250 Years of America, And The Life Insurance Companies That Stood the Test of Time
This year, America turned 250. It’s the kind of anniversary that invites reflection, not just on how far the country has come, but on what actually lasts. America is the land of the brave, home of the free. Thanks to the brave men and women of our country, we are free to forge our own paths in life and business.
In our business, being privately owned and fiercely independent from corporate directives so that we can work solely on behalf of our clients is what drives us. Selecting the right partners to work alongside us as we help our clients achieve their planning goals is some of the most important work we do.
Life insurance companies make promises measured in decades, sometimes generations. So it seemed fitting, in this milestone year, to look back at ten of the oldest life insurance companies in the country and see what their stories can teach us.
I’ve been in this business since 2003, but the companies on this list predate me by a century or more in most cases. Some I use every week. Some have moved on to other chapters. And one of them is where our own firm’s story began.
Adapting to change is necessary. But staying close to the companies, and the discipline, that actually endure is what makes the next 25 years, or the next 250… possible.
Aetna (1820)
One of the earliest names in American insurance, Aetna helped shape the industry’s earliest life insurance charters before eventually stepping away from the retail life insurance business.
New England Mutual (1842)
This one is personal. New England Mutual is where I had my first contract, and it’s where our founder, Henry Colton, was an agent for his entire career, starting in 1950. Everything Colton Groome is today traces back to a relationship with this company. Our beloved New England was purchased by MetLife in 1996 which changed the course of our business forever. Dad knew it was time to pivot and become independent, so joined Valmark Financial Group in the early 2000’s.
Mutual of New York (MONY) (1842)
For a time, MONY was considered the oldest continuous writer of life insurance in the country, a reminder of how deep the roots of this industry run. Today, MONY is not an insurance company we come across often.
New York Life (1845)
Still one of the strongest mutual carriers in the country, and one we actively use today now that we’re independent through Valmark Financial Group. New York Life has built its reputation on conservative underwriting and consistency, the kind of company that shows up the same way in good markets and bad.
Penn Mutual (1847)
Another company we place business with regularly. Penn Mutual has stayed competitive across term, whole life, universal life, and annuities, all under one roof (a rarer combination than it sounds).
MassMutual (1851)
MassMutual has held its ground as one of the more financially disciplined companies in the industry, which matters more than ever in a rate environment that’s punished less conservative players. They are a leader among the major Mutual companies are a company we rely on for our clients.
Guardian Life (1860)
Guardian is solid, and it’s the company we lean on most for disability insurance and some whole life insurance. It doesn’t always get the same attention as the life insurance giants, but for income protection, it’s one of the best in the business.
John Hancock (1862)
Fittingly named after a man who put his signature on the founding of this country, John Hancock continues to excel today and remains one of our leading companies. It’s a good example of a company that went through real structural change, demutualizing in 2000 and being acquired by Manulife in 2003, and came out the other side as a top performer.
MetLife (1868)
MetLife is where New England Mutual’s story ultimately led, following a merger in 1996. Since then, MetLife has evolved considerably, including the spin-off of Brighthouse Financial, and today its footprint in individual life insurance looks much different than it once did. It’s a good example of how a company can endure for over 150 years and almost like the Titanic, not be nimble enough to change with the times. Brighthouse is on the verge of being purchased by private equity. We definitely miss the days of MetLife and Snoopy!
Prudential (1875)
The youngest company on this list, Prudential got its start providing affordable life insurance to working-class families. Today, Prudential is one of the strongest insurers across the globe, and one we rely on for some of our highest net worth clients.
Final Thought
Looking at these ten companies together, a pattern emerges. Some, like New York Life, Penn Mutual, MassMutual, Guardian, John Hancock, and Prudential, have stayed deeply committed to the life insurance business for well over a century, and it shows in how we work with them today. Others have taken different paths, stepping away from certain lines of business or evolving into something new entirely. Some have stood the test of time, and others are now relics.
After celebrating 75 years in business, the insurance partners we select for our clients are paramount as we look toward our own firm’s 100th anniversary in 2050. Adapting to change is necessary. That’s what Dad did in the early 2000’s when he left the captive agent model and chose an independent broker-dealer in Valmark Financial Group. That has proven to be one of the best business decisions he ever made. Through Valmark, we stay close to the companies that we select to insure our clients and choose ones that we feel will remain on this list well into the future.
Happy Birthday America … Cheers!