The 25 largest insurance companies in the world registered combined net premiums written amounting to $1.97 trillion, according to the latest data gathered by AM Best. The figure is a slight rise from $1.88 trillion in the previous year.
Every year, the credit rating agency ranks the industry’s biggest players based on this metric, as well as non-banking assets, to get a picture of how economic events impact the sector’s performance.
Find out where the world’s top insurers rank on the agency’s most recent list in this article.
Net premiums written is an effective way of measuring an insurance company’s financial health. This figure shows how much of the premiums the insurer gets to keep for assuming risk. Here are the 25 largest insurance companies in the world based on this metric.
Country of domicile: US
Net premiums written: $226.2 billion
Previous ranking: 1st
Minnesota-based UnitedHealth Group, Inc. is a diversified health and well-being company that serves clients in the US and abroad. The health insurance giant operates two distinct platforms:
UnitedHealth draws on its strong network of 85,000 physicians and nurses to deliver medical and dental benefits to more than 7.5 million clients across 150 countries. The insurer also invests nearly $3.5 billion in technology and innovation, and processes approximately 1.1 trillion transactions every year.
UnitedHealth also ranks on top of the list of the largest insurance companies in the world by market cap.
Country of domicile: US
Net premiums written: $120.3 billion
Previous ranking: 4th
Centene Corporation is a multinational healthcare company that provides a range of support services to government-sponsored healthcare programs focused on helping uninsured and underinsured individuals. The Missouri-based insurer is the largest Medicaid managed care organization in the US.
Centene operates local health plans and offers health insurance policies. The firm also partners with other healthcare and commercial groups to provide specialty services. These include:
Centene is the fourth-largest health insurer in the US. It operates in 29 states, including California, Florida, New York, and Texas – four of the country’s largest Medicaid states.
Country of domicile: US
Net premiums written: $117.3 billion
Previous ranking: 5th
Elevance Health, Inc. boasts a network of 1.7 million doctors and hospitals that serve more than 32 million clients. The insurer is the biggest for-profit managed healthcare company in the Blue Cross Blue Shield Association.
Elevance Health offers a range of health plans covering medical, vision, and dental care. These are available to individuals and employers, as well as their family members through the firm’s Anthem Blue Cross Blue Shield and Wellpoint brands. These policies are available in 14 states.
The Indiana-based health insurer also provides healthcare services through its Carelon brand and other subsidiaries. Elevance Health changed its name from Anthem in June 2022.
Country of domicile: China
Net premiums written: $115.1 billion
Previous ranking: 3rd
China Life Insurance (Group) Company is among the country’s largest providers of individual and life insurance, annuity, and accident and health coverage. As one of the largest insurance companies in the world, the Beijing-headquartered firm boasts a vast distribution and service network that consists of:
China Life has combined 317 million long-term individual and group life insurance policies, annuity contracts, and long-term health insurance plans in-force. The company also offers individual and group accident and short-term health insurance policies.
Country of domicile: China
Net premiums written: $114.7 billion
Previous ranking: 2nd
Ping An Insurance (Group) Company of China Ltd serves more than 227 million clients and nearly 611 million online users. The company offers health and life insurance plans through its brands Ping An Life, Ping An Annuity, and Ping An Health. It also has a robust property and casualty insurance portfolio, ranging from home and auto coverage to international reinsurance.
Ping An is known for being among the first life insurance companies to use AI-powered robots to conduct sales agent recruitment interviews. The firm has also released an exclusive smart personal assistant called AskBob. The tool gives insurance agents different sales-enabling prompts, helping them increase sales conversions – and the results are promising:
The future of healthcare is intelligent:
— Ping An Group (@pingan_group) April 30, 2021
In what was "almost like a #Turing test" for medical AI last year, Ping An's clinical decision support system "AskBob Doctor" beat human cardiologists from top hospitals in Beijing (97.7% accuracy vs 93.6%).#healthtech #digitalhealth #AI pic.twitter.com/lAVMYPtHQv
Country of domicile: US
Net premiums written: $106.4 billion
Previous ranking: 6th
Kaiser Foundation Health Plan, Inc. is a non-profit healthcare organization that offers budget-based plans. The California-based insurer works with employers and their workers, as well as individual members, to offer prepaid health plans with lower premiums and no deductibles.
Kaiser is the second-largest health insurance company in the US based on market share, trailing only UnitedHealth. Its policies are available in its home state, Colorado, Georgia, Hawaii, Maryland, Oregon, Virginia, Washington, and the District of Columbia.
Country of domicile: France
Net premiums written: $95.7 billion
Previous ranking: 7th
AXA S.A. is a multinational insurance and asset management provider, serving about 93 million clients in over 50 countries and territories. The Paris-headquartered company boasts a network of 145,000 staff and distributors, making it one of the largest insurance companies in the world.
AXA consists of four divisions – property and casualty, health, life and savings, and asset management and banking. It operates primarily in Western Europe, North America, the Asia-Pacific region, and the Middle East.
