雅虎香港財經 15 Biggest Insurance Companies in the World
In this article we are going to list the 15 biggest insurance companies in the world. Click to skip ahead and jump to the 5 biggest insurance companies in the world.
The global insurance industry is among the biggest industries in the world and is in fact among the five biggest industries in the world. The insurance industry has faced massive pressure from the global pandemic which enveloped the world in 2020 and has been aiming to recover since, with premiums declining to a growth rate of just 1.2% as compared to an average growth of 4% per year in the previous decade. Profits fell by around 15% when compared to the previous year with the Asia Pacific region being the worst-affected, declining by 36% with the rest of the world not faring much better.
However, most governments went into recovery mode to stimulate their economy and 2021 ended up being a good year for most insurance companies according to a report by McKinsey & Company in 2022 especially considering global insurance gross premiums. Despite the optimism, it is important to note that the insurance industry has been facing issues even before the pandemic. The industry has been facing headwinds on revenue growth driven by pricing pressures, slow organic demand and finally, low interest rates. The last issue should not be relevant any longer considering how interest rates have been at record-highs during 2022 and are expected to remain high in 2023 as governments attempt to combat record inflation even as threats of a recession loom.
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According to a Deloitte report looking at insurance outlook for 2023, the industry currently stands at crossroads to long-term success. While most insurance companies have shown remarkable resilience not to mention flexibility in terms of global challenges such as the aforementioned pandemic and the Russian invasion of Ukraine, there are still several additional challenges that the company will have to counter such as increasing inflation, the threat of a recession, climate change and of course, the ever-changing geopolitical scenario which affects global operations. To be able to combat these issues and concerns, insurance companies will have to continue building on what they've achieved in 2021 especially in terms of technological developments, with Deloitte suggesting that such companies shouldn't just engage in basic technological transition but should integrate with it fully and realize the benefits that such an integration would have to offer. Further improvements can be made in terms of in "proactively anticipating and fulfilling distributor and policyholder expectations; and broaden their historical focus from risk and cost reduction to prioritize greater levels of experimentation and risk-taking that drives ongoing innovation, competitive differentiation, and profitable growth."
The Global Fortune 500 list has 40 insurance companies, one of the highest number of entries from any industry. The 15 biggest insurance companies in the world recorded close to $1.8 trillion in revenue, $98 billion in profits, and holder over $12.7 trillion in assets while providing employment to more than $2 million. To rank the biggest insurance companies in the world, we used Fortune 500 Global to determine the revenue, profits, assets and employees of each company. We then assigned 40% weightage to their ranking based on revenue and profits each, while 20% weightage was assigned to assets and employees. Based on this, we came up with a more accurate overall list of the biggest insurance companies in the world which isn't dependent on just one specific criterion. American companies like Metlife Inc (MET), Prudential Financial (PRU), and Elevance Health (ELV) made this list as well as the biggest insurance companies in USA. So, without further ado, let's take a look at the companies dominating one of the biggest industries in the world, starting with number 15:
15. Life Insurance Corp. of India
Total revenue of the company (in millions): 97,267
Total profits of the company (in millions): 554
Total assets of the company (in millions): 560,862
Total employees of the company: 105,738
Headquartered in Mubai, the Life Insurance Corp. of India is the largest insurer in the second biggest country in the world, created in 1956 through the merger of over 245 insurance companies. Life Insurance Corp. of India is a state-owned company and has close to 300 million policy holders.
14. Manulife Financial Corporation (NYSE:MFC)
Total revenue of the company (in millions): 49,315
Total profits of the company (in millions): 5,668
Total assets of the company (in millions): 726,731
Total employees of the company: 38,000
Manulife Financial Corporation (NYSE:MFC) is the biggest insurance company in Canada. Listed on the New York Stock Exchange in addition to the Toronto Stock Exchange, Manulife Financial Corporation (NYSE:MFC) has over 119,000 agents under contract in addition to its 38,000 employees. While it operates as Manulife in Canada and Asia, Manulife Financial Corporation (NYSE:MFC) operates in the United States via its John Hancock Financial division.
