The Biggest Insurance Companies in the World

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Hundreds of millions of people worldwide pay insurance premiums 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, health, home, auto, disability, etc. Here we take a look at the biggest largest insurance companies in the world.

There are multiple criteria to compile a list of the largest insurers: 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.

Top 10 Largest Insurance Companies in the World

10- American Insurance Group, $492 billion

New York-based American Insurance Group (AIG) has $492 billion in total assets. It offers retirement products, life, property and casualty insurance, mortgage, and other products. It posted $47.2 billion revenue in last year. However, recently the company has been hit by Coronavirus related struggles in travel premiums. AIG has a strong presence in more than 80 countries. During the 2008 financial crisis, the company received a staggering $180 billion in a United States government bailout. It is the sixth-largest insurer by market cap in the United States.

9- Dai-Ichi Life Insurance, $509.4 billion

The Japanese health and life insurance company 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, health, and retirement products, it also offers asset management services. Dai-Ichi also operates in India, Vietnam, Australia, Thailand, and Indonesia. In 2019, the firm had sales of $48.2 billion in net premiums written.

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 it offers services through John Hancock in the US. It was established in 1887 as The Manufacturers Life Insurance Company. The company also provides mutual funds and investment management services. For the year 2019, the company had $43.8 billion in net premiums written.

top 10 insurance companies in the world 2020

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 and recently did $1.72 billion in net premiums written. It offers general insurance, medical, life, 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 initially 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 and total assets and the biggest in its home country. According to Forbes, it has total assets of $588.5 billion, and its annual revenue is $92.1 billion with about $85 billion in net premiums written. Generali Group has been at the center of a controversy for not paying claims on life 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 insurance providers, annuities, and employee benefit programs. It serves more than 90 million customers in over 60 countries. It was founded in 1868 and had revenue of $42.4 billion in net premiums written in 2019. A couple of years ago, MetLife spun off its US retail business into a separate subsidiary called Brighthouse Financial, which inherited MetLife’s annuities and life 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. The firm offers insurance, annuities, retirement products, and investment management services to customers in more than 40 countries. According to recent statics, the company has a $42.4 billion market capitalization and $56.6 billion in net premiums written. 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 insurance for life, property and casualty, retirement products, and asset management services. The company has $1,034.5 billion in assets and $104.5 billion in net premiums written. Over the years, Axa has acquired many insurers worldwide, including Colpatria Seguros in Colombia, the non-life insurance operations of HSBC in Mexico, and the acquisition of a 50% stake in Chinese casualty insurer Tian Ping.

2- Ping An Insurance, $1,038.3 billion

Founded in 1988, China’s largest insurance company has $1,038.3 billion in assets. Its primary businesses include life, property and casualty, wealth management, brokerage, investment banking, and other financial services. In 2019 Shenzhen, Ping An, posted $157.4 billion in revenues last year and $90.3 billion in net premiums written. It also happens to be the most valuable company on this list, with a $220.2 billion market capitalization.

1- Allianz, $1,060.2 billion

According to Forbes, Allianz is both the largest insurance company in the United States and the world with assets amounting to $1,060.2 billion. Founded in 1890, it offers property and casualty, life insurance, and other financial services. It has more than 85 million customers in over 70 countries. Its 2018 revenues stood at $145.7 billion with $86.8 billion in net premiums written.

life insurance companies


What are the top 5 home insurance companies in net premiums written?

Statefarm, Berkshire Hathaway Inc, Progressive Group, Liberty Mutual, and Allstate and Statefarm are among the top-ranked home insurance groups in the United States.

Who are the top 5 health insurance companies?

According to a recent report, UnitedHealthcare, Aetna, Anthem Blue Cross, Humana, and Kaiser Permanente have the best plans in the United States.

Which insurance company is best at paying claims?

Berkshire Hathaway Inc owned GEICO has the top spot in the country for paying out car coverage. In terms of a life insurance company, Haven Life maybe your best option in the country.

Is UnitedHealthcare good insurance?

United Healthcare has a high rating in terms of online medical care. If you are looking to increase your work-based health plans or HSA, Kaiser might be a better option.

Final Words

Data is the new oil, proclaims The Economist magazine. While tech is revolutionizing many sectors, insurance could be among the most impacted. Data is a vital factor in how insurance groups can provide risk. Using the new tools offered by this tech may revolutionize how this ancient industry conducts business.

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