20 Largest Insurance Companies in the World by Market Cap
The 20 Biggest Global Insurance Companies by Market Cap will be covered in this post. You may skip our industry analysis and get straight to the list of the five largest international insurance companies.
A total of 105 insurers will appear on the Forbes Global 2000 List in 2022, making the insurance industry one of the major economic sectors in the world economy. The pandemic, according to McKinsey, had a significant influence on the insurance sector: premium growth, which was more than 4% per year between 2010 and 2020, decreased to around 1.2% in that year. Additionally, earnings decreased by 15% at the same period.
The Allianz Global Insurance reported that premiums rose globally by 5.1% throughout the year, indicating that the sector rebounded in 2021. According to the International Association of Insurance Supervisors, the sector's overall assets were $44 trillion in 2021 compared to $38 trillion in liabilities. The Russian invasion of Ukraine and its effects on gas and oil prices, the severe drought in areas of the globe that produce food, and high inflation all had an influence on consumer choices about insurance in 2022. Even if the final figures are not yet available, Allianz forecasts a 4.8% rise in worldwide insurance premiums in 2022.
The insurance market is divided into three primary categories: life, property and casualty, and health. According to Insurance Europe, 53% of premiums in Europe were for life insurance in 2020, 33% were for property and casualty insurance, and the remaining percentage was for health insurance. According to a report from 2021, Assicurazioni Generali was the market leader for life insurance in Europe, while Allianz Insurance was the market leader for non-life insurance.
According to KPMG, double-digit growth in countries like India, Indonesia, and the Philippines will account for more than 25% of global premium revenue in 2021. The insurance industry is expanding in Asia Pacific regions as a result of rising income levels and the expansion of digital sales channels. The potential of developing Asian markets was highlighted by the entry of the Indian insurer Life Insurance Corporation into the Fortune 500 Global last year.
According to S&P Global Market Intelligence, life and annuity premiums accounted for 47% of all premiums in the USA, with the remaining premiums coming from property and casualty. Market leaders in P&C insurance and life insurance, respectively, were State Farm and MetLife.
Our Technique
We selected the largest insurance firms and rated these businesses in increasing order according to their market capitalization to arrive at the top 20 global insurance corporations. For private enterprises, we calculated each company's market value using its projected annual sales for 2021. To determine the market worth of these businesses, we employed a price-to-revenue multiple. By averaging the price-to-revenue multiples of the top five publicly listed insurance businesses on our list, we arrived at a price-to-revenue multiple of 1.5x.
As of January 7, 2023, the market capitalization of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MUV2.DE) was $49.4 billion.
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MUV2.DE) is a German global insurance firm with its headquarters in Munich, Germany. It is the biggest reinsurance firm in the world and engages in the life, health, and property and casualty insurance and reinsurance sector globally. Additionally, the business owns ERGO Group Insurance, which does business in 30 nations, mostly in Europe and Asia.
Our list of the 20 largest global insurance companies by market cap also includes Ping An Insurance (Group) Company of China, Ltd. (2318.HK), AIA Group Limited (1299.HK), and UnitedHealth Group Incorporated (NYSE:UNH). These companies are in addition to Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MUV2.DE).
19. As of January 7, 2023, the market capitalization of Life Insurance Corporation of India (LICI.NS) was $53.9 billion.
The Ministry of Finance, Government of India, owns Life Insurance Corporation of India (LICI.NS), an insurance provider with its main office in Mumbai. In India, Mauritius, Fiji, and the UK, it offers its insurance-based solutions. Life Insurance Corporation of India (LICI.NS) offers a variety of individual, group, and microinsurance products, including pension plans, individual and group savings accounts, investments, group term insurance, annuities, health insurance, retirement plans, critical illness insurance, accidental death insurance, and disability benefits.
18. $56.2 billion is GEICO's estimated market value.
Revenue for 2021: $37.5 billion
The Government Employees Insurance Company (GEICO), a private motor insurance firm located in America, was established in 1936. As of January 2023, it is the third-largest vehicle insurance provider in the US. The military troops and government workers in the United States were initially the target market for GEICO. Today, GEICO sells its goods and services to a variety of customers, including those working in the private sector. GEICO was purchased by Berkshire Hathaway Inc. in 1996. (NYSE:BRK-B).
17. As of January 7, 2023, MetLife, Inc. (NYSE:MET) has a market value of $56.7 billion.
With 90 million customers in more than 60 countries and a history dating back to 1868, MetLife, Inc. (NYSE:MET) is one of the largest worldwide providers of insurance, annuities, and employee benefit programmes. United States, Latin America, Asia, EMEA, and MetLife Holdings are the company's 5 operating segments. The group benefit and retirement solutions segments of the United States segment, which contributes the most revenue, are further broken down.
16. As of January 7, 2023, Humana Inc. (NYSE:HUM) has a market value of $62.3 billion.
Humana Inc. (NYSE:HUM) is an American for-profit health insurance corporation that was established in 1961. It is one of the biggest health insurance companies in the US, specialising in the administration of Medicare Advantage plans. The majority of the medical memberships at Humana Inc. (NYSE:HUM), which specialises in government-sponsored programmes, come from the Tricare programme for members of the armed forces, Medicaid, and Medicare Advantage. The firm also offers employer-based plans with an emphasis on small companies, standalone prescription drug policies for seniors, and other specialist insurance products including vision, dental, and life insurance. In addition to providing medical insurance, Humana Inc. (NYSE:HUM) also provides primary care, at-home care, and pharmaceutical benefits management (PBM).