Country of domicile: Germany
Net premiums written: $88.9 billion
Previous ranking: 8th
Munich-headquartered Allianz SE offers property and casualty, life and health, and business insurance, as well as asset management services through its several subsidiaries. The company’s 155,000 global workforce caters to more than 126 million clients in over 70 countries.
Some of the insurance giant’s most notable brands are:
Country of domicile: China
Net premiums written: $84.5 billion
Previous ranking: 9th
The People’s Insurance Company (Group) of China, more popularly known as PICC, is an insurance and investment holding firm based in Beijing. The group operates its property and casualty business through the PICC Property and Casualty Company. PICC Life Insurance Company and PICC Health Insurance Company, meanwhile, handle the firm’s respective life and health insurance businesses.
Overall, PICC has more than 10 subsidiaries, including its asset management and investment companies. The group holds partnerships with over 10,000 institutions in urban and rural locations across the country.
Country of domicile: Italy
Net premiums written: $80.3 billion
Previous ranking: 10th
Apart from being part of the 10 largest insurance companies in the world, Assicurazioni Generali S.p.A. is the largest insurer in Italy. The company’s 75,000 employees cater to more than 67 million customers in 50 countries.
The Trieste-based firm boasts robust property and casualty and life insurance portfolios. The insurer’s P&C segment includes car, home, accident and health, commercial, and industrial risk coverage. Its life insurance product range, meanwhile, consists of savings and family protection policies, as well as unit-linked policies and complex plans for multinational corporations.
Country of domicile: US
Net premiums written: $79.8 billion
Previous ranking: 11th
Humana Inc. is a managed healthcare company that offers individuals, employer groups, and those looking for government-sponsored plans a range of affordable health insurance options. These include:
Humana operates three business units:
Humana is also among the largest insurance companies in the US based on market cap.
Country of domicile: US
Net premiums written: $71.6 billion
Previous ranking: 13th
Berkshire Hathaway is a conglomerate comprising several insurance and reinsurance, retail, manufacturing, freight rail transportation, and utilities and energy businesses. The firm’s insurance business is considered among its “four giants,” which contribute to a huge portion of its value.
The company’s insurance and reinsurance business activities are transacted through a range of domestic and foreign-based subsidiaries. These companies provide insurance cover for property and casualty risks and reinsurance of life and health risks globally. Overall, these subsidiaries employ more than 50,000 staff.
Berkshire Hathaway owns 100% of its insurance business. Among its popular insurance brands are Berkshire Hathaway GUARD, Berkshire Hathaway Specialty Insurance, GEICO, General Re, and MedPro.
Country of domicile: US
Net premiums written: $71.1 billion
Previous ranking: 12th
State Farm is the largest property and casualty insurer in the US, underwriting $78.6 billion worth of premiums last year. The figure is $23 billion more than its nearest competitor. Apart from its P&C portfolio, the Illinois-based insurance giant offers life, health, and disability insurance.
State Farm has a nationwide network of 19,000 agents. It is known for offering competitive car insurance rates and consistently scoring above the industry average when it comes to customer satisfaction. State Farm’s policies can be accessed directly or through its network of insurance agents.
You can check out the list of the top 10 car insurance companies in the US in this guide.
Country of domicile: Germany
Net premiums written: $64.7 billion
Previous ranking: 14th
Munich Re tops the list of the largest reinsurance companies in the world. It has a wide portfolio ranging from traditional reinsurance policies to products for risk assumption.
The company’s primary insurance business, meanwhile, is handled by the ERGO Group AG. The group operates in 26 countries mainly in Europe and Asia. ERGO offers a wide range of policies, including property and legal protection insurance in Germany through ERGO Versicherung AG. The firm also provides specialist capital market-focus coverage through ERGO Vorsorge Lebensversicherung AG.
Country of domicile: US
Net premiums written: $62.1 billion
Previous ranking: 15th
Rhode Island-based CVS Health Corporation is a diversified healthcare benefits company serving more than 23 million members nationwide. The firm also operates a pharmacy benefits manager with about 100 million plan members and a senior pharmacy care business serving more than one million patients annually.
CVS Health boasts over 9,900 retail locations and nearly 1,100 walk-in clinics across the US. Apart from standard benefits, it offers plan members specialty pharmacy services and a standalone Medicare Part D prescription drug plan.
Country of domicile: India
Net premiums written: $56.6 billion
Previous ranking: 16th
Life Insurance Corporation of India (LIC) is the country’s biggest insurer and ranks among the largest insurance companies in the world. The Mumbai-based firm is also India’s top investments company with assets under management totaling ₹45.7 trillion ($570 billion).
LIC has around 300 million policyholders and a total life fund of around ₹30 trillion ($360 billion). The insurer is under the ownership of the government of India and administrative control of the Ministry of Finance.
Country of domicile: China
Net premiums written: $53.7 billion
Previous ranking: 17th
China Pacific Insurance (Group) Co. Ltd, also known as CPIC, is one of the country’s biggest insurance holding companies. It is the first insurance group to be listed simultaneously on the Shanghai, Hong Kong, and London Stock Exchanges.
