The life insurance industry in Puerto Rico provides essential financial protection to individuals and families. It comprises various companies that offer term, whole, and universal life policies. These providers focus not only on safeguarding assets through traditional life coverages but also on innovative solutions that address changing consumer needs. As the market evolves, there's an increasing emphasis on digital platforms, streamlining claims processes, and enhancing customer engagement. Recent trends show a rising demand for flexibility in insurance products, driven by demographic shifts and economic considerations, making it an opportune moment for growth and modernization in the sector.


The listed companies reflect a mix of established giants and modern players in the life insurance market. Most operate across the United States, with a notable presence in Puerto Rico. They vary in size, spanning from thousands to over 100,000 employees. Founded as early as the beginning of the 20th century, these companies specialize in a range of offerings, including standard life insurance options, group policies, and advanced financial services, catering to a dynamic market demand. This blend of history and innovation has shaped their resilience in this competitive arena.


Continue reading to explore the top life insurance companies in Puerto Rico.


Top 19 Life Insurance Companies in Puerto Rico


1. State Farm

  • Website: statefarm.com
  • Ownership type: Private
  • Headquarters: Bloomington, Illinois, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 1922
  • Headcount: 10001+
  • LinkedIn: state_farm

State Farm Insurance, founded in 1922 and headquartered in Bloomington, Illinois, is a prominent insurance and financial services provider. The company offers a wide range of insurance products, including auto, home, life, and health insurance, along with investment services. With over 106,000 employees and a network of 19,000 agents, State Farm serves millions of customers across the United States. Their life insurance offerings include term life, whole life, and universal life policies, catering to the needs of individuals and families looking to secure their financial future. State Farm's approach emphasizes personalized service, with dedicated agents available to assist clients in selecting the right coverage. The company also promotes bundling options, which can lead to significant savings for policyholders. State Farm's long-standing presence in the industry and its focus on customer care position it as a relevant player in the life insurance market.


2. American Family Insurance

  • Website: amfam.com
  • Ownership type: Private
  • Headquarters: Madison, Wisconsin, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 1927
  • Headcount: 10001+
  • LinkedIn: american-family-insurance

American Family Insurance, founded in 1927 and headquartered in Madison, Wisconsin, is a private insurance company with over 17,000 employees. The firm provides a wide array of insurance products, including life, health, auto, homeowners, and commercial insurance. American Family Insurance aims to protect the financial well-being of its customers through tailored insurance solutions. The company operates under the philosophy that dreams are worth protecting, which is reflected in their marketing and community initiatives. They have a strong focus on customer satisfaction, having been recognized for their digital insurance shopping experience. American Family also engages in community support through various initiatives, including the DreamBank, which fosters a community of dreamers and provides resources for personal and professional growth. Their life insurance products are underwritten by the American Family Life Insurance Company, ensuring a dedicated focus on this segment of their business.


3. Farmers Insurance

  • Website: farmers.com
  • Ownership type: Private
  • Headquarters: Los Angeles, California, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: Other (Debt), $300.0M, October 2024
  • Founded year: 1928
  • Headcount: 10001+
  • LinkedIn: farmers-insurance

Farmers Insurance, founded in 1928 and headquartered in Los Angeles, California, is a prominent insurance provider that offers a wide array of insurance products. The company serves both individual consumers and small businesses, helping them manage risks and protect their assets through tailored insurance solutions. Farmers Insurance operates through a network of agents, providing resources to assist customers in understanding their insurance needs. Their product offerings include auto, home, business, and notably, life insurance, which encompasses term life, whole life, and universal life policies. Farmers Insurance has a significant workforce, with over 43,000 employees, and has recently secured funding of $300 million in October 2024, indicating ongoing investment in their operations and services. This funding may enhance their capabilities in the insurance market, including life insurance.


