Insurance 401(k) plans

Name: Median plan-paid 401(k) administrative cost per participant, insurance
Creator: 401(k) Monitor
License: https://401kmonitor.com/licence/

The median 401(k) plan in insurance paid $119.27 per participant per year in plan-paid administrative fees, computed from 1,004 of the 1,068 insurance plans published here, form year 2024.

Computed from DOL EFAST2 Form 5500 bulk data, not surveys. The 57,824 plans published so far are a subset of the 57,824 large plans in the form-year-2024 data, so this median describes the published subset, not the whole industry.

$119.27

Median plan-paid administrative cost per participant per year among 1,004 insurance plans with usable fee data, form year 2024.

$2.91 below the $122.17 median across all published plans.

How do insurance 401(k) fees compare?

Insurance median$119.27

All published plans$122.17

Plan size drives fees more than industry does: bigger plans pay less per head. See median fees by plan size before reading an industry gap as an industry effect.

83 of the biggest insurance 401(k) plans

The insurance plans this site submits to search engines come first, then the rest; each group is ranked by active participants. Assets are Schedule H total assets at end of plan year. Fee is plan-paid admin cost per participant. Amounts in USD.
Plan	Sponsor	Active participants	Assets	Fee ($)
Elevance Health 401(k) Plan	Ath Holding Company, LLC	71,880	$12.1B	66.49
State Farm 401(k) Savings Plan	State Farm Mutual Automobile Insurance Company	67,476	$19.0B	5.69
The Progressive 401(k) Plan	The Progressive Corporation & Its Participating Subsidiaries	67,357	$11.5B	9.09
The Cigna Group 401(k) Plan	The Cigna Group	66,532	$14.2B	24.84
Centene Management Corporation Retirement Plan	Centene Corporation	54,939	$4.7B	35.86
Humana Retirement Savings Plan	Humana Inc.	42,968	$7.7B	39.61
USAA Retirement Savings Plan	United Services Automobile Association	37,957	$10.9B	9.50
The 401(k) Plan	Health Care Service Corporation	36,460	$3.9B	9.74
Liberty Mutual 401(k) Plan	Liberty Mutual Group Inc.	31,562	$11.4B	235.24
The Travelers 401(k) Savings Plan	Travelers Companies, Inc.	30,785	$10.4B	89.33
Sedgwick 401(k) Savings Plan	Sedgwick Claims Management Services, Inc.	25,456	$1.9B	41.61
Arthur J. Gallagher & Co. Employees Savings And Thrift Plan	Arthur J. Gallagher (Illinios), LLC.	23,895	$3.9B	30.02
Nationwide Savings Plan	Nationwide Mutual Insurance Company	22,626	$8.3B	47.14
The Hartford Investment And Savings Plan	Hartford Fire Insurance Company	18,645	$7.2B	237.34
Fidelity National Information Services, Inc. 401(k) Profit Sharing Plan	Fidelity National Information Services, Inc.	18,321	$4.7B	39.72
The Fidelity National Financial Group 401(k) Profit Sharing Plan	Fidelity National Financial, Inc.	18,305	$3.0B	71.41
Farmers Group, Inc. 401(k) Savings Plan	Farmers Group, Inc.	17,891	$5.0B	165.03
Marsh & McLennan Companies 401(k) Savings And Investment Plan	Marsh & McLennan Companies, Inc.	17,704	$7.4B	n/a
The Prudential Employee Savings Plan	The Prudential Insurance Company Of America	16,248	$10.7B	n/a
Chubb US 401(k) Plan	Chubb Ina Holdings Inc. (Formerly Ace Ina Holdings Inc.)	15,717	$5.0B	71.53
Marsh & McLennan Agency 401(k) Savings & Investment Plan	Marsh & McLennan Companies, Inc.	15,230	$1.5B	n/a
Highmark Investment Plan	Highmark Health	14,917	$2.9B	52.32
MetLife 401(k) Plan	MetLife Group, Inc.	14,863	$8.3B	308.84
Massmutual Thrift Plan	Massachusetts Mutual Life Insurance Company	13,678	$4.3B	33.91
Aon Savings Plan	Aon Corporation	13,470	$6.7B	74.36
Hub International Limited 401(k) Savings Plan	Hub International Limited	13,429	$1.6B	143.99
Blue Cross Blue Shield Of Sc Employee Savings And Salary Reduction Plan	Blue Cross And Blue Shield Of South Carolina	12,890	$1.5B	99.89
New York Life Insurance Company Employee Progress Sharing Investment Plan	New York Life Insurance Company	12,706	$5.0B	77.89
The Principal Select Savings Plan	Principal Financial Group, Inc.	12,662	$4.6B	56.64
Brown & Brown, Inc. Employee Savings Plan	Brown & Brown, Inc.	12,393	$1.8B	64.41
Acrisure 401(k) Savings Plan	Acrisure, LLC	12,249	$1.1B	36.34
New York Life Insurance Company Agents Progress- Sharing Investment Plan	New York Life Insurance Company	11,418	$1.2B	26.85
American Family 401(k) Plan	American Family Mutual Insurance Company, S.I.	11,004	$2.2B	66.40
Empower Retirement, LLC 401(k) Savings Plan	Empower Retirement, LLC	10,261	$2.2B	0.22
