An "insurance conglomerate" refers to a large company that owns and operates various insurance firms. It is like a group or collection of insurance companies run by a single parent company. Full definition
The government - backed insurance conglomerate believes that people will be willing to invest in such plans as they receive guaranteed benefits. (policybazaar.com)
Banner Life Insurance Company was formed in 1949 and was acquired by Legal and General group, an international insurance conglomerate in 1981. (rootfin.com)
But what of insurance conglomerates generally? (alephblog.com)