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Top 25 Largest Insurance Companies In the World

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.