4. Mutual of Omaha

  • Website: mutualofomaha.com
  • Ownership type: Corporate
  • Headquarters: Omaha, Nebraska, United States (USA)
  • Employee distribution: United States (USA) 99%
  • Latest funding: March 2024
  • Founded year: 1909
  • Headcount: 1001-5000
  • LinkedIn: mutual-of-omaha

Mutual of Omaha Insurance Company, based in Omaha, Nebraska, has been a significant player in the insurance and financial services industry since its inception in 1909. The company offers a wide array of products, prominently featuring life insurance options such as term life, whole life, and universal life policies. Beyond life insurance, Mutual of Omaha provides Medicare solutions, long-term care coverage, and various financial services, including annuities and investments. This broad product offering allows them to cater to individuals, families, and businesses, helping clients manage health-related expenses and financial risks. The company is dedicated to educating consumers about their insurance options, as evidenced by the resources available on their website, which include articles and tools to help clients understand their life insurance needs. With a workforce of over 8,700 employees, Mutual of Omaha remains a significant entity in the insurance sector, actively contributing to the financial well-being of its customers.


5. Protective Life

  • Website: protective.com
  • Ownership type: Corporate
  • Headquarters: Birmingham, Alabama, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: June 2014
  • Founded year: 1907
  • Headcount: 1001-5000
  • LinkedIn: protective-life

Protective Life Corporation, based in Birmingham, Alabama, is a financial services provider that specializes in life insurance and annuities. Founded in 1907, the company has built a reputation for offering a range of products designed to provide financial security for individuals and families. Their offerings include term life, whole life, and universal life insurance, as well as various annuity products. Protective Life operates through several subsidiaries, including Protective Life Insurance Company and Protective Life and Annuity Insurance Company, which allows them to cater to a broad customer base across the United States. The company emphasizes customer education, providing resources to help clients understand their options and make informed decisions about their financial futures. With a workforce of over 3,000 employees, Protective Life is committed to delivering quality service and support to its policyholders, ensuring that they can navigate the complexities of life insurance and retirement planning effectively.


6. Tata AIA Life Insurance

  • Website: tataaia.com
  • Ownership type: Private
  • Headquarters: Mumbai, Maharashtra, India
  • Employee distribution: India 100%
  • Founded year: 2001
  • Headcount: 5001-10000
  • LinkedIn: tata-aia-life-insurance

Tata AIA Life Insurance Company Limited, based in Mumbai, Maharashtra, India, is a private insurance firm that specializes in life and health insurance products. Founded in 2001, the company has grown to employ between 5,001 and 10,000 individuals, reflecting its substantial presence in the market. Tata AIA offers a comprehensive suite of insurance solutions, including term life insurance, ULIPs, and pension plans, aimed at providing financial security to individuals and their families. The company operates through multiple distribution channels, such as agents, brokers, and digital platforms, ensuring that its products are accessible to a broad audience. As a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd., Tata AIA benefits from the strong reputations of its parent companies, which enhances its standing in the competitive insurance market.


7. American National

  • Website: americannational.com
  • Ownership type: Corporate
  • Headquarters: Galveston, Texas, United States (USA)
  • Employee distribution: United States (USA) 99%
  • Latest funding: $5.1B, August 2021
  • Founded year: 1905
  • Headcount: 1001-5000
  • LinkedIn: american-national-insurance

American National Insurance Company, headquartered in Galveston, Texas, has been a player in the insurance sector since its founding in 1905. The company provides a wide array of insurance products, prominently featuring life insurance, health insurance, and annuities. With a workforce of over 5,000 employees, American National serves both individual consumers and businesses, helping them manage risks and secure financial stability. The company operates in all 50 states and Puerto Rico, showcasing its extensive reach. In 2021, American National secured a significant funding amount of $5.1 billion, reflecting its strong market position and potential for future growth. This funding supports its operations and product offerings, including life insurance, which remains a critical component of its business strategy.


8. Reliance Nippon Life Insurance


Reliance Nippon Life Insurance Company, based in Mumbai, Maharashtra, India, is a private life insurance provider that has been operational since 2000. The company offers a comprehensive range of insurance products, including term insurance, savings and investment plans, retirement plans, health insurance, and solutions tailored for groups and NRIs. With a workforce exceeding 12,000 employees, Reliance Nippon Life Insurance is positioned to serve a broad customer base, helping individuals and families secure their financial futures. The company is registered with the Insurance Regulatory and Development Authority of India (IRDAI), ensuring compliance with industry standards. Their focus on customer service and innovative digital solutions has earned them recognition in the form of multiple awards, highlighting their commitment to enhancing customer experience and operational efficiency.


