20 Biggest Health Insurance Companies in the US

20. Kemper Corporation
Market Capitalization: $3.15 billion

Kemper Corporation (NYSE:KMPR) is a diversified American insurance company that also offers accident and health insurance. The company provides health insurance for first-time cancer diagnoses and first-occurrence heart attacks. Kemper Corporation (NYSE:KMPR) is headquartered in Chicago, Illinois, and was founded in 1990.

UnitedHealth Group Incorporated (NYSE:UNH), Elevance Health, Inc. (NYSE:ELV), and The Cigna Group (NYSE:CI) are some of the biggest healthcare companies in the US along with Kemper Corporation (NYSE:KMPR).

19. GoHealth, Inc. (NASDAQ:GOCO)

Market Capitalization: $4.21 billion

GoHealth, Inc. (GOCO) is a government-approved insurance exchange. The company offers several Medicare plans including Medicare Advantage and Medigap. GoHealth, Inc. (GOCO) has partnered with over 300 insurance carriers and has enrolled over 5 million US citizens since 2001. According to the company, it assisted over 2 million people in 2022.

GoHealth, Inc. (GOCO) is based in Illinois but has offices across several US states and also has one in Slovakia.
18. AXIS Capital Holdings Limited (NYSE:AXS)

Market Capitalization: $4.57 billion

AXIS Capital Holdings Limited (NYSE:AXS) offers several insurance and reinsurance products including specialty accident and health insurance. According to the company, their health and accident insurance is suitable for the sports, leisure, and entertainment industry along with educational institutions, police, and fire department. AXIS Capital Holdings Limited (NYSE:AXS) has also tailored some coverage options for individuals in the Esports industry.

AXIS Capital Holdings Limited (NYSE:AXS) operates in Bermuda, the United States, Canada, Europe, and Singapore.
17. Kinsale Capital Group, Inc. (NYSE:KNSL)

Market Capitalization: $8.48 billion

Kinsale Capital Group, Inc. (NYSE:KNSL) is an insurance company operating in the United States. The company’s Allied Health segment offers long-term care coverage, miscellaneous healthcare, and social service risks. Kinsale Capital Group, Inc. (NYSE:KNSL) health insurance division also offers an insurance marketplace for medical practitioners that are ineligible to buy insurance from usual marketplaces. It offers coverage to non-standard chiropractors and podiatrists, dentists, physicians, and group practitioners.

Kinsale Capital Group, Inc. (NYSE:KNSL) was founded in 2009 and it is based in Virginia.
16. Unum Group (NYSE:UNM)

Market Capitalization: $9.26 billion

Unum Group (NYSE:UNM) is an American insurance company. According to the firm, it has 39 million customers worldwide and serves 57% of the Fortune 100 companies or their subsidiaries. Unum Group (NYSE:UNM)’s subsidiary, Colonial Life & Accident Insurance Company, offers disability, cancer, accident, life, critical illness, and hospital confinement insurance coverage. Unum Group (NYSE:UNM) bought the company in 1993 for $571 million.
15. Everest Re Group, Ltd. (NYSE:RE)

Market Capitalization: $14.66 billion

Everest Re Group, Ltd. (NYSE:RE) is a Bermuda-based insurance and reinsurance company. The company operates in over 100 countries across the globe, including the US. Everest Re Group, Ltd. (NYSE:RE)’s health insurance segment includes medical stop loss, short-term medical, pro sports disability, managed care, and group personal accident.

In the first quarter of 2023, out of 41 hedge funds that held a stake in Everest Re Group, Ltd. (NYSE:RE), Egerton Capital Limited held the most prominent stake with 406,646 shares worth $145.587 million.

Around mid-May, Everest Re Group, Ltd. (NYSE:RE) announced that it is changing its name and ticker symbol to Everest Group, Ltd. and EG, respectively.
14. Globe Life Inc. (NYSE:GL)

Market Capitalization: $10.34 billion

Globe Life Inc. (NYSE:GL) is a Texas-based financial services company with several insurance coverage options. The company provides supplemental health insurance products such as cancer insurance, ICU insurance, critical illness, and hospital insurance. Globe Life Inc. (NYSE:GL)’s Medicare supplemental insurance plans cover expenses such as deductibles, co-insurance, co-payments, and cost-sharing for outpatient hospital services. These costs are not covered by Medicare.

13. W. R. Berkley Corporation (NYSE:WRB)

Market Capitalization: $15.31 billion

W. R. Berkley Corporation (NYSE:WRB) is a commercial insurance and reinsurance company. Its health insurance segment provides insurance products for healthcare businesses which include hospitals, nursing homes, and managed healthcare facilities. W. R. Berkley Corporation (NYSE:WRB) is also on our list of best property and casualty insurance stocks to buy.

12. Principal Financial Group, Inc. (NASDAQ:PFG)

Market Capitalization: $18.08 billion

Principal Financial Group, Inc. (NASDAQ:PFG) is an American global financial services and insurance company. In the United States, it provides dental and vision insurance and individual disability insurance. Principal Financial Group, Inc. (NASDAQ:PFG) was founded in 1879 and is headquartered in Iowa.

In the first quarter of 2022, Balyasny Asset Management purchased 625,035 shares of Principal Financial Group, Inc. (NASDAQ:PFG), worth $46.45 million, and was the most significant stakeholder of the company.

11. Arch Capital Group Ltd. (NASDAQ:ACGL)

Market Capitalization: $26.5 billion

Arch Capital Group Ltd. (NASDAQ:ACGL) is an American insurance company. It was formed in Delaware in 1995 and is currently headquartered in Bermuda. Arch Capital Group Ltd. (NASDAQ:ACGL) operates in Bermuda, the USA, Canada, Europe, Australia, and Hong Kong. In the US, the company provides accident, disability scholastic, travel, and property insurance along with health and management liability.

