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Industry · Form 5500 business code 524150
Direct Insurance (except Life, Health & Medical) Carriers: retirement plans
Plans whose sponsor entered this principal business activity code on Form 5500.
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. The business code is chosen by the filer from the list in the Form 5500 instructions.
For plan year 2024, 275 retirement plans in direct insurance (except life, health & medical) carriers with 100 or more participants filed Form 5500: 200 defined contribution and 75 defined benefit. They reported 925,793 participant records and $171.4B in net assets, counting every plan on the form.
The median defined contribution plan held $173,580 per participant, well above the national median of $53,031, and its employer put in $5,357 per active participant (national: $2,174). Among plans reporting Schedule C compensation the median was $115 per participant against $123 nationally.
Employers contributed $1.98B and participants $3.24B during the year, and the plans paid out $12.3B in benefits.
In 2009 the same group numbered 316 plans with $57.0B; by 2024 it was 275 plans (down 13%) and $171.4B (up 201%). From plan year 2023 the 100-participant line counts participants with account balances, which moved many plans to the short form.
Medians compared with all US plans
| Median plan, plan year 2024 | Industry: DC | US: DC | Industry: DB | US: DB |
|---|---|---|---|---|
| Net assets per participant | $173,580 | $53,031 | $176,261 | $86,234 |
| Employer contributions per active participant | $5,357 | $2,174 | $13,188 | $10,244 |
| Schedule C compensation per participant | $115 | $123 | $363 | $344 |
| Schedule C compensation, share of net assets | 0.08% | 0.26% | 0.26% | 0.42% |
| Administrative expenses per participant | $118 | $116 | $530 | $527 |
Medians across plans with 100 or more participants (195 DC and 74 DB plans with a Schedule H here). Fee medians cover plans reporting an amount. DC: defined contribution, such as 401(k) and 403(b). DB: defined benefit pension.
Distribution of DC plans
| Measure | 25th percentile | Median | 75th percentile | Plans |
|---|---|---|---|---|
| Net assets per participant | $100,584 | $173,580 | $227,389 | 195 |
| Employer contributions per active participant | $3,384 | $5,357 | $8,279 | 192 |
| Schedule C compensation per participant | $57.10 | $115 | $213 | 187 |
| Administrative expenses per participant | $56.75 | $118 | $213 | 183 |
Trend by plan year
| Plan year | Plans 100+ | Participants | Net assets | Employer contributions | Participant contributions | Median DC assets / participant | Median DC Sch. C / participant |
|---|---|---|---|---|---|---|---|
| 2025partial | 35 | 73,297 | $13.7B | $303M | $485M | $205,365 | $114 |
| 2024 | 275 | 925,793 | $171.4B | $1.98B | $3.24B | $173,580 | $115 |
| 2023 | 282 | 948,392 | $160.2B | $1.93B | $3.13B | $156,576 | $110 |
| 2022 | 278 | 889,318 | $136.4B | $1.67B | $2.85B | $138,650 | $115 |
| 2021 | 289 | 876,193 | $165.5B | $1.56B | $2.73B | $168,529 | $106 |
| 2020 | 290 | 947,168 | $159.0B | $1.71B | $2.61B | $150,690 | $99.73 |
| 2019 | 299 | 944,080 | $141.6B | $1.68B | $2.40B | $129,184 | $96.38 |
| 2018 | 305 | 929,016 | $119.8B | $1.67B | $2.31B | $107,616 | $81.18 |
| 2017 | 305 | 930,725 | $127.3B | $5.53B | $2.20B | $113,445 | $65.38 |
| 2016 | 313 | 802,405 | $99.4B | $2.45B | $1.84B | $97,615 | $46.28 |
| 2015 | 311 | 784,522 | $92.5B | $2.53B | $1.77B | $95,440 | $49.60 |
| 2014 | 298 | 772,038 | $93.5B | $2.98B | $1.66B | $100,647 | $37.18 |
| 2013 | 301 | 777,520 | $87.1B | $2.63B | $1.56B | $96,699 | $27.54 |
| 2012 | 304 | 772,960 | $76.0B | $2.82B | $1.48B | $80,088 | $24.23 |
| 2011 | 313 | 772,625 | $68.7B | $4.03B | $1.42B | $70,391 | $24.34 |
| 2010 | 321 | 781,783 | $65.7B | $2.66B | $1.38B | $69,220 | $20.04 |
| 2009 | 316 | 764,386 | $57.0B | $2.83B | $1.31B | $56,737 | $15.40 |
Plan year is the year in which the plan year began. The drop in large plans from 2023 follows a rule change: the 100-participant line now counts participants with account balances, so many plans moved to the short form.