9. Bajaj Allianz Life Insurance


Bajaj Allianz Life Insurance Company, founded in 2001 and headquartered in Pune, Maharashtra, India, is a prominent financial services provider specializing in life insurance and investment solutions. The company offers a comprehensive range of products designed to meet the financial security needs of individuals and families. Their offerings include term insurance, Unit Linked Insurance Plans (ULIPs), retirement plans, and child insurance plans. Bajaj Allianz has established a strong online presence, enabling customers to easily calculate their insurance needs, purchase policies, and access various financial planning tools. The company has a significant workforce, with over 17,000 employees, and has built a reputation for its customer service, evidenced by a high claim settlement ratio. Bajaj Allianz Life Insurance is committed to helping clients achieve their life goals through tailored insurance solutions.


10. FWD Insurance

  • Website: fwd.com
  • Ownership type: Private Equity
  • Headquarters: Hong Kong S.A.R
  • Employee distribution: Philippines 29%, Hong Kong S.A.R 21%, Indonesia 13%, Other 37%
  • Latest funding: $1.4B, December 2021
  • Founded year: 2013
  • Headcount: 5001-10000
  • LinkedIn: fwd-insurance

FWD Insurance, part of FWD Group, is an insurance company based in Hong Kong S.A.R. Founded in 2013, it has rapidly expanded its operations across Asia, serving markets such as Thailand, Indonesia, the Philippines, and Japan. FWD offers a variety of insurance products, including life, medical, and general insurance, as well as employee benefits. The company is known for its innovative approach, leveraging digital technology to simplify the insurance experience for both individual consumers and businesses. With a workforce of over 10,000 employees, FWD has made significant strides in changing perceptions about insurance, focusing on transparency and customer engagement. The company has also received substantial funding, with a notable investment of $1.425 billion in December 2021, which supports its growth and expansion initiatives.


11. Allianz Suisse

  • Website: allianz.ch
  • Ownership type: Corporate
  • Headquarters: Wallisellen, Zurich, Switzerland
  • Employee distribution: Switzerland 100%
  • Latest funding: October 2015
  • Founded year: 1980
  • Headcount: 1001-5000
  • LinkedIn: allianzsuisse

Allianz Suisse, based in Wallisellen, Zurich, is a corporate insurance provider founded in 1980. The company employs approximately 1,926 individuals and operates exclusively within Switzerland. Allianz Suisse offers a comprehensive range of insurance products, including vehicle, household, and notably, life insurance. Their life insurance offerings include risk life insurance, savings and investment plans, and child insurance, catering to various customer needs. The company emphasizes customer satisfaction, reflected in their high ratings and extensive online services for premium calculations and claims reporting. Allianz Suisse is committed to providing financial protection against various risks, ensuring that clients can secure their future and that of their loved ones.


12. American Income Life Insurance Company

  • Website: ailife.com
  • Ownership type: Corporate
  • Headquarters: Waco, Texas, United States (USA)
  • Employee distribution: United States (USA) 93%, Canada 5%, Other 1%
  • Latest funding: November 1994
  • Founded year: 1951
  • Headcount: 5001-10000
  • LinkedIn: american-income-life

American Income Life Insurance Company, headquartered in Waco, Texas, has been serving working families since its inception in 1951. The company specializes in life and supplemental health insurance products, primarily targeting members of labor unions, credit unions, and various associations. With a workforce of over 8,700 employees, American Income Life emphasizes building long-term relationships with clients, often meeting them in the comfort of their homes. The company has a strong financial foundation, with combined assets nearing $5.7 billion and over $88 billion in life insurance in force as of March 2023. In 2023 alone, they paid out more than $280 million in life insurance claims, showcasing their commitment to policyholders. As a 100% union label company, American Income Life not only provides insurance but also actively supports labor rights and community initiatives, reflecting its dedication to social responsibility and advocacy for working families.