10. The Allstate Corporation (NYSE:ALL)

Market Capitalization: $28.55 billion

The Allstate Corporation (NYSE:ALL) is an Illinois-based insurance company and with a market cap of $28.55 billion. It is the 10th biggest health insurance company in the US. The company covers several types of insurance including health. The company’s health insurance coverage options include short-term medical, critical illness, accident, dental, and Medicare insurance. The Allstate Corporation (NYSE:ALL) also offers self-funded group health plans and supplemental health coverage for small to medium-sized businesses.

9. Sun Life Financial Inc. (NYSE:SLF)

Market Capitalization: $30.14 billion

Sun Life Financial Inc. (NYSE:SLF) is a Canadian insurance company founded in 1865. The company offers dental, disability, health, and life insurance. Sun Life Financial Inc. (NYSE:SLF) also provides asset management, pension plans, and other financial services. The company primarily offers its services in North America and Asia. The US headquarters of the company is located in Norfolk County, Massachusetts.

On June 1, 2022, Sun Life Financial Inc. (NYSE:SLF) acquired one of the largest providers of Medicaid dental benefits in the U.S., Dentaquest, for $2.475 billion.

8. Centene Corporation (NYSE:CNC)

Market Capitalization: $36.51 billion

Centene Corporation (NYSE:CNC) is a Missouri-based managed care company. It manages Medicare and Medicare and assists TRICARE beneficiaries in the US West. Centene Corporation (NYSE:CNC) also offers privately insured healthcare programs. The company exited its pharmacy benefit management business in May 2022 after divesting its subsidiaries Magellan Rx and PANTHERx Rare for a combined $2.8 billion.

7. American International Group, Inc. (NYSE:AIG)

Market Capitalization: $40.85 billion

American International Group, Inc. (NYSE:AIG) is a New-York based finance and insurance company. The company offers general, health, travel, vehicle, and life insurance along with others. American International Group, Inc. (NYSE:AIG) also provides investment management and mortgage loans.

In the first quarter of 2021, 46 hedge funds held a stake in American International Group, Inc. (NYSE:AIG) and their combined stake value was nearly $2 billion.

6. MetLife, Inc. (NYSE:MET)

Market Capitalization: $42.10 billion

MetLife, Inc. (NYSE:MET) offers insurance, annuities, and employee benefit programs and is one of the largest insurance companies in the world. It serves over 90 million customers across 60 countries. MetLife, Inc. (NYSE:MET)’s health coverage includes life, medical, accident, dental, vision insurance, and disability coverage.

On June 14, MetLife, Inc. (NYSE:MET) partnered with Lyra Health to provide employees with mental health services after submitting disability or absence claims.

MetLife, Inc. (NYSE:MET) is the sixth largest healthcare company in the US while UnitedHealth Group Incorporated (NYSE:UNH), Elevance Health, Inc. (NYSE:ELV), and The Cigna Group (NYSE:CI) remain the top three.

5. Humana Inc. (NYSE:HUM)

Market Capitalization: $55.71 billion

Humana Inc. (NYSE:HUM) was founded as Extendicare Inc. in 1961 in Louisville, Kentucky, where it is still headquartered. The company is ranked 42 on the Fortune 500 and 201 on Forbes Global 2000, making it one of the biggest health insurance companies in the world. However, Humana Inc. (NYSE:HUM) does not provide its services outside of the United States.

In the first quarter of 2022, 68 hedge funds held a stake in Humana Inc. (NYSE:HUM) and GQG Partners was its most prominent hedge fund holder with over 2.24 million shares worth over $1 billion.

4. Chubb Limited (NYSE:CB)

Market Capitalization: $78.58 billion

Chubb Limited (NYSE:CB) is a Switzerland-based insurance and reinsurance company that operates worldwide including the United States. With a market cap of $78.58 at the time of writing, it is the fourth-largest health insurance company in the United States. In the first quarter of 2023, 45 hedge funds held Chubb Limited (NYSE:CB)’s shares. Viking Global was the hedge fund with the most prominent stake in the company in the first quarter with 3.466 million shares worth $673.17 million.

3. The Cigna Group (NYSE:CI)

Market Capitalization: $81.6 billion

The Cigna Group (NYSE:CI) is an American healthcare company offering managed healthcare and health insurance services. With a market cap of $81.78 billion, the company is fourth on our list of the biggest health insurance companies in the US. It is estimated to have around 165 million customers across 30 countries.

The Cigna Group (NYSE:CI) offers medical insurance, dental, and accident insurance along with other similar insurance services. The Cigna Group (NYSE:CI) also offers digital ID cards and app services for their customers’ convenience.

2. Elevance Health, Inc. (NYSE:ELV)

Market Capitalization: $105.37 billion

Elevance Health, Inc. (NYSE:ELV) formerly known as Anthem, Inc., is an American managed-healthcare and health insurance company. The company is quite favored by Wall Street analysts. In the last three months, 14 analysts have covered Elevance Health, Inc. (NYSE:ELV) and all of them keep a Buy or Overweight rating on the company stock with a $567.07 average price target. It is also why Elevance Health, Inc. (NYSE:ELV) is one of our best stocks for long-term growth.

1. UnitedHealth Group Incorporated

Market Capitalization: $449.27 billion

UnitedHealth Group Incorporated (NYSE:UNH) is a Minnesota-based healthcare company. It is the largest insurance company in the world by market cap. In the first quarter of 2023, 116 hedge funds had a stake in the company worth $11.708 billion. The hedge fund sentiment for UnitedHealth Group Incorporated (NYSE:UNH) increased in Q1 2023 as 110 hedge funds held a stake worth $11.46 billion in the fourth quarter of 2022.