25 largest insurance companies in the world

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25 largest insurance companies in the world

25 largest insurance companies in the world: Global rating organisation A.M. Best has announced the top 25 insurance companies in the world based on net premiums written (NPW) and non-banking assets.

For the fourth year in a row, United Health Group Incorporated, a major US health insurance company, has been ranked first by NPW with $158.8 billion (or about AU$220.2 billion) in 2017. In the 2017 rankings, Allianz SE rose two spots to claim the title of largest insurer in the world by non-banking assets, demoting MetLife Inc. to fifth place. A significant reserve charge in 2017 for MetLife’s group annuity business to cover outstanding benefits accelerated the company’s decline.

 

Overall, the top positions in the annual rankings remained largely steady. The top five insurers by non-banking assets were unchanged, as were four of the top five insurers by NPW from the previous year. Six of the top 10 insurers are Chinese and US health insurance companies, which continue to dominate the top ranks in terms of NPW.

Ping An Insurance (Group) Company of China Ltd., which has its headquarters in China, entered the top five NPW companies in 2017 after seeing a 30% growth in premiums year over year. In 2017, the Chinese insurer moved up five spots to take fourth place. Berkshire Hathaway Inc., which climbed to No. 11 from No. 16 after a premium increase of 33% in 2017, was another business to make strong NPW advancement.

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

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