15 of the world’s largest insurance companies

In this article, we list the 15 largest insurance companies in the world. Click to skip ahead and Five World’s largest insurance company.

The global insurance industry is one of the largest industries in the world, in fact one of five industries. world’s largest industryThe insurance industry has faced significant pressure from the pandemic that hit the world in 2020 and has since sought to recover, with premiums growing by just 1.2% compared to a compound annual growth rate of 4% a year earlier. % growth rate. Ten years. Profits were down about 15% year-on-year, with the Asia-Pacific region being the most affected, down 36%, and the rest of the world not so good.

However, most governments have entered recovery mode to stimulate the economy and 2021 will be a good year for most insurers, according to a 2022 McKinsey & Company report. Despite the optimism, it’s important to note that the insurance industry was in trouble even before the pandemic. The industry faces headwinds to earnings growth from price pressures, weak organic demand and finally low interest rates. Interest rates are at a record high in 2022 and expected to remain high in 2023 as the government attempts to combat record inflation despite the looming threat of recession Given that, the last question should no longer be relevant.

World’s largest insurance company

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The industry is now at a crossroads for long-term success, according to a Deloitte report on the insurance industry outlook for 2023. While most insurers have shown remarkable resilience, not to mention flexibility, in terms of global challenges such as the aforementioned pandemic and Russia’s invasion of Ukraine, rising inflation, economic threats, and other challenges companies have to contend with. There are still some additional challenges that must be addressed. Recessions, climate change and, of course, ever-changing geopolitical scenarios impacting global businesses. To be able to address these issues and concerns, insurers need to continue building on what they have achieved in 2021, especially in terms of technology development. Deloitte suggests that such companies will need to consolidate, not just engage in fundamental technology transitions. Familiarize yourself with the benefits that such integration provides. Further improvements can be made in terms of “proactively anticipating and meeting distributor and policyholder expectations”. We also broaden our historical focus from risk and cost reduction to prioritize a higher level of experimentation and risk-taking that drives continuous innovation, competitive differentiation and profitable growth. .”

The Global Fortune 500 list includes 40 insurers and has the most entries from any industry. The 15 largest insurance companies in the world have nearly $1.8 trillion in revenue, $98 billion in profits, over $12.7 trillion in assets, and provide over $2 million in jobs. To rank the world’s largest insurance companies, we used the Fortune 500 Global to determine each company’s revenues, profits, assets, and employees. We then assigned a 40% weight to rankings based on revenue and profit respectively, and a 20% weight to assets and employees. Based on this, we have created a more accurate overall list of the world’s largest insurance companies that does not rely solely on specific criteria. US companies such as MetLife (MET), Prudential Financial (PRU) and Elevance Health (ELV) add to this list, Largest U.S. Insurance CompanySo without further ado, let’s take a look at the companies that dominate one of the world’s largest industries, starting at number 15.

15. Indian life insurance companies

Total company revenue (in millions): 97,267

Company gross profit (in millions): 554

Total company assets (in millions): 560,862

Company Total Employees: 105,738

India’s Life Insurance Corporation, headquartered in Mbai, is the world’s second largest country’s largest insurance company and was founded in 1956 through the merger of over 245 insurance companies. Life Insurance Corp. of India is a state-owned company with nearly 300 million policyholders.

14. Manulife Financial Corporation (NYSE:MFC)

Total company revenue (in millions): 49,315

Company gross profit (in millions): 5,668

Company total assets (in millions): 726,731

Company Total Employees: 38,000

Manulife Financial Corporation (NYSE:MFC) is Canada’s largest insurance company. Listed on the New York Stock Exchange in addition to the Toronto Stock Exchange, Manulife Financial Corporation (NYSE:MFC) employs more than 38,000 people and contracts with more than 119,000 agents. While it operates as Manulife in Canada and Asia, Manulife Financial Corporation (NYSE:MFC) operates in the United States through its John Hancock Financial division.

