The top 25 largest insurance companies in the world, by net premiums written (NPW) and non-banking assets, have been revealed by global rating agency A.M. Best.
US-based health insurance giant, United Health Group Incorporated, has claimed the top spot by NPW for the fourth year running, with $158.8 billion (about AU$220.2billion) in 2017. Allianz SE was crowned the world’s largest insurer by non-banking assets, moving up two places in the 2017 rankings and bumping MetLife Inc. down to fifth position. MetLife’s fall was advanced by a large reserve charge in 2017, related to its group annuity business to compensate for unpaid benefits.
Overall, the annual rankings were relatively stable in the top slots. Four of the top five insurers by NPW stayed the same as 2016, and all of the top five insurers by non-banking assets remained the same. US health insurance carriers and Chinese insurers continue to rule the top spots in terms of NPW, making up six of the top 10 insurers.
Chinese-based Ping An Insurance (Group) Company of China Ltd. was the newcomer in the NPW top five, following a 2017 year-over-year premium increase of 30%. The Chinese insurer jumped five slots to rank fourth in 2017. Another company to make significant NPW progress was Berkshire Hathaway Inc., which climbed to No. 11 from No. 16 after a premium rise of 33% in 2017.
The A.M. Best rankings of the world’s largest global insurance companies were released in the December 31, 2018, issue of BestWeek. The rankings were based on BestLink data and additional A.M. Best research.
Without further ado, the 25 biggest insurance companies in the world by net premiums written (all in US dollars) are:
1. UnitedHealth Group Incorporated
Country of domicile: United States of America
Net premiums written: $158.5 billion
2. AXA S.A.
Country of domicile: France
Net premiums written: $104.5 billion
3. China Life Insurance (Group) Company
Country of domicile: China
Net premiums written: $97.6 billion
4. Ping An Insurance (Group) Company of China Ltd.
Country of domicile: China
Net premiums written: $90.3 billion
5. Allianz SE
Country of domicile: Germany
Net premiums written: $86.8 billion
6. Anthem, Inc.
Country of domicile: United States of America
Net premiums written: $84.2 billion
7. Kaiser Foundation Group of Health Plans
Country of domicile: United States of America
Net premiums written: $83.6 billion
8. Assicurazioni Generali S.p.A.
Country of domicile: Italy
Net premiums written: $77.5 billion
9. State Farm Group
Country of domicile: United States of America
Net premiums written: $69.9 billion
10. People’s Insurance Company (Group) of China Ltd.
Country of domicile: China
Net premiums written: $68.9 billion
11. Berkshire Hathaway Inc.
Country of domicile: United States of America
Net premiums written: $62.2 billion
12. Munich Reinsurance Company
Country of domicile: Germany
Net premiums written: $57 billion
13. Prudential plc
Country of domicile: United Kingdom
Net premiums written: $56.6 billion
14. Aetna Inc.
Country of domicile: United States of America
Net premiums written: $53.9 billion
15. Humana Inc.
Country of domicile: United States of America
Net premiums written: $52.4 billion
16. Nippon Life Insurance Company
Country of domicile: Japan
Net premiums written: $50.6 billion
17. Life Insurance Corporation of India
Country of domicile: India
Net premiums written: $48.9 billion
18. Centene Corporation
Country of domicile: United States of America
Net premiums written: $46.1 billion
19. Dai-ichi Life Holdings, Inc.
Country of domicile: Japan
Net premiums written: $46 billion
20. National Mutual Insurance Federal Agricultural Cooperation
Country of domicile: Japan
Net premiums written: $45.2 billion
21. Tokio Marine Holdings, Inc.
Country of domicile: Japan
Net premiums written: $42.5 billion
22. MS&AD Insurance Group Holdings, Inc.
Country of domicile: Japan
Net premiums written: $42.3 billion
23. Zurich Insurance Group Ltd.
Country of domicile: Switzerland
Net premiums written: $41.1 billion
24. China Pacific Insurance (Group) Company, Ltd.
Country of domicile: China
Net premiums written: $40.8 billion
25. Japan Post Insurance Company, Ltd.
Country of domicile: Japan
Net premiums written: $39.6 billion
There was one new insurance company on the NPW rankings in 2017, with China Pacific Insurance (Group) Company, Ltd. entering the ranks in 24th position.
The 25 biggest insurance companies in the world by net non-banking assets (all in US dollars) are:
1. Allianz SE
Country of domicile: Germany
Non-banking assets: $1 trillion
2. AXA S.A.
Country of domicile: France
Non-banking assets: $992 billion
3. Prudential Financial Inc.
Country of domicile: United States of America
Non-banking assets: $832 billion
4. Japan Post Insurance Company, Ltd.
Country of domicile: Japan
Non-banking assets: $723 billion
5. MetLife Inc.
Country of domicile: United States of America
Non-banking assets: $720 billion
6. Berkshire Hathaway Inc.
Country of domicile: United States of America
Non-banking assets: $702.1 billion
7. Nippon Life Insurance Company
Country of domicile: Japan
Non-banking assets: $700 billion
8. Legal & General Group Plc
Country of domicile: United Kingdom
Non-banking assets: $682.6 billion
9. Prudential plc
Country of domicile: United Kingdom
Non-banking assets: $666.5 billion
10. Assicurazioni Generali S.p.A.
Country of domicile: Italy
Non-banking assets: $643.4 billion
11. Aviva plc
Country of domicile: United Kingdom
Non-banking assets: $597.4 billion
12. Manulife Financial Corporation
Country of domicile: Canada
Non-banking assets: $581.3 billion
13. Ping An Insurance (Group) Company of China Ltd.
Country of domicile: China
Non-banking assets: $572.5 billion
14. National Mutual Insurance Federal Agricultural Cooperation
Country of domicile: Japan
Non-banking assets: $553.1 billion
15. China Life Insurance (Group) Company
Country of domicile: China
Non-banking assets: $553 billion
16. CNP Assurances
Country of domicile: France
Non-banking assets: $507.1 billion
17. Dai-ichi Life Holdings, Inc.
Country of domicile: Japan
Non-banking assets: $504.4 billion
18. American International Group, Inc.
Country of domicile: United States of America
Non-banking assets: $498.3 billion
19. Aegon N.V.
Country of domicile: Netherlands
Non-banking assets: $475 billion
20. Credit Agricole Assurances
Country of domicile: France
Non-banking assets: $451.7 billion
21. Life Insurance Corporation of India
Country of domicile: India
Non-banking assets: $438.1 billion
22. Zurich Insurance Group Ltd.
Country of domicile: Switzerland
Non-banking assets: $422.1 billion
23. Meiji Yasuda Life Insurance Company
Country of domicile: Japan
Non-banking assets: $391 billion
24. Sumitomo Life Insurance Company
Country of domicile: Japan
Non-baking assets: $339.1 billion
25. New York Life Insurance Company
Country of domicile: United States of America
Non-banking assets: $337.1 billion
There were no new insurance companies on the non-banking assets rankings in 2017, but there was some variation in terms of where companies appeared in the rankings compared to 2016.