A recent report from Insurance Business sheds light on the financial health of the top U.S. insurance companies. The 2024 IB+ Annual Financial Insights, released on July 17, 2025, analyzes the performance of 86 public insurance providers from 2021 to 2024. This report highlights key differences between the leading firms and their lower-ranked counterparts, especially in the property and casualty (P&C), health, and brokerage segments.
The analysis, which draws from SEC filings, shows that the top 20 insurers saw their earned premiums increase by 26% over three years, reaching $32.1 billion. This growth outpaced the 16% rise in premiums among the other 66 insurers. However, rising costs affected profitability. The average expenses for the top 20 surged by 31%, leading to a 14% decline in their net earnings. In contrast, lesser-ranked companies experienced an even sharper drop, with net earnings plummeting by 36%.
Despite these challenges, the top 20 companies, including notable names like UnitedHealth, Progressive, and Marsh & McLennan, managed to consolidate their market strength. They accounted for 75% of the total net earnings among the 86 companies studied, up from 69% three years earlier.
When looking at specific segments, P&C insurers like Progressive, Travelers, and Allstate performed well. Progressive, for instance, reported a remarkable 154% increase in diluted earnings per share (EPS). Meanwhile, insurance brokerages such as Arthur J. Gallagher and Brown & Brown thrived, benefiting from their commission-based models and adaptability. On the other hand, health insurers like Cigna and Humana struggled to convert premium growth into profits due to rising compliance and care costs.
The report also highlights the importance of diluted EPS as a measure of shareholder health. For the top 20 insurers, EPS rose from $370 to $383.88 by 2024, indicating effective capital management and recovery from previous downturns. Allstate led the group with an impressive 242% jump in EPS, while AIG and Prudential faced declines in shareholder value amid significant losses.
These findings illustrate a shift in leadership within the insurance market as top providers capture a larger share of earnings during uncertain times. As the industry prepares for ongoing economic challenges, climate issues, and digital changes, this report serves as a crucial resource for understanding the current landscape of U.S. insurance providers. For those interested in a deeper analysis of premiums, expenses, earnings, and EPS, the full report is available for access.