13. China Pacific Insurance Group

Total company revenue (in millions): 68,313

Company gross profit (in millions): 4,160

Company total assets (in millions): 306,381

Company Total Employees: 107,000

China Pacific Insurance Group is China’s third largest insurance company, majority-owned by the Chinese and Shanghai governments. The Company provides property and casualty insurance and life insurance through two subsidiaries, whose services also include automobile insurance, liability insurance, family property insurance and accident insurance; life insurance services include health insurance, endowment insurance, retail insurance, Includes juvenile insurance.

12. Dai-ichi Life Holdings

Total company revenue (in millions): 73,082

Company gross profit (in millions): 3,644

Company total assets (in millions): 542,634

Company Total Employees: 62,296

Japan has several entries on the list of the world’s largest insurance companies, starting with Dai-ichi Life Holdings. Dai-ichi Life Holdings, Japan’s third largest insurance company, was originally established as a mutual insurance company, but was demutualized and listed on the Tokyo Stock Exchange in 2010.

11. Nippon Life

Total company revenue (in millions): 74,392

Company gross profit (in millions): 3,087

Company total assets (in millions): 727,963

Total company employees: 92,737 people

Nippon Life, Japan’s second-largest insurer, praised for expanding coverage of claims and benefits payments for Covid-19-related cases, including deaths from the virus, beyond home treatment I received

10. MetLife (NYSE:MET)

Total company revenue (in millions): 71,080

Company gross profit (in millions): 6,554

Total company assets (in millions): 759,708

Company Total Employees: 43,000

MetLife, Inc. (NYSE:MET) is an American insurance company with operations in over 90 million countries in approximately 60 countries. With over 150 years of history, MetLife, Inc. (NYSE: MET) is one of America’s 50 largest corporations. With 90 of the Fortune 500 companies as clients, MetLife (NYSE:MET) is considered “systemically important” to the US economy.

9. Assicrazioni Generalli

Total company revenue (in millions): 117,155

Company gross profit (in millions): 3,366

Total company assets (in millions): 666,538

Company Total Employees: 74,621

Assicurazioni Generali is Italy’s largest insurance company and one of the largest in Europe.

8. Elevance Health (NYSE:ELVs)

Total company revenue (in millions): 138,639

Company gross profit (in millions): 6,104

Total company assets (in millions): 97,460

Company Total Employees: 98,200

Elevance Health Inc. (NYSE:ELV) is one of America’s largest health insurance companies. Elevance Health Inc. (NYSE:ELV) offers several services, including behavioral health, long-term care, dental, pharmaceutical, medical and disability plans. Elevance Health Inc. (NYSE:ELV) is the largest for-profit healthcare company in the Blue Cross Blue Shield Association, with nearly 47 million members.

7. Prudential Financial (NYSE:PRU)

Total company revenue (in millions): 70,934

Company gross profit (in millions): 7,724

Total company assets (in millions): 937,582

Total company employees: 40,916

Prudential Financial, Inc. (NYSE:PRU) is an American insurance company that operates in at least 40 countries and serves both institutional and individual clients. Prudential Financial (NYSE:PRU), the largest U.S. insurer, has been the subject of multiple controversies, including accusations of underpaying life insurance payments to the families of military personnel who died in the line of duty. . Prudential Financial, Inc. (NYSE:PRU) has been recognized as one of the best places to work in the last 20 years.

6. China Life Insurance

Total company revenue (in millions): 157,095

Company gross profit (in millions): 3,087

Total company assets (in millions): 903,090

Company Total Employees: 182,646

Headquartered in Beijing, China Life Insurance offers annuity products and, of course, life insurance. It is China’s largest state-owned financial and insurance company and the overseas business development headquarters of its parent company. The company already has operations in Hong Kong, Macau, Indonesia and Singapore and is determined to continue its growth based on both organic growth and mergers and acquisitions.

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Disclosure: No position. The 15 largest insurance companies in the world were first exposed on Insider Monkey.

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