13. Liberty National Life Insurance Company


Liberty National Life Insurance Company, based in McKinney, Texas, has been a player in the insurance industry since its inception in 1900. The company specializes in life insurance and supplemental health insurance products, catering primarily to individuals seeking financial security for themselves and their families. Liberty National offers a range of policies, including term life, whole life, and final expense insurance, among others. The company operates under the Globe Life Inc. umbrella, which enhances its market presence and operational capabilities. With a workforce of approximately 2,582 employees, Liberty National is well-equipped to serve its customer base across the United States, where 94% of its employees are located. The company emphasizes a straightforward application process, often promoting no medical exams and fast approvals, which appeals to a broad audience.


14. Amica Insurance

  • Website: amica.com
  • Ownership type: Corporate
  • Headquarters: Lincoln, Rhode Island, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: December 2003
  • Founded year: 1907
  • Headcount: 1001-5000
  • LinkedIn: amica-mutual-insurance-co

Amica Insurance, officially known as Amica Mutual Insurance Company, was founded in 1907 and is headquartered in Lincoln, Rhode Island. The company operates as a mutual insurance provider, which means it is owned by its policyholders rather than shareholders. Amica offers a variety of insurance products, including auto, home, and life insurance, catering to individuals and families seeking to protect their assets and ensure financial security. The company emphasizes direct insurance services, prioritizing customer service and support. With a workforce of over 3,200 employees, Amica has established a strong presence in the insurance industry, maintaining a financial strength rating of A+ (Superior) from AM Best. This rating reflects the company's ability to meet its ongoing insurance obligations. Amica's commitment to customer satisfaction is evident, as it boasts a high retention rate among its policyholders, with 98% choosing to stay with the company year after year. Additionally, Amica is recognized for its innovative approaches, such as the StreetSmart program, which rewards safe driving habits, and its partnership with the Boston Celtics as their exclusive insurance partner starting in the 2024-2025 season.


15. Beneva

  • Website: beneva.ca
  • Ownership type: Private
  • Headquarters: Canada
  • Employee distribution: Canada 100%
  • Founded year: 2020
  • Headcount: 5001-10000
  • LinkedIn: beneva-ca

Beneva is an insurance and financial services provider based in Canada, formed in 2020 from the merger of La Capitale and SSQ Insurance. With a workforce of over 5,000 employees, Beneva operates exclusively within Canada, offering a wide array of products that include life and health insurance, group insurance, and various savings and investment options. The company aims to assist both individual consumers and businesses in managing risks and securing their financial futures. Beneva's product offerings in life insurance include life, critical illness, and disability insurance, catering to the needs of its clients. The company emphasizes a people-first approach, striving to provide accessible and efficient services to its clients. Beneva has not reported any funding, indicating it is self-sustained through its operations and customer base.


16. Family First Life

  • Website: familyfirstlife.com
  • Ownership type: Corporate
  • Headquarters: Montville, Connecticut, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: March 2020
  • Founded year: 2013
  • Headcount: 1001-5000
  • LinkedIn: family-first-life

Family First Life, based in Montville, Connecticut, is an insurance agency that specializes in life insurance products tailored for individuals and families. Established in 2013, the company has grown to employ over 5,800 individuals, primarily independent contractor agents, who operate across all 50 states. Family First Life offers a range of insurance products, including mortgage protection, final expense insurance, and indexed universal life insurance. The company partners with top carriers in the industry, ensuring that agents have access to a variety of options to meet client needs. Family First Life also places a strong emphasis on agent training and support, providing free resources to help agents succeed in their roles. This focus on agent development and customer service positions Family First Life as a relevant player in the life insurance sector.


17. Bradesco Seguros

  • Website: bradescoseguros.com.br
  • Ownership type: Private
  • Headquarters: Barueri, Sao Paulo, Brazil
  • Employee distribution: Brazil 100%
  • Founded year: 1983
  • Headcount: 5001-10000
  • LinkedIn: bradesco-seguros

Bradesco Seguros, based in Barueri, São Paulo, Brazil, is a private insurance company that has been operational since 1983. It specializes in a variety of insurance products, prominently featuring life insurance, health insurance, and property insurance, alongside complementary pension plans. The company primarily serves individuals and families, focusing on providing financial protection and effective risk management solutions. With a workforce of approximately 9,640 employees, Bradesco Seguros is well-equipped to meet the needs of its clients. The company operates exclusively in Brazil, emphasizing its commitment to safeguarding the health and assets of its customers. Its extensive experience and dedicated service make it a notable entity in the life insurance industry.


