UnitedHealth Group has retained its number-one slot in AM Best’s ranking of the world’s 25 largest insurance companies for the ninth straight year, according to the credit rating agency. UnitedHealth grew its net premiums written (NPW) by 14% in 2022 to US$257.2 billion.
Meanwhile, Allianz SE retained its top spot for nonbanking assets at US$1.1 trillion, despite a 10% decrease from the previous year, AM Best reported.
The rankings of the world’s largest global insurance companies, by both NPW and nonbanking assets, were released in the January 2024 issue of Best’s Review.
According to AM Best, the top 10 insurers by NPW were dominated by health insurers, with US-based health companies accounting for four of the top five. Centene Health retained its number-two position, with NPW rising 13.2%. Elevance Health, at number three, also retained its position with NPW rising 13.5%. Kaiser Foundation Group of Health Plans rose to number four, while Ping An Insurance (Group) Company of China held steady at number five. The only insurer in the top 25 that saw its NPW fall was China Life Insurance (Group) Co., which slid from fourth to sixth place.
Life insurers dominated the top 25 by nonbanking assets, with seven of the top 10 providing life insurance products. Ping An rose from fourth to second place as its assets spiked 11.4% to US$960.7 billion in 2022. Berkshire Hathaway fell from number two to number three, while China Life Insurance (Group) Company rose from fifth to fourth place. AXA S.A. took the number-five slot, while Prudential Financial fell from number three to number six as its assets tumbled by 26.4%.
UnitedHealth Group has retained its number-one slot in AM Best's ranking of the world's 25 largest insurance companies for the ninth straight year, according to the credit rating agency. UnitedHealth grew its net premiums written (NPW) by 14% in 2022 to US$257.2 billion.
The US remains the largest insurance market in the world, with total premiums (non-life and life) of USD 2.8 trillion. Next are China and Japan. The three markets together accounted for almost 56% of the global premiums, slightly less than in 2023 (57%).
1. State Farm. State Farm is the largest car insurance provider in the US, accounting for almost 17% of the overall market. The figure is equivalent to over $8 billion more in direct written premiums compared to the next-ranked insurer.
Executive Life Insurance Company (1991) - One of the largest life insurance companies in the US, it went bankrupt due to investment losses in junk bonds.
In 2022, American multinational holding company Berkshire Hathaway was the largest global insurance company, with revenues over 302 billion U.S. dollars. Insurance is the transfer of the risk of a potential loss from one entity to another in exchange for payment.
Life insurance stands out as one of the most profitable types of insurance due to its steady demand, attractive commissions, high premiums, and long-term policy tenure.
Hamburger Feuerkasse (English: Hamburg Fire Office) is the first officially established fire insurance company in the world, and the oldest existing insurance enterprise available to the public, having started in 1676.
Chinese insurance brands continue to dominate the global rankings, led by Ping An with a 4 per cent increase in brand value to USD 33.6 billion. China Life Insurance and CPIC maintain their positions at 3rd and 5th respectively. Allianz from Germany and AXA from France secure their places in the Top 5.
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