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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 belongings amounting to greater than $11.2 trillion. Whole 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 earnings 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.

Distinguished trade gamers Aviva, Progressive, Authorized & Basic, and Cathay Life, in the meantime, dropped out of World 2000’s prime 200, after putting among the many main companies in 2021.

The insurance coverage sector, nonetheless, has a number of 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 assert 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 earth primarily based on the 2022 Forbes World 2000 rankings.

1. Ping An Insurance coverage Group

Head workplace: Shenzhen, China

World rating: seventeenth

Enterprise traces: Life and non-life

Income: $181.37 billion

Web revenue: $15.74 billion

Belongings: $1.587 trillion

Market worth: $121.69 billion

2021 international rating: sixth

Regardless of dealing with extra challenges than its American and European counterparts, Ping An held on because the highest-ranking insurance coverage firm within the World 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 Improvement, considered one 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 belongings as of the top of final yr, accounting for five.5% of its whole funding belongings. 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 consumer base, which rose to 227 million from 218 million within the earlier yr.

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

2. UnitedHealth Group

Head workplace: Minnesota, USA

World rating: twenty second

Enterprise traces: Life and well being

Income: $297.55 billion

Web revenue: $17.45 billion

Belongings: $221.24 billion

Market worth: $490.15 billion

2021 international rating: twentieth

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

Learn extra: UnitedHealth experiences whopping $1.7 billion earnings leap

3. Allianz

Head workplace: Munich, Germany

World rating: thirty fifth

Enterprise traces: Life and non-life

Income: $138.62 billion

Web revenue: $7.81 billion

Belongings: $1.324 trillion

Market worth: $96.42 billion

2021 international rating: twenty third

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

Learn extra: Allianz reveals newest earnings outcomes

4. AXA Group

Head workplace: Paris, France

World rating: forty eighth

Enterprise traces: Life and non-life

Income: $145.19 billion

Web revenue: $8.39 billion

Belongings: $839.85 billion

Market worth: $65.75 billion

2021 international rating: 51st

AXA climbed three notches within the total rankings to assert 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 by way of internet revenue and belongings. In 2018, AXA acquired the XL Group, propelling its standing as the highest business P&C insurer on the earth. To this point, the insurance coverage big builds on its strong progress in goal segments and key markets, whereas sustaining its sturdy dedication to fight international warming.

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

5. China Life

Head workplace: Beijing, China

World rating: 71st

Enterprise traces: Life and well being

Income: $130.5 billion

Web revenue: $7.87 billion

Belongings: $769.88 billion

Market worth: $43.02 billion

2021 international rating: forty sixth

Whereas China Life’s internet gross sales and earnings 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 belongings, 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 health insurance insurance policies in drive.

Learn extra: China Life falls amid market decline

6. AIA Group

Head workplace: Hong Kong

World rating: 73rd

Enterprise traces: Life and well being

Income: $45.16 billion

Web revenue: $7.43 billion

Belongings: $334.88 billion

Market worth: $120.19 billion

2021 international rating: 52nd

Regardless of falling 21 spots within the international rankings, the biggest pan-Asian life insurance coverage group nonetheless ranked third amongst all insurers by way of market worth, trailing solely UnitedHealth and Ping An. The agency additionally skilled a greater than 27% enhance in internet revenue from $5.8 billion in 2020.

Learn extra: AIA releases half-year monetary outcomes

7. MetLife

Head workplace: New York, USA

World rating: 74th

Enterprise traces: Life and non-life

Income: $71.08 billion

Web revenue: $6.55 billion

Belongings: $759.71 billion

Market worth: $57.39 billion

2021 international rating: 59th

MetLife’s continued its progress from final yr, regardless of slipping within the rankings. The insurer noticed an nearly 5% rise in gross sales and greater than a 20% enhance in revenue. The agency serves round 100 million prospects in 40 international locations 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

World rating: eightieth

Enterprise traces: Life and non-life

Income: $69.58 billion

Web revenue: $5.21 billion

Belongings: $410.15 billion

Market worth: $69.22 billion

2021 international rating: 72nd

Zurich skilled a 19% and 37% progress in gross sales and earnings 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 and products, in addition to life insurance coverage. Its prospects fall on a broad spectrum, from people to small companies, and mid-sized to massive companies, together with multinational firms.

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

9. Cigna

Head workplace: Connecticut, US

World rating: 84th

Enterprise traces: Life and well being

Income: $174.27 billion

Web revenue: $5.37 billion

Belongings: $151.02 billion

Market worth: $81.21 billion

2021 international rating: 72nd

Well being insurer Cigna boasts the sixth-largest market worth amongst all insurance coverage corporations on the listing. Nevertheless, 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 affords 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

World rating: ninetieth

Enterprise traces: Life and non-life

Income: $52.06 billion

Web revenue: $9.39 billion

Belongings: $521.83 billion

Market worth: $48.73 billion

2021 international rating: 439th

American Worldwide Group (AIG) was one of many international 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 listing of the remainder of the biggest insurance coverage suppliers on the earth.














Rank

Insurer

World rating

Nation

Enterprise traces

Income

Web revenue

Belongings

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 World 2000 2022

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