18. CUNA Mutual Group

  • Website: cunamutual.com
  • Ownership type: Private
  • Headquarters: Madison, Wisconsin, United States (USA)
  • Employee distribution: United States (USA) 97%, Other 3%
  • Founded year: 1934
  • Headcount: 1001-5000
  • LinkedIn: cunamutualgroup

CUNA Mutual Group, now branded as TruStage, is a private insurance and financial services company based in Madison, Wisconsin. Established in 1934, the company has evolved to provide a wide array of insurance products, including life insurance, property insurance, and annuities. TruStage serves both individual consumers and businesses, focusing on risk management and asset protection. Their life insurance offerings include term life, whole life, and guaranteed acceptance whole life policies, designed to meet the needs of various customers. The company emphasizes customer engagement and support, aiming to simplify the insurance process for its clients. TruStage is underwritten by CMFG Life Insurance Company, which has received an 'A' (Excellent) rating from A.M. Best, reflecting its financial stability. In 2024, TruStage was recognized by Forbes as one of America’s Best Insurance Companies, highlighting its reputation in the insurance industry. With a workforce of approximately 1,980 employees, CUNA Mutual Group continues to play a significant role in the insurance sector, particularly in life insurance.


19. Assupol Life

  • Website: assupol.co.za
  • Ownership type: Corporate
  • Headquarters: Pretoria, Gauteng, South Africa
  • Employee distribution: South Africa 99%, Other 1%
  • Latest funding: February 2024
  • Founded year: 1913
  • Headcount: 1001-5000
  • LinkedIn: assupol-life

Assupol Life, founded in 1913 and headquartered in Pretoria, Gauteng, South Africa, is a corporate insurance provider that specializes in life insurance and related financial services. The company offers a variety of products aimed at individuals and families, including life cover, funeral cover, savings plans, and retirement solutions. With a workforce of approximately 1,792 employees, Assupol Life has established itself as a significant player in the South African insurance market. The company emphasizes customer service and has received positive feedback from clients regarding their claims process and support services. Assupol Life is committed to providing financial security and peace of mind to its policyholders, making it a relevant choice for those in need of life insurance solutions.



Life Insurance Insights: Key Companies in Puerto Rico


CompanyHeadquarterSizeFoundedOwnership
State FarmBloomington, Illinois, United States (USA)10001+1922Private
American Family InsuranceMadison, Wisconsin, United States (USA)10001+1927Private
Farmers InsuranceLos Angeles, California, United States (USA)10001+1928Private
Mutual of OmahaOmaha, Nebraska, United States (USA)1001-50001909Corporate
Protective LifeBirmingham, Alabama, United States (USA)1001-50001907Corporate
Tata AIA Life InsuranceMumbai, Maharashtra, India5001-100002001Private
American NationalGalveston, Texas, United States (USA)1001-50001905Corporate
Reliance Nippon Life InsuranceMumbai, Maharashtra, India10001+2000Private
Bajaj Allianz Life InsurancePune, Maharashtra, India10001+2001Private
FWD InsuranceHong Kong S.A.R5001-100002013Private Equity
Allianz SuisseWallisellen, Zurich, Switzerland1001-50001980Corporate
American Income Life Insurance CompanyWaco, Texas, United States (USA)5001-100001951Corporate
Liberty National Life Insurance CompanyMckinney, Texas, United States (USA)1001-50001900Private
Amica InsuranceLincoln, Rhode Island, United States (USA)1001-50001907Corporate
BenevaCanada5001-100002020Private
Family First LifeMontville, Connecticut, United States (USA)1001-50002013Corporate
Bradesco SegurosBarueri, Sao Paulo, Brazil5001-100001983Private
CUNA Mutual GroupMadison, Wisconsin, United States (USA)1001-50001934Private
Assupol LifePretoria, Gauteng, South Africa1001-50001913Corporate


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