15. Market capitalization of Aon plc (NYSE:AON) as of January 7, 2023: $63.5 billion
Aon plc (NYSE:AON) is a multinational financial services company with British and American shareholders that provides risk, health, and retirement solutions and guidance internationally. The firm provides a range of risk reduction products, including commercial risk, wealth, investments, and reinsurance solutions, in addition to boutique strategy consulting via Aon Inpoint.
14. Market capitalization of AXA SA (CS.PA) as of January 7, 2023: $68.69 billion
AXA SA (CS.PA) is a French global insurance company with its main office in Paris. It offers personal protection, health, and life insurance products, as well as solutions for retirement and savings. In order to expand its offering of property and liability business lines insurance products, the firm purchased XL Group Ltd in 2018. This aided the firm's transition from a life and savings organisation that was largely focused on the France and European markets to one that has a heavier emphasis on nonlife insurance and works with larger commercial corporations.
13. Market capitalization of Zurich Insurance Group AG (ZURN.SW) as of January 7, 2023: $71.53 billion
A Swiss insurance provider with operations in Europe, North America, Latin America, Africa, the Middle East, and Asia Pacific, Zurich Insurance Group AG (ZURN.SW) was established in 1872. The company's products are primarily targeted at farmers, non-core business sectors, life and non-life insurance, property and casualty areas, and group operations. In addition to endowment and term insurance, annuities, complete private health insurance, supplementary health insurance, and long-term care insurance are among the many products offered by the company's life insurance business. For a certain fee, the Farmers' Division provides managerial and administrative services. Through brokers, agents, and bank distribution channels, Zurich Insurance Group AG (ZURN.SW) provides its services and products to individuals, small and large enterprises, and international organisations.
12. The Progressive Corporation's (NYSE:PGR) market value was $78.7 billion as of January 7, 2023.
The Progressive Corporation (NYSE:PGR), an American insurance provider that was established in 1937, provides residential and commercial vehicle insurance as well as speciality lines. It is the biggest vehicle insurance provider in the country. To add homes' insurance to its product line, The Progressive Corporation (NYSE:PGR) bought a controlling position in ARX Holding Corp. and other insurance subsidiaries and affiliates in 2015. As of the purchase date, this company was segmented. The business advertises its goods directly over the phone, online, and via independent insurance firms in the US and Canada.
11. As of January 7, 2023, Marsh & McLennan Companies, Inc. (NYSE:MMC) has a market value of $84.8 billion.
Marsh & McLennan Companies, Inc. (NYSE:MMC), a global services company with its headquarters in New York, provides guidance and solutions in the areas of strategy, risk, and human resources. There are two business segments. Risk and insurance services, which include risk transfer, risk advising, risk control, and risk reduction tools, make up the first section of the market. Private customers, companies, organisations, groups, and enterprises that provide professional services are all served by this area. The second category is called Consulting, and it offers services and goods linked to brand and economic counselling as well as advice on careers, money, and health.
10. Aetna Inc., $90.9 billion in estimated market value
Revenue for the year 2021: $60.6 billion
Aetna Inc. is a healthcare company based in the United States that provides both traditional and consumer-directed services like dental, medical, pharmacy, behavioural health, disability, group life, and offers a variety of health insurance plans for individuals and families. The company was founded in 1853. Additionally, Aetna Inc. has companies that provide their own healthcare-related goods and services, such as Cofinity, Meritain health, ActiveHealth Management, etc.
9. The Cigna Group (NYSE:CI)
As of January 7, 2023, the market was worth $92.5 billion.
Cigna Organization (NYSE:CI) is an American global insurance and managed healthcare corporation with its headquarters in Bloomfield, Connecticut, in the United States. The business provides a range of health insurance services and products, including coverage for medical, dental, vision, and pharmaceutical needs. Express Scripts Holding Company (YHD:ESRX) was purchased by Cigna Corporation (NYSE:CI) in 2018 in order to broaden its pharmaceutical benefit management (PBM) offerings.
8. As of January 7, 2023, Allianz SE (ALV.DE) has a market value of $92.8 billion.
With more than 126 million consumer and corporate customers in more than 70 countries, Allianz SE (ALV.DE), which has its global headquarters in Munich, Germany, is one of the top insurers and asset managers in the world. It is a multiline insurer that provides a wide range of services for both company and individual insurance, including life and health insurance, property insurance, assistance services, credit insurance, and insurance for international businesses. The company's greatest markets for its life and health section are in Germany, the US, Italy, and France, while its property and casualty segment's biggest markets are in Germany, France, Australia, and the UK.
7. As of January 7, 2023, Chubb Limited (NYSE:CB) has a market value of $94.5 billion.
Chubb Limited (NYSE:CB), an insurance provider with operations all over the world, was established in 1985. Agricultural insurance, general international insurance, life insurance, and personal property and casualty (P&C) insurance are just a few of the areas that Chubb Limited (NYSE:CB) delivers its goods and services in. Small businesses, middle markets, and companies may purchase the goods and services via retail brokers and agents.
Elevance Health Inc. 6. (NYSE:ELV)
As of January 7, 2023, the market was worth $113.5 billion.
Elevance Health Inc. (NYSE:ELV) is an American health insurance company that was established in 1944. Throughout the course of the care process, it helps patients, families, and communities access the resources, care, and support they need to live healthy lives. With more than 41 million insured members throughout more than 20 states, the firm is the largest insurer in the Blue Cross Blue Shield Association.
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