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These are the top 25 largest insurance companies in the world

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types of insurance such as health, auto, life and home are are illustrated in chalk on a blackboard

The top 25 largest insurance companies in the world, by net premiums written (NPW) and non-banking assets, have been revealed by global rating agency A.M. Best.

US-based health insurance giant, United Health Group Incorporated, has claimed the top spot by NPW for the fourth year running, with $158.8 billion (about AU$220.2billion) in 2017. Allianz SE was crowned the world’s largest insurer by non-banking assets, moving up two places in the 2017 rankings and bumping MetLife Inc. down to fifth position. MetLife’s fall was advanced by a large reserve charge in 2017, related to its group annuity business to compensate for unpaid benefits.

Overall, the annual rankings were relatively stable in the top slots. Four of the top five insurers by NPW stayed the same as 2016, and all of the top five insurers by non-banking assets remained the same. US health insurance carriers and Chinese insurers continue to rule the top spots in terms of NPW, making up six of the top 10 insurers.

Chinese-based Ping An Insurance (Group) Company of China Ltd. was the newcomer in the NPW top five, following a 2017 year-over-year premium increase of 30%. The Chinese insurer jumped five slots to rank fourth in 2017. Another company to make significant NPW progress was Berkshire Hathaway Inc., which climbed to No. 11 from No. 16 after a premium rise of 33% in 2017.

The A.M. Best rankings of the world’s largest global insurance companies were released in the December 31, 2018, issue of BestWeek. The rankings were based on BestLink data and additional A.M. Best research.

Without further ado, the 25 biggest insurance companies in the world by net premiums written (all in US dollars) are:

  1. UnitedHealth Group Incorporated

Country of domicile: United States of America

Net premiums written: $158.5 billion

  1. AXA S.A.

Country of domicile: France

Net premiums written: $104.5 billion

  1. China Life Insurance (Group) Company

Country of domicile: China

Net premiums written: $97.6 billion

  1. Ping An Insurance (Group) Company of China Ltd.

Country of domicile: China

Net premiums written: $90.3 billion

  1. Allianz SE

Country of domicile: Germany

Net premiums written: $86.8 billion

  1. Anthem, Inc.

Country of domicile: United States of America

Net premiums written: $84.2 billion

  1. Kaiser Foundation Group of Health Plans

Country of domicile: United States of America

Net premiums written: $83.6 billion

  1. AssicurazioniGenerali S.p.A.

Country of domicile: Italy

Net premiums written: $77.5 billion

  1. State Farm Group

Country of domicile: United States of America

Net premiums written: $69.9 billion

  1. People’s Insurance Company (Group) of China Ltd.

Country of domicile: China

Net premiums written: $68.9 billion

  1. Berkshire Hathaway Inc.

Country of domicile: United States of America

Net premiums written: $62.2 billion

  1. Munich Reinsurance Company

Country of domicile: Germany

Net premiums written: $57 billion

  1. Prudential plc

Country of domicile: United Kingdom

Net premiums written: $56.6 billion

  1. Aetna Inc.

Country of domicile: United States of America

Net premiums written: $53.9 billion

  1. Humana Inc.

Country of domicile: United States of America

Net premiums written: $52.4 billion

  1. Nippon Life Insurance Company

Country of domicile: Japan

Net premiums written: $50.6 billion

  1. Life Insurance Corporation of India

Country of domicile: India

Net premiums written: $48.9 billion

  1. Centene Corporation

Country of domicile: United States of America

Net premiums written: $46.1 billion

  1. Dai-ichi Life Holdings, Inc.

Country of domicile: Japan

Net premiums written: $46 billion

  1. National Mutual Insurance Federal Agricultural Cooperation

Country of domicile: Japan

Net premiums written: $45.2 billion

  1. Tokio Marine Holdings, Inc.

Country of domicile: Japan

Net premiums written: $42.5 billion

  1. MS&AD Insurance Group Holdings, Inc.

Country of domicile: Japan

Net premiums written: $42.3 billion

  1. Zurich Insurance Group Ltd.

Country of domicile: Switzerland

Net premiums written: $41.1 billion

  1. China Pacific Insurance (Group) Company, Ltd.

Country of domicile: China

Net premiums written: $40.8 billion

  1. Japan Post Insurance Company, Ltd.

Country of domicile: Japan

Net premiums written: $39.6 billion

There was one new insurance company on the NPW rankings in 2017, with China Pacific Insurance (Group) Company, Ltd. entering the ranks in 24th position.

The 25 biggest insurance companies in the world by net non-banking assets (all in US dollars) are:

  1. Allianz SE

Country of domicile: Germany

Non-banking assets: $1 trillion

  1. AXA S.A.

Country of domicile: France

Non-banking assets: $992 billion

  1. Prudential Financial Inc.

Country of domicile: United States of America

Non-banking assets: $832 billion

  1. Japan Post Insurance Company, Ltd.

Country of domicile: Japan

Non-banking assets: $723 billion

  1. MetLife Inc.

Country of domicile: United States of America

Non-banking assets: $720 billion

  1. Berkshire Hathaway Inc.

Country of domicile: United States of America

Non-banking assets: $702.1 billion

  1. Nippon Life Insurance Company

Country of domicile: Japan

Non-banking assets: $700 billion

  1. Legal & General Group Plc

Country of domicile: United Kingdom

Non-banking assets: $682.6 billion

  1. Prudential plc

Country of domicile: United Kingdom

Non-banking assets: $666.5 billion

  1. AssicurazioniGenerali S.p.A.

Country of domicile: Italy

Non-banking assets: $643.4 billion

  1. Aviva plc

Country of domicile: United Kingdom

Non-banking assets: $597.4 billion

  1. Manulife Financial Corporation

Country of domicile: Canada

Non-banking assets: $581.3 billion

  1. Ping An Insurance (Group) Company of China Ltd.

Country of domicile: China

Non-banking assets: $572.5 billion

  1. National Mutual Insurance Federal Agricultural Cooperation

Country of domicile: Japan

Non-banking assets: $553.1 billion

  1. China Life Insurance (Group) Company

Country of domicile: China

Non-banking assets: $553 billion

  1. CNP Assurances

Country of domicile: France

Non-banking assets: $507.1 billion

  1. Dai-ichi Life Holdings, Inc.

Country of domicile: Japan

Non-banking assets: $504.4 billion

  1. American International Group, Inc.

Country of domicile: United States of America

Non-banking assets: $498.3 billion

  1. Aegon N.V.

Country of domicile: Netherlands

Non-banking assets: $475 billion

  1. Credit Agricole Assurances

Country of domicile: France

Non-banking assets: $451.7 billion

  1. Life Insurance Corporation of India

Country of domicile: India

Non-banking assets: $438.1 billion

  1. Zurich Insurance Group Ltd.

Country of domicile: Switzerland

Non-banking assets: $422.1 billion

  1. Meiji Yasuda Life Insurance Company

Country of domicile: Japan

Non-banking assets: $391 billion

  1. Sumitomo Life Insurance Company

Country of domicile: Japan

Non-baking assets: $339.1 billion

  1. New York Life Insurance Company

Country of domicile: United States of America

Non-banking assets: $337.1 billion

There were no new insurance companies on the non-banking assets rankings in 2017, but there was some variation in terms of where companies appeared in the rankings compared to 2016.

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