Allianz remains world’s largest insurance company
Allianz has been ranked as the world’s largest insurance company for a fifth straight year, at $1.09trn, according to AM Best’s ranking of the world’s 25 largest insurance companies by non-banking assets. Best said life insurers dominated the ranking.
Berkshire Hathaway was ranked second as its net non-banking assets rose by 12.8% to $1.07trn. China Life Insurance moved to third from fourth place with assets of $957.8bn, up 10.5%, followed by Ping An Insurance (Group) Company of China and US insurer Prudential Financial.
Best noted that most Japan-based insurers in the ranking dropped down due to the depreciation of the yen against the US dollar, despite year-over-year asset growth.
Best also ranked insurers by net premiums written (NPW), with health insurers dominating the top ten, as four of the top five insurers were US-based health companies. UnitedHealth Group held onto its top spot by NPW for a tenth straight year, growing NPW by 13% in 2023 to $290.8bn. Centene Corporation was second as its NPW rose nearly 10%, followed by Elevance Health with a 7.25% increase in NPW.
Kaiser Foundation Group of Health Plans stayed at fourth, while China Life Insurance moved up into the top five. Ping An Insurance fell to 11th from fifth in last year’s ranking as its NPW slid by 30%, said Best.
The top ten global insurers ranked by 2023 non-banking assets are:
- Allianz SE, Germany
- Berkshire Hathaway Inc., US
- China Life Insurance (Group) Company, China
- Ping An Insurance (Group) Company of China Ltd., China
- Prudential Financial Inc., US
- AXA S.A., France
- MetLife Inc., US
- Legal & General Group plc, UK
- Manulife Financial Group, Canada
- Nippon Life Insurance Company, Japan
The top ten global insurers ranked by 2023 NPW are:
- UnitedHealth Group Incorporated, US
- Centene Corporation, US
- Elevance Health, Inc., US
- Kaiser Foundation Group of Health Plans, US
- China Life Insurance (Group) Company, China
- Humana Inc., US
- State Farm Group, US
- Allianz SE, Germany
- Berkshire Hathaway Inc., US
- AXA S.A., France