Provider share
Service provider organisations named most often on the Schedule C of the 274 plans on this page's list, by number of plans. A plan usually names several providers.
Largest plans
The 40 largest by participants of 274 plans with a page on this site.
| Plan | Sponsor | State | Type | Participants | Net assets | Per participant | Employer / active | Sch. C / participant |
|---|---|---|---|---|---|---|---|---|
| State Farm Insurance Companies Retirement Plan for United States Employees | State Farm Mutual Automobile Insurance Company | IL | DB | 114,467 | $37.7B | $329,660 | — | $73.82 |
| State Farm 401(k) Savings Plan | State Farm Mutual Automobile Insurance Company | IL | DC | 101,896 | $19.0B | $186,564 | $2,123 | $5.75 |
| Liberty Mutual Retirement Benefit Plan | Liberty Mutual Group Inc. | MA | DB | 71,087 | $6.25B | $87,898 | — | $228 |
| Liberty Mutual 401(k) Plan | Liberty Mutual Group Inc. | MA | DC | 49,659 | $10.8B | $216,904 | $4,269 | $236 |
| The Travelers Pension Plan | Travelers Companies, Inc. | MN | DB | 45,786 | $4.23B | $92,478 | — | $283 |
| The Travelers 401(k) Savings Plan | Travelers Companies, Inc. | MN | DC | 42,215 | $10.4B | $245,929 | $4,857 | $85.36 |
| American International Group, Inc. Retirement Plan | American International Group, Inc. | NY | DB | 39,221 | $2.97B | $75,772 | $0 | $278 |
| Fidelity National Information Services, Inc. 401(k) Profit Sharing Plan | Fidelity National Information Services, Inc. | FL | DC | 30,287 | $4.67B | $154,246 | $3,276 | $43.42 |
| The Fidelity National Financial Group 401(k) Profit Sharing Plan | Fidelity National Financial, Inc. | FL | DC | 23,858 | $3.34B | $139,978 | $2,713 | $51.25 |
| American International Group, Inc. Incentive Savings Plan | American International Group, Inc. | NY | DC | 19,931 | $4.48B | $224,786 | $17,002 | $89.98 |
| American Family 401(k) Plan | American Family Mutual Insurance Company, S.I. | WI | DC | 16,692 | $2.19B | $131,352 | $3,916 | $76.23 |
| American Family Pension Plan | American Family Mutual Insurance Company, S.I. | WI | DB | 16,185 | $1.25B | $77,272 | — | $48.73 |
| Pension Plan of the Chubb Corporation | Chubb Ina Holdings Inc. | PA | DB | 13,753 | $3.75B | $272,464 | — | $594 |
| The Auto Club Group 401(k) Plan | Auto Club Insurance Association | MI | DC | 12,814 | $1.18B | $92,084 | $4,173 | $72.16 |
| Auto-Owners Insurance Company Retirement Savings Plan | Auto-Owners Insurance Company | MI | DC | 9,370 | $998M | $106,551 | $2,780 | $53.79 |
| Factory Mutual Insurance Company Pension Plan | Factory Mutual Insurance Company | RI | DB | 8,907 | $2.98B | $335,075 | — | $1,157 |
| Allianz Asset Accumulation Plan | Azoa Services Corporation | MN | DC | 8,736 | $2.11B | $242,089 | $10,812 | $119 |
| Auto-Owners Insurance Company Retirement Income Plan | Auto-Owners Insurance Company | MI | DB | 8,026 | $919M | $114,561 | — | — |
| Csaa Insurance Group Cash Balance Retirement Plan | Csaa Insurance Services, Inc. | CA | DB | 8,001 | $754M | $94,178 | $32,762 | $343 |
| Sentry 401(k) Plan | Sentry Insurance Company | WI | DC | 7,918 | $1.94B | $245,257 | $7,060 | $22.54 |
| The Hanover Insurance Group Retirement Savings Plan | The Hanover Insurance Company | MA | DC | 7,874 | $1.30B | $165,591 | $5,989 | $14.51 |
| AAA Club Alliance Inc. 401(k) Retirement Savings Plan | AAA Club Alliance Inc. | DE | DC | 7,505 | $562M | $74,936 | $3,290 | $113 |
| Sentry Employee Retirement Plan | Sentry Insurance Company | WI | DB | 6,829 | $1.40B | $205,447 | — | $147 |
| Cincinnati Financial Corporation Tax-Qualified Savings Plan | Cincinnati Financial Corporation | OH | DC | 6,518 | $1.52B | $233,504 | $5,585 | $120 |
| Munich Re U.S. Savings Plan | Munich Reinsurance America, Inc. | NJ | DC | 6,326 | $2.06B | $325,327 | $13,000 | $117 |
