Forbes Global 2000 list ranks 2,000 of the world’s largest and most successful public companies based on their revenue, assets, profits, and market value. This list includes a significant representation of the insurance industry, since out of the total companies, about 105 are insurers, with 11 ranking amongst the top 100. American companies were featured the most on this list with six representatives, succeeded by China with three. Countries like Japan, Switzerland, Germany, France, and Canada also featured their best insurance companies respectively. Computing their market value collectively, these giants of the insurance industry account for nearly $1.6 trillion, and assets worth over $11.2 trillion. Although in recent years, the sales of these companies have fallen, their profits have also increased along the same margin. To discuss these firms in detail, we have compiled a list of the best insurance companies in the world below.
Ping An
Head Office: Shenzhen, China.
Revenue: $181.37 billion.
Net profit: $15.74 billion.
Assets: $1.587 trillion.
Market value: $121.69 billion.
Ping An Insurance Group is China’s first joint-stock insurance company, founded in 1988. In spite of facing more challenges and hurdles than its European and American counterparts, this firm has held onto its position as the highest-ranking insurance company in Global 2000. Ping An provides insurance, several financial services and banking options. Its subdivisions include Ping An Life, Ping An Property & Casualty, Ping An Annuity, and Ping An Health.
Allianz
Head office: Munich, Germany.
Revenue: $138.62 billion.
Net profit: $7.81 billion.
Assets: $1.324 trillion.
Market value: $96.42 billion.
Allianz owns the second-biggest asset value amongst some of the best insurance companies on the global list. Even though the establishment’s rankings have dropped significantly over the last year, their revenue increased up to almost 7 per cent, and the profits remained quite steady. Allianz offers its customers travel insurance, health and life insurance, property and casualty insurance, and even credit. They also provide asset and financial management services, through many divisions and subsidiaries of the firm.
AXA Group
Head office: Paris, France.
Revenue: $145.19 billion.
Net profit: $8.39 billion.
Assets: $839.85 billion.
Market value: $65.75 billion.
Not only is AXA one of the leading financial firms, but it is also termed as one of the best insurance companies in several finance magazines and surveys. Steadily accumulating popularity over the decades, many smaller insurance companies have merged with AXA. Even today, the firm is established on the basis of its robust growth in target segments and key markets. Their major businesses include property and casualty insurance, life insurance, savings, and asset management. AXA Group is also one of the pioneer finance companies that have taken a stand to combat global warming.
MetLife
Head office: New York, USA.
Revenue: $71.08 billion.
Net profit: $6.55 billion.
Assets: $759.71 billion.
Market value: $57.39 billion.
MetLife proudly boasts a database of over 100 million customers in 40 countries worldwide. It is a leading global provider of insurance, annuities, and employee benefit programs. With several subdivisions spanning internationally, MetLife holds its top market positions in many developed and developing regions of the world like the United States, Latin America, Asia, Europe, Africa, and the Middle East.
UnitedHealth Group
Head office: Minnesota, USA.
Revenue: $297.55 billion.
Net profit: $17.45 billion.
Assets: $221.24 billion.
Market value: $490.15 billion.
UnitedHealth Group was at the lead of all the best insurance companies that are based in the United States. This firm also generated the seventh-highest annual revenue amongst all countries worldwide in the Global 2000 list. According to surveys, their stock has risen by 25 per cent since October 2021. In March 2022, the firm acquired LHC group, a home healthcare firm for approximately $ 5.4 billion. UnitedHealth specialises in life and health insurance.
Zurich Insurance
Head office: Zürich, Switzerland.
Revenue: $69.58 billion.
Net profit: $5.21 billion.
Assets: $410.15 billion.
Market value: $69.22 billion.
Zurich Insurance provides a vast range of P&C products and services along with life and health insurance. Its customers too range from individuals and small businesses to mid-sized and large firms. Many famous multinational companies are also in Zurich’s database of clients. In recent years, this firm has experienced a spike in the growth of its sales and profits. Its market value was also reported to have increased with a 12 per cent spike.
Cigna
Head office: Connecticut, US.
Revenue: $174.27 billion.
Net profit: $5.37 billion.
Assets: $151.02 billion.
Market value: $81.21 billion.
Cigna offers its clients health, pharmacy, dental, and supplemental insurance. It also has many medicare plans for individuals, families or groups. Based in the United States, Cigna is one the best insurance companies, especially leading in health insurance. It has the sixth-largest market value amongst all the insurance companies included in the list.
AIG
Head office: New York, USA.
Revenue: $52.06 billion.
Net profit: $9.39 billion.
Assets: $521.83 billion.
Market value: $48.73 billion.
American International Group, also known as AIG, is one of the global ranking’s biggest giants. Strategically moving up 349 positions, AIG managed to successfully break into the list of the industry’s top 10 best insurance companies. Its revenue rose majestically by 19 per cent, whereas it registered a net income of $ 9.4 billion attributable to shareholders.
China Life
Head office: Beijing, China.
Revenue: $130.5 billion.
Net profit: $7.87 billion.
Assets: $769.88 billion.
Market value: $43.02 billion.
China Life reported an increase in its net sales by 14 per cent, and in its profits by 7 per cent, even though the market value of the firm fell by almost 25 per cent. However, this did not decrease its assets, which were also reported to have increased from 651.9 billion, with an 18 per cent spike. At the end of the last fiscal year, this firm had over 323 million long-term life insurance policies, categorised as both individual and group. This number also included annuity contracts and health insurance. Overall, its leading position and increase in numbers continue to cite it as one of the best insurance companies in the world.
AIA Group
Head office: Hong Kong.
Revenue: $45.16 billion.
Net profit: $7.43 billion.
Assets: $334.88 billion..
Market value: $120.19 billion.
AIA is the largest pan-Asian life insurance group, consistently ranked in the top three among all insurers. Its market value and assets make it a contemporary to UnitedHealth and Ping An. The firm also experienced a more than 27% increase in its net profits in the year 2020.
Some of the other best insurance companies in the world include Centene Corporation, Elevance Health, and Kaiser Foundation Group of Health Plans, all situated in the United States. Asian firms like China Life Insurance, People’s Ins Co, Life Insurance Corporation of India, Dai-ichi Life Holdings, and Nippon Life Insurance Company also rank high in the global list of insurance companies and finance firms. The revenue, market value, assets, and profits of each of these firms are compared over a time period of several years to determine the global ranking.
FAQs
1. What are the three biggest insurance companies?
Allianz, AXA, and Prudential Financial are arguably the three biggest insurance companies.
2. Which is the No 1 insurance company in India?
Life Insurance Corporation of India (LIC) is the largest government-owned life insurance and Investment Corporation in India for individual insurance needs.
3. Which country has the highest number of insurance companies?
The United States, followed by China, has the highest number of insurance companies.
4. Which types of insurance policies are most popular?
Term life insurance and health insurance are the most popular types of insurance policies.
5. Which type of insurance is the cheapest?
Car insurance is the cheapest and most affordable policy available.
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