Hundreds of millions of people worldwide pay insurance premium regularly to ensure that the financial burden is taken care of by insurers if they fall sick, meet with an accident, or suffer a natural disaster. Insurance companies offer a wide range of products such as life insurance, health insurance, home insurance, auto insurance, disability insurance, and others. Here we take a look at the top 10 largest insurance companies in the world.
There are multiple criteria to compile a list of the largest insurers such as net premiums written, profits, revenue, market capitalization, and assets. We have ranked the world’s largest insurance companies based on their total assets. The asset data comes from Forbes’ 2019 Global 2000 companies and the Sovereign Wealth Fund Institute.
10- American Insurance Group, $492 billion
New York-based American Insurance Group (AIG) has $492 billion in total assets. It offers retirement products, life insurance, property and casualty insurance, mortgage insurance, and other products. It posted $47.2 billion revenue in last year. AIG has a strong presence in more than 80 countries. During the 2008 financial crisis, AIG received a staggering $180 billion in government bailout.
9- Dai-Ichi Life Insurance, $509.4 billion
The Japanese life and health insurance giant was founded in 1902 in Tokyo. It has $509.4 billion in total assets. Dai-Ichi acquired the US-based Protective Life Corporation in 2015 to strengthen its US presence. Besides life insurance, health insurance, and retirement products, it also offers asset management services. Dai-Ichi also operates in India, Vietnam, Australia, Thailand, and Indonesia.
8- Manulife Financial, $517.8 billion
Manulife is the largest insurance company in Canada. It has more than 26 million customers across the world. It operates as Manulife in Canada and most other markets, but in the US it offers services through John Hancock Life Insurance. It was established in 1887 as The Manufacturers Life Insurance Company. The company also offers mutual funds and investment management services.
7- Aviva, $533.3 billion
Aviva is the largest general insurer in the United Kingdom and the second-largest in Canada. It has $533.3 billion in total assets. It offers general insurance, health insurance, life insurance, and asset management services to 33 million customers across 16 countries. It was formed in 2000 following the merger of CGU with Norwich Union. It was originally called CGNU, but the company changed its name to Aviva in 2002.
6- Generali Group, $588.5 billion
Founded in 1831 in Italy, Generali Group is among the world’s largest insurance companies by revenue as well as total assets. According to Forbes, it has total assets of $588.5 billion, and its annual revenue is $92.1 billion. Generali Group has been at the center of a controversy for not paying claims on life insurance policies it had sold to Holocaust victims. The lawyers for victims argue that it had life insurance coverage on more than 100,000 Jews at the time. Generali has settled only 5,200 of them.
5- MetLife, $692.5 billion
New York-based MetLife is one of the world’s largest and oldest providers of insurance, annuities, and employee benefit programs. It serves more than 90 million customers in over 60 countries. It was founded in 1868. A couple of years ago, MetLife spun off its US retail business into a separate entity called Brighthouse Financial, which inherited MetLife’s annuities and life insurance business for the retail market.
4- Prudential Financial, $815.1 billion
Prudential Financial is the largest insurance provider in the United States with total assets amounting to $815.1 billion. It offers insurance, annuities, retirement products, and investment management services to customers in more than 40 countries. It has a market capitalization of $42.4 billion. Don’t confuse New Jersey-based Prudential Financial with the UK-based Prudential Plc. Though both of them are insurers, they are separate entities.
3- Axa Group, $1,034.5 billion
Founded in 1816 in Paris, Axa Group serves more than 102 million customers worldwide. It offers life insurance, property and casualty insurance, retirement products, and asset management services. The company has $1,034.5 billion in assets. Over the years, Axa has acquired many insurers around the world including Colpatria Seguros in Colombia, the non-life insurance operations of HSBC in Mexico, and the acquisition of 50% stake in Chinese casualty insurer Tian Ping.
2- Ping An Insurance, $1,038.3 billion
According to Forbes, China’s largest insurer has $1,038.3 billion in assets. Its main businesses include life insurance, property and casualty insurance, wealth management, brokerage, and investment banking services. It was founded in 1988 in Shenzhen. Ping An Insurance posted $157.4 billion in revenues last year. It also happens to be the most valuable insurance company on this list with a market capitalization of $220.2 billion.
1- Allianz, $1,060.2 billion
According to Forbes, Allianz is the world’s largest insurance company with assets amounting to $1,060.2 billion. Founded in 1890, it offers property and casualty insurance, life insurance, and asset management services. It has more than 85 million customers in over 70 countries. Its 2018 revenues stood at $145.7 billion.