CPIC operates three business units, namely:
The Shanghai-based firm has more than 107,000 employees. It offers a range of insurance products through its several subsidiaries both locally and overseas.
Country of domicile: US
Net premiums written: $46.7 billion
Previous ranking: 19th
Health Care Service Corporation (HCSC) is a mutual legal reserve company and the largest customer-owned healthcare insurance company in the US. It offers an array of life and health insurance policies and related services through its subsidiaries.
Some of the company’s most notable brands are:
HCSC is part of the Blue Cross Blue Shield Association. It has license to operate in Illinois, Montana, New Mexico, Oklahoma, and Texas. The insurer’s more than 22,000 employees serve its 16 million plan holders.
Country of domicile: US
Net premiums written: $46.4 billion
Previous ranking: 25th
One of America’s most popular insurance brands, Progressive is also among the country’s largest P&C insurers. It is also the nation’s top motorcycle and specialty RV insurance provider. Overall, the company writes more than 13 million car insurance policies each year.
Progressive sells its policies, which include home and commercial insurance, directly to consumers or through its network of 38,000 independent agents.
Country of domicile: US
Net premiums written: $45.8 billion
Previous ranking: 28th
Allstate is one of the largest publicly traded personal lines insurers in the US, with around 16 million policyholders and 175 million policies in-force. The Illinois-based insurer offers a range of policies under the commercial, life, property, and vehicle segments. It also owns several insurance brands, including Answer Financial, Encompass, and Esurance.
Allstate policies are sold primarily through the company’s captive agencies. The company has around 12,300 agents and financial representatives across the US and Canada.
Country of domicile: Switzerland
Net premiums written: $44.8 billion
Previous ranking: 26th
Zurich Insurance Group is a multiline insurer and one of the largest insurance companies in the world. The Swiss-based firm offers a diverse range of property and casualty and life insurance to both local and international clients.
The insurance giant’s personal lines offerings consist of car, home, general liability, and travel insurance. It also boasts a range of commercial insurance policies that cover cyber risks, financial institutions, professional liability, marine, and trade credit.
Besides insurance policies, Zurich offers claims management, risk engineering, and captive services. The firm has a global reach spanning more than 210 countries and territories.
Country of domicile: Germany
Net premiums written: $44.2 billion
Previous ranking: 21st
Hannover-based HDI Global SE is part of the Talanx Group. Its global reach spans more than 175 countries. The company’s portfolio of insurance products includes cyber, construction and engineering, marine, property, business interruption, and liability coverage. It also employs engineers and specialists to provide companies with loss-prevention support and help them develop operational risk management systems.
HDI also operates HDI Risk Consulting GmbH, which manages risk management products on a cross-sectional basis.
Country of domicile: US
Net premiums written: $43.7 billion
Previous ranking: 24th
Liberty Mutual is one of the largest property and casualty insurers in the US and also the nation’s biggest mutual insurance company. It offers a range of auto, home, and commercial insurance, as well as reinsurance policies.
The Boston-headquartered mutual insurer also ranks third on the country’s list of the 10 largest home insurance providers.
Country of domicile: Japan
Net premiums written: $43.4 billion
Previous ranking: 22nd
Dai-ichi Life Holdings, Inc. offers life and health insurance policies and pension products to clients across Asia and Australia. The Tokyo-based insurer operates three segments:
Although Dai-ichi Life has dropped a few notches in this year’s rankings, it has overtaken compatriot and rival Nippon Life.
Country of domicile: Japan
Net premiums written: $43.2 billion
Previous ranking: 18th
Nippon Life Insurance Company is Japan’s largest insurer in terms of assets and revenue, with more than 33 million policies in-force. The Osaka-based insurer operates through more than 1,000 branches, 1,530 sales offices, and 17,500 agencies. It also has global representative offices in Beijing, Frankfurt, London, and New York.
Nippon Life specializes in life, health, and disability insurance for individuals and businesses. The company operates as Nippon Life Benefits in the US, trading under the name of Nippon Life Insurance Company of America. The firm’s asset management arm, Nissay Asset Management Corporation, has more than $280 billion in total assets under management.
Here’s a summary of the 25 largest insurance companies in the world based on net premiums written, according to AM Best.
The US continues to dominate the list with almost half of the ranked companies coming from the world’s largest insurance market. Four American companies have secured their places in the top 10, including the first three spots.
China followed placing four insurers in the rankings, including three in the top 10. Germany and Japan, meanwhile, each have two representatives on the list.
The 25 largest insurers boast combined non-banking assets worth $16.4 trillion, a slight drop from $16.8 trillion from the previous year. These tangible assets play a key role in determining a company's market value and capacity to borrow. Financial analysts also consider non-banking assets when evaluating a firm’s long-term viability.
The table below ranks the top 25 largest insurance companies in the world based on non-banking assets.
Another way to rank insurers based on financial capability is through market capitalization. Find out which ones made the list of the 10 largest insurance companies in the world by market cap in this article.
How do you find our list of the largest insurance companies in the world? Do you think there are notable omissions? Feel free to share your thoughts below.