| The Pension Plan of Arrowood Indemnity Company | Arrowpoint Group, Inc. | NC | DB | 6,033 | $520M | $86,217 | — | $217 |
| The Hanover Insurance Group Cash Balance Pension Plan | The Hanover Insurance Company | MA | DB | 5,969 | $340M | $56,982 | — | $164 |
| Factory Mutual Insurance Company 401(k) Savings Plan | Factory Mutual Insurance Company | RI | DC | 5,707 | $1.92B | $335,770 | $7,309 | $67.40 |
| Amica Pension Fund | Amica Mutual Insurance Company | RI | DB | 5,706 | $1.66B | $291,561 | — | $320 |
| Amica 401(k) Retirement Savings Plan | Amica Mutual Insurance Company | RI | DC | 5,470 | $989M | $180,754 | $5,582 | $44.98 |
| Markel Group Inc. Retirement Savings Plan | Markel Group Inc. | VA | DC | 5,102 | $982M | $192,518 | $7,872 | $50.86 |
| Arch Capital Group (U.S.) Inc. Employee Retirement Plan | Arch Capital Group (U.S.) Inc. | NJ | DC | 4,991 | $1.27B | $254,999 | $15,460 | $28.72 |
| Evolent Health 401(k) Plan | Evolent Health LLC | VA | DC | 4,742 | $289M | $60,991 | $3,266 | $128 |
| Qbe 401(k) Savings Plan | Qbe Holdings, Inc. | WI | DC | 4,418 | $792M | $179,270 | $9,759 | $57.30 |
| Ohio Farmers Insurance Company Pension Plan | Ohio Farmers Insurance Company | OH | DB | 4,368 | $728M | $166,623 | $5,779 | $151 |
| National Indemnity Company Employee Retirement and Savings Plan | National Indemnity Company | NE | DC | 4,035 | $600M | $148,724 | $3,940 | $7.09 |
| HCC Insurance Holdings, Inc. 401(k) Plan | HCC Insurance Holdings, Inc. | TX | DC | 3,764 | $561M | $148,928 | $6,386 | $140 |
| Selective Insurance Retirement Savings Plan | Selective Insurance Company of America | NJ | DC | 3,749 | $764M | $203,838 | $8,200 | $110 |
| NJM 401(k) Retirement Plan | New Jersey Manufacturers Insurance Company | NJ | DC | 3,550 | $950M | $267,677 | $7,005 | $57.87 |
| Endurance 401(k) Plan | Endurance U.S. Holdings Corp. | GA | DC | 3,545 | $663M | $186,930 | $14,164 | $13.01 |
By plan size
By state
Questions and answers
How many retirement plans are there in direct insurance (except life, health & medical) carriers?
275 plans with 100 or more participants filed Form 5500 for plan year 2024, out of 321 pension plans on the full form. Smaller plans file Form 5500-SF and are counted separately where shown.
What is the typical 401(k) balance in direct insurance (except life, health & medical) carriers?
The median defined contribution plan reported $173,580 in net assets per participant (middle half of plans: $100,584 to $227,389); nationally it was $53,031. This is a plan-level average that includes former employees, not a typical person's balance.
What do employers contribute in direct insurance (except life, health & medical) carriers?
The median defined contribution plan received $5,357 in employer contributions per active participant, against $2,174 nationally. Plans with no employer contribution are included at zero.
What are average 401(k) fees in direct insurance (except life, health & medical) carriers?
Among defined contribution plans that report any Schedule C compensation, the median was $115 per participant and 0.08% of net assets (nationally $123 and 0.26%). Schedule C leaves out fund expense ratios and fees the employer pays, so it understates total cost.
Where does this come from?
Form 5500 annual reports in the EBSA research files, with filings received through 24 Aug 2026. Medians are computed by this site across plans with 100 or more participants.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files, public domain, with filings received through 24 Aug 2026. Totals count every pension plan on the full form; medians and the plan list cover plans with 100 or more participants. See the methodology.