13. China Pacific Insurance Group
Total revenue of the company (in millions): 68,313
Total profits of the company (in millions): 4,160
Total assets of the company (in millions): 306,381
Total employees of the company: 107,000
China Pacific Insurance Group is the third biggest insurer in China and is majority owned by the government of China and the Shanghai government. It offers property insurance and life insurance through its two subsidiaries, while its services also include car insurance, liability insurance, family property insurance and accidental insurance while its life insurance services include health insurance, endowment insurance, petty insurance and juvenile insurance.
12. Dai-ichi Life Holdings
Total revenue of the company (in millions): 73,082
Total profits of the company (in millions): 3,644
Total assets of the company (in millions): 542,634
Total employees of the company: 62,296
Japan has several entries in the list of the biggest insurance companies in the world and we start with Dai-ichi Life Holdings. The third largest insurer in Japan, Dai-ichi Life Holdings and while initially founded as a mutual insurance company, it was demutualized and listed on the Tokyo Stock Exchange in 2010.
11. Nippon Life Insurance
Total revenue of the company (in millions): 74,392
Total profits of the company (in millions): 3,087
Total assets of the company (in millions): 727,963
Total employees of the company: 92,737
The second biggest insurance company in Japan, Nippon Life Insurance received praise for expanding eligibility for insurance claim and benefits payments in cases related to Covid-19 such as deaths caused by the virus in addition to receiving treatments at home.
10. MetLife, Inc. (NYSE:MET)
Total revenue of the company (in millions): 71,080
Total profits of the company (in millions): 6,554
Total assets of the company (in millions): 759,708
Total employees of the company: 43,000
MetLife, Inc. (NYSE:MET) is an American insurance company with over 90 million countries operating in around 60 countries. Over 150 years old, MetLife, Inc. (NYSE:MET) is among the 50 biggest companies in the United States. Boasting 90 of the Fortune 500 companies as clients, MetLife, Inc. (NYSE:MET) is considered to be "systemically important" to the American economy.
9. Assicurazioni Generali
Total revenue of the company (in millions): 117,155
Total profits of the company (in millions): 3,366
Total assets of the company (in millions): 666,538
Total employees of the company: 74,621
Assicurazioni Generali is the biggest insurance company in Italy and among the biggest companies in Europe.
8. Elevance Health Inc. (NYSE:ELV)
Total revenue of the company (in millions): 138,639
Total profits of the company (in millions): 6,104
Total assets of the company (in millions): 97,460
Total employees of the company: 98,200
Elevance Health Inc. (NYSE:ELV) is one of the biggest American health insurance providers. Elevance Health Inc. (NYSE:ELV) provides several services including behavioral health, long-term care, dental, pharmaceutical, medical and disability plans. Elevance Health Inc. (NYSE:ELV) is the biggest for-profit healthcare company in the Blue Cross Blue Shield Association and has close to 47 million members.
7. Prudential Financial, Inc. (NYSE:PRU)
Total revenue of the company (in millions): 70,934
Total profits of the company (in millions): 7,724
Total assets of the company (in millions): 937,582
Total employees of the company: 40,916
Prudential Financial, Inc. (NYSE:PRU) is an American insurance company which provides products to both institutional and retail customers with operations in at least 40 countries. The biggest insurance company in the United States, Prudential Financial, Inc. (NYSE:PRU) has been the subject of multiple controversies including being accused of underpaying life insurance payouts to family members of military personnel killed in the line of duty. Prudential Financial, Inc. (NYSE:PRU) is considered to be among the best companies to work for in the past two decades.
6. China Life Insurance
Total revenue of the company (in millions): 157,095
Total profits of the company (in millions): 3,087
Total assets of the company (in millions): 903,090
Total employees of the company: 182,646
Headquartered in Beijing, China Life Insurance provides annuity products and of course, life insurance. It is the largest state-owned financial insurance corporation in China and is the headquarters for overseas business development of its parent company. The company already has operations in Hong Kong, Macau, Indonesia and Singapore and is determined to continue growing based on both organic growth and mergers and acquisitions.
Please click to continue reading and see the 5 biggest insurance companies in the world.
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Disclosure: No position. 15 biggest insurance companies in the world is originally published at Insider Monkey.