Ori 401(k) Savings And Profit Sharing Plan	Old Republic International Corp.	9,784	$2.1B	4.64
Assuredpartners 401(k) Plan	Assuredpartners, Inc.	9,755	$1.1B	64.70
Zurich Savings Plan	Zurich American Insurance Company	9,738	$3.7B	52.39
Amerihealth Caritas 401(k) Plan	Amerihealth Caritas Services, LLC	9,598	$947.5M	105.77
Unum Group 401(k) Retirement Plan	Unum Group	9,413	$2.5B	124.37
Blue Cross And Blue Shield Of Florida, Inc. 401(k) Retirement Savings Plan	Blue Cross And Blue Shield Of Florida, Inc.	8,954	$1.7B	173.44
Asurion, LLC 401(k) Plan	Asurion LLC	8,305	$733.3M	78.07
Thrivewise Pooled Employer Plan	Principal Life Insurance Company	8,218	$996.9M	186.19
The Northwestern Mutual Employee Savings Plan	Northwestern Mutual Life Ins. Co.	8,160	$2.9B	47.30
Transamerica 401(k) Retirement Savings Plan	Transamerica Corporation	7,764	$2.7B	0.73
Alliant Insurance Services, Inc. 401(k) Savings & Investment Plan	Alliant Insurance Services, Inc.	7,715	$986.6M	70.12
The Equitable 401(k) Plan	Equitable Financial Life Insurance Company	7,549	$2.6B	77.61
Blue Shield Of California Tax Deferred Salary Investment Plan	California Physicians Service, Dba Blue Shield Of Ca	7,533	$1.7B	72.35
Voya 401(k) Savings Plan	Voya Services Company	7,442	$2.7B	0.35
Prime Therapeutics LLC 401(k) Plan	Prime Therapeutics	7,237	$911.3M	82.50
Lockton, Inc. 401(k) Plan	Lockton, Inc.	7,058	$1.4B	96.24
Auto-Owners Insurance Company Retirement Savings Plan	Auto-Owners Insurance Company	7,012	$864.3M	52.33
Bluecross Blueshield Of Tennessee Employee Retirement Savings Program	Blue Cross Blue Shield Of Tennessee	6,823	$1.3B	124.00
Erie Insurance Group Employee Savings Plan	Erie Indemnity Company	6,803	$1.4B	39.47
Amwins Group, Inc. 401(k) Plan	Amwins Group, Inc.	6,644	$844.5M	96.57
Tih Insurance Holdings, LLC 401(k) Savings Plan	Crc Insurance Group, LLC	6,643	$1.6B	20.35
Thrivent 401(k) Plan	Thrivent Financial For Lutherans	6,452	$1.7B	24.28
The Carefirst 401(k) Plan	Carefirst, Inc.	6,286	$1.1B	69.33
Healthfirst Profit Sharing 401(k) Plan	Hf Management Services, LLC	6,126	$678.5M	102.59
Blue Cross Blue Shield Of Michigan Employees' Savings Plan	Blue Cross Blue Shield Of Michigan	6,055	$1.5B	56.50
Mutual Of Omaha 401(k) Retirement Savings Plan	Mutual Of Omaha Insurance Company	6,050	$1.0B	15.97
Sun Advantage Savings And Investment Plan	Sun Life Financial U.S. Services Company, Inc.	5,991	$1.8B	154.76
Vsp Retirement Plan	Vision Service Plan	5,853	$1.5B	136.59
Aflac Incorporated 401(k) Savings And Profit Sharing Plan	Aflac Incorporated	5,776	$1.1B	n/a
Cincinnati Financial Corporation Tax-Qualified Savings Plan	Cincinnati Financial Corporation	5,564	$1.3B	101.62
Horizon Blue Cross Blue Shield Of New Jersey Employees Savings And Investment Plan	Horizon Blue Cross Blue Shield Of New Jersey	5,563	$1.5B	n/a
Stewart 401(k) Savings Plan	Stewart Title Guaranty Company	5,500	$647.7M	37.87
Aaa Club Alliance Inc. 401(k) Retirement Savings Plan	Aaa Club Alliance Inc.	5,447	$562.4M	123.39
Blue Cross And Blue Shield Of North Carolina 401(k) Plan	Blue Cross And Blue Shield Of North Carolina	5,395	$1.4B	93.97
Aaa Ncnu 401(k) Plan	Aaa Northern California, Nevada & Utah	5,300	$762.7M	72.66
Corvel Incentive Savings Plan	Corvel Healthcare Corporation	5,290	$276.0M	16.68
Corebridge Financial, Inc. Retirement Savings 401(k) Plan	Corebridge Financial, Inc.	5,142	$2.8B	58.36
Broadstreet 401(k) Plan	Broadstreet Partners, Inc.	5,101	$513.6M	55.04
American International Group, Inc. Incentive Savings Plan	American International Group, Inc.	5,072	$4.5B	122.67
Accession Risk Management Group 401(k) Plan	Accession Risk Management Group, Inc.	4,990	$441.8M	70.27
The Hanover Insurance Group Retirement Savings Plan	The Hanover Insurance Company	4,930	$1.3B	14.90
Guardian Retirement Investment Plan	The Guardian Life Insurance Company Of America	4,922	$1.1B	59.35
Allianz Asset Accumulation Plan	Azoa Services Corporation	4,904	$2.1B	195.14
Ryan Specialty 401(k) Savings Plan	Ryan Specialty, LLC	4,873	$635.5M	30.98
The Investment-Incentive Plan For John Hancock Employees	John Hancock Life Insurance Company U.S.A	4,860	$2.4B	n/a
E. A. Renfroe & Company, Inc. 401(k) Plan	E. A. Renfroe & Company, Inc.	4,856	$30.3M	186.36
Integrity Marketing Group 401(k) Plan	Integrity Marketing Group	4,830	$268.9M	91.41
Sentry 401(k) Plan	Sentry Insurance Company	4,702	$1.9B	22.42
Munich Re U.S. Savings Plan	Munich Reinsurance America, Inc.	4,691	$1.8B	105.06

