Tuesday, November 29, 2022
HomeInsuranceThese are the world's 20 largest insurance coverage corporations in 2022

These are the world’s 20 largest insurance coverage corporations in 2022


Total, these insurance coverage giants boast a mixed market worth of just about $1.6 trillion and property amounting to greater than $11.2 trillion. Complete income and revenue reached nearly $1.9 trillion and $140 billion, respectively. Whereas mixed gross sales dropped about 23% from $2.4 trillion from earlier yr, the insurers noticed income rise nearly the identical share from $113.6 billion throughout the interval.

Learn extra: Revealed – the world’s 50 largest reinsurance corporations

Insurers dip in rankings

2022 marks a decline within the rankings of just about all insurance coverage corporations within the prime 20. Most notably, Chinese language trade big Ping An slid 11 notches to seventeenth place from the sixth spot final yr. The Shenzhen-headquartered agency, nonetheless, nonetheless retained the highest spot amongst insurers. Second placer UnitedHealth Group dropped two locations to quantity 22 whereas present third placer Munich-based Allianz moved down 12 spots to thirty fifth.

Outstanding trade gamers Aviva, Progressive, Authorized & Normal, and Cathay Life, in the meantime, dropped out of International 2000’s prime 200, after putting among the many main corporations in 2021.

The insurance coverage sector, nonetheless, has just a few shiny spots. Three of the world’s 20 largest insurance coverage corporations – AXA Group, Chubb, and American Worldwide Group (AIG) – moved up the rankings, with AIG registering the most important enchancment, rising from 439th final yr to say the ninetieth spot in 2022. This allowed the New York-based insurer to interrupt into the trade’s prime 10.

These are the 20 largest insurance coverage corporations on the planet based mostly on the 2022 Forbes International 2000 rankings.

1. Ping An Insurance coverage Group

Head workplace: Shenzhen, China

International rating: seventeenth

Enterprise strains: Life and non-life

Income: $181.37 billion

Internet revenue: $15.74 billion

Property: $1.587 trillion

Market worth: $121.69 billion

2021 world rating: sixth

Regardless of going through extra challenges than its American and European counterparts, Ping An held on because the highest-ranking insurance coverage firm within the International 2000. Its internet revenue in 2021 sunk 29% to $15.7 billion because it booked a $6.4 billion impairment associated to investments in China Fortune Land Growth, one in every of a number of debt-ridden Chinese language property builders that defaulted final yr, based on Forbes. Its 2021 annual report additionally revealed that the insurer had $32 billion invested in actual property property as of the top of final yr, accounting for five.5% of its complete funding property. That publicity has contributed to its inventory’s 50% decline for the reason that begin of final yr.

Forbes, nonetheless, described Ping An as a “formidable money cow” due to its elevated income and shopper base, which rose to 227 million from 218 million within the earlier yr.

Learn extra: Ping An experiences first half-year revenue improve in three years

2. UnitedHealth Group

Head workplace: Minnesota, USA

International rating: twenty second

Enterprise strains: Life and well being

Income: $297.55 billion

Internet revenue: $17.45 billion

Property: $221.24 billion

Market worth: $490.15 billion

2021 world rating: twentieth

United Well being Group led all US-based insurers within the record. The life and medical insurance specialist additionally generated the seventh-largest annual income amongst all corporations within the International 2000. In keeping with Forbes, UnitedHealth’s inventory has risen by 25% since October 2021. In March, the agency agreed to amass house healthcare agency LHC Group for $5.4 billion.

Learn extra: UnitedHealth experiences whopping $1.7 billion earnings leap

3. Allianz

Head workplace: Munich, Germany

International rating: thirty fifth

Enterprise strains: Life and non-life

Income: $138.62 billion

Internet revenue: $7.81 billion

Property: $1.324 trillion

Market worth: $96.42 billion

2021 world rating: twenty third

Allianz owns the second-biggest asset worth amongst all insurers on the worldwide record. Though the agency’s rankings dropped significantly from final yr, its income went up nearly 7% from nearly $130 billion whereas income remained regular. Allianz presents property and casualty, life and well being, credit score, and journey insurance coverage, and asset administration providers through a number of manufacturers and subsidiaries to greater than 126 million clients in over 70 nations.

Learn extra: Allianz reveals newest earnings outcomes

4. AXA Group

Head workplace: Paris, France

International rating: forty eighth

Enterprise strains: Life and non-life

Income: $145.19 billion

Internet revenue: $8.39 billion

Property: $839.85 billion

Market worth: $65.75 billion

2021 world rating: 51st

AXA climbed three notches within the total rankings to say the fourth spot among the many world’s prime insurance coverage corporations. The French-based agency additionally ranked within the prime 5 amongst all insurers when it comes to internet revenue and property. In 2018, AXA acquired the XL Group, propelling its standing as the highest industrial P&C insurer on the planet. To this point, the insurance coverage big builds on its strong development in goal segments and key markets, whereas sustaining its sturdy dedication to fight world warming.

Learn extra: AXA reveals monetary outcomes for first-half of the yr

5. China Life

Head workplace: Beijing, China

International rating: 71st

Enterprise strains: Life and well being

Income: $130.5 billion

Internet revenue: $7.87 billion

Property: $769.88 billion

Market worth: $43.02 billion

2021 world rating: forty sixth

Whereas China Life’s internet gross sales and income jumped 14% from $113.8 billion and seven% from $7.3 billion in 2021, respectively, its market worth shrunk nearly 25% from $57.3 billion. Total property, in the meantime, elevated from $651.9 billion – an 18% spike. On the finish of final yr, China Life had roughly 323 million long-term particular person and group life insurance coverage insurance policies, annuity contracts, and long-term medical insurance insurance policies in power.

