 |
| 30 | Alleghany | Property & Casualty (Stock) | $856 |
| 31 | Nationwide | Property & Casualty (Mutual) | $830 |
| 32 | Global Life | Life & Health (Stock) | $761 |
| 33 | Pacific Life | Life & Health (Stock) | $725 |
| 34 | First American | Property & Casualty (Stock) | $707 |
| 35 | Berkley | Property & Casualty (Stock) | $682 |
| 36 | Guardian | Life & Health (Mutual) | $680 |
| 37 | American National | Life & Health (Stock) | $620 |
| 38 | Erie Insurance | Property & Casualty (Mutual) | $551 |
| 39 | Kemper | Property & Casualty (Stock) | $531 |
| 40 | American Family Insurance | Property & Casualty (Stock) | $456 |
| 41 | Securian Financial | Life & Health (Stock) | $435 |
| 42 | The Hanover Insurance Group | Property & Casualty (Stock) | $425 |
| 43 | CNO Financial Group | Life & Health (Stock) | $409 |
| 44 | Brown & Brown | Property & Casualty (Stock) | $399 |
| 45 | PennMutual | Life & Health (Stock) | $396 |
| 46 | Assurant | Property & Casualty (Stock) | $383 |
| 47 | Primerica | Life & Health (Stock) | $366 |
| 48 | National General | Property & Casualty (Stock) | $348 |
| 49 | Genworth Financial | Life & Health (Stock) | $343 |
| 50 | Sentry | Property & Casualty (Mutual) | $324 |
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