All 1,068 insurance plans on file are listed below by size, and every one of them is searchable from the home page.

Every Insurance plan, by size

The table above is the top of the list. These 6 pages hold all 1,068 plans on file in insurance, split by how many people are in them, each ranked by active participants.

100 to 499 participants · 568 plans
Pages1 2 3
500 to 999 participants · 174 plans
1,000 to 4,999 participants · 218 plans
5,000 or more participants · 108 plans

Which insurance companies disclose their 401(k) match?

For these 8 employers we also read the SEC Form 11-K and extracted the match terms, matched to this industry by the plan’s EIN.

Aflac Incorporated
100% (dollar-for-dollar) of the first 4% of pay
Atlantic American Corporation
35% of the first 6% of pay
Cincinnati Financial Corporation
100% (dollar-for-dollar) of the first 6% of pay
Elevance Health, Inc.
100% (dollar-for-dollar) of the first 4% of pay, then 50% of the next 2% of pay
Humana Inc.
125% of the first 6% of pay
LINCOLN NATIONAL CORP
100% (dollar-for-dollar) of the first 6% of pay
The Hartford Insurance Group, Inc.
100% (dollar-for-dollar) of the first 6% of pay
The Progressive Corporation
100% (dollar-for-dollar) of the first 6% of pay

Which employers count as insurance here?

Insurance carriers and related activities (codes 524113 to 524298). Sponsors here include John Hancock, Liberty Mutual and Marsh & McLennan.

The code is the IRS principal business activity code the sponsor itself puts on Form 5500, line 2d. Medians count only plans whose Schedule H shows a positive plan-paid administrative expense (1,004 of 1,068 plans here). Plan-paid expenses exclude fund expense ratios and employer-paid bills, so every figure is a floor, not the all-in cost. Latest filing in this group received by the DOL July 21, 2026; source dataset last refreshed July 28, 2026. Full methodology

Cite this page

401(k) Monitor, “Insurance 401(k) plans: median plan-paid administrative cost per participant”, computed from DOL EFAST2 Form 5500 bulk data, form year 2024.