Learn extra: China Life falls amid market decline

6. AIA Group

Head workplace: Hong Kong

International rating: 73rd

Enterprise strains: Life and well being

Income: $45.16 billion

Internet revenue: $7.43 billion

Property: $334.88 billion

Market worth: $120.19 billion

2021 world rating: 52nd

Regardless of falling 21 spots within the world rankings, the most important pan-Asian life insurance coverage group nonetheless ranked third amongst all insurers when it comes to market worth, trailing solely UnitedHealth and Ping An. The agency additionally skilled a greater than 27% improve in internet revenue from $5.8 billion in 2020.

Learn extra: AIA releases half-year monetary outcomes

7. MetLife

Head workplace: New York, USA

International rating: 74th

Enterprise strains: Life and non-life

Income: $71.08 billion

Internet revenue: $6.55 billion

Property: $759.71 billion

Market worth: $57.39 billion

2021 world rating: 59th

MetLife’s continued its development from final yr, regardless of slipping within the rankings. The insurer noticed an nearly 5% rise in gross sales and greater than a 20% improve in revenue. The agency serves round 100 million clients in 40 nations worldwide, providing life, medical, dental, accident and well being, and credit score insurance coverage merchandise for people and teams. It additionally offers annuities, endowment, and retirement and financial savings merchandise.

Learn extra: MetLife trumps analyst expectations on sturdy premiums and costs

8. Zurich Insurance coverage

Head workplace: Zürich, Switzerland

International rating: eightieth

Enterprise strains: Life and non-life

Income: $69.58 billion

Internet revenue: $5.21 billion

Property: $410.15 billion

Market worth: $69.22 billion

2021 world rating: 72nd

Zurich skilled a 19% and 37% development in gross sales and income final yr from $58.4 billion and $3.8 billion, respectively, in 2020. The insurance coverage big’s market worth additionally elevated from $61.7 billion – a barely over 12% spike. Zurich offers a various vary of P&C services, in addition to life insurance coverage. Its clients fall on a broad spectrum, from people to small companies, and mid-sized to giant corporations, together with multinational firms.

Learn extra: Zurich declares its highest first-half working revenue surge in 14 years

9. Cigna

Head workplace: Connecticut, US

International rating: 84th

Enterprise strains: Life and well being

Income: $174.27 billion

Internet revenue: $5.37 billion

Property: $151.02 billion

Market worth: $81.21 billion

2021 world rating: 72nd

Well being insurer Cigna boasts the sixth-largest market worth amongst all insurance coverage corporations on the record. Nonetheless, its total rating dropped 24 locations, costing the corporate the fourth spot among the many prime insurance coverage corporations, which it held final yr. The agency presents well being, pharmacy, dental, supplemental insurance coverage, and Medicare plans to people, households, and teams.

Learn extra: Cigna earnings to take dramatic hit

10. AIG

Head workplace: New York, USA

International rating: ninetieth

Enterprise strains: Life and non-life

Income: $52.06 billion

Internet revenue: $9.39 billion

Property: $521.83 billion

Market worth: $48.73 billion

2021 world rating: 439th

American Worldwide Group (AIG) was one of many world rating’s largest gainers, shifting up a whopping 349 locations to safe the ninetieth spot and break into the trade’s prime 10. The insurer’s income rose 19% from $43.7 billion. It additionally registered $9.4 billion in internet revenue attributable to shareholders, in contrast with a $6 billion internet loss in 2020.

Learn extra: AIG reveals Q2 outcomes

Right here’s the record of the remainder of the most important insurance coverage suppliers on the planet.












Rank

Insurer

International rating

Nation

Enterprise strains

Income

Internet revenue

Property

Market worth

11

Chubb

95

Switzerland

Non-life

$40.95 billion

$8.54 billion

$181.75 billion

$87.31 billion

12

Manulife

131

Canada

Life and well being

$47.17 billion

$5.67 billion

$691.18 billion

$39.76 billion

13

Munich Re

156

Germany

Life and non-life

$84.88 billion

$3.47 billion

$358.97 billion

$35.48 billion

14

Generali Group

160

Italy

Life and non-life

$102.13 billion

$3.37 billion

$664.52 billion

$31.36 billion

15

Tokio Marine Holdings

178

Japan

Life and non-life

$50.57 billion

$3.85 billion

$234.91 billion

$35.19 billion

16

ING Group

183

Netherlands

Life and non-life

$21.49 billion

$5.65 billion

$1,081.81 billion

$39.03 billion

17

Allstate

203

United States

Life and non-life

$50.59 billion

$5.69 billion

$90.66 billion

$36.45 billion

18

China Pacific Insurance coverage

208

China

Life and non-life

$68.07 billion

$4.16 billion

$300.52 billion

$22.69 billion

19

Dai-ichi Life Insurance coverage

213

Japan

Life

$66.73 billion

$4.47 billion

$571.45 billion

$19.9 billion

20

Vacationers

220

United States

Non-life

$35.31 billion

$3.92 billion

$108.59 billion

$41.54 billion

Supply: Forbes International 2000 2022

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments