World’s Largest Insurance Companies Unveiled

UnitedHealth Group took first place in the AM Best ranking of the 25 largest insurance companies in the world for the seventh consecutive year, the rating agency reported. The insurer posted $ 201.5 billion in net written premiums (NPW) in 2020. Allianz SE and AXA SA took first and second places in the AM Best ranking by 2020 non-bank assets.

AM Best published its ranking of the world’s largest insurance companies by NPW and non-bank assets in the Jan. 3 issue of Best week. Rankings are based on Best link additional data and research. Two major Chinese insurers, Ping An Insurance (Group) Company of China and China Life Insurance (Group) Company, posted big gains in asset rankings, both improving from their top 10 last year. a year.

The NPW rankings were dominated by U.S. health insurers, with gains in membership in government programs driving premium growth at those companies, AM Best reported. The Centene Group slipped from 10th to fourth place as its NPW grew nearly 50% in one year, boosted by its acquisition of WellCare Health Plans in early 2020. Three other US insurers also saw growth at double digits from their NPW, said AM Best.

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The top 10 global insurers by 2020 NPW are:

  1. UnitedHealth Group (United States)
  2. Ping An Insurance (Group) Company of China (China)
  3. China Life Insurance (Group) Company (China)
  4. Centene Corporation (United States)
  5. Anthem (United States)
  6. Kaiser Foundation Group of Health Plans (United States)
  7. AXA SA (France)
  8. Allianz SE (Germany)
  9. People’s Insurance Company (Group) of China (China)
  10. Assicurazioni Generali SpA (Italy)

The top 10 insurers for non-bank assets by 2020 are:

  1. Allianz SE (Germany)
  2. AXA SA (France)
  3. Prudential Financial (United States)
  4. Ping An Insurance (Group) Company of China (China)
  5. Berkshire Hathaway (United States)
  6. MetLife (United States)
  7. Nippon Life Insurance Company (Japan)
  8. China Life Insurance (Group) Company (China)
  9. Legal and General Group (UK)
  10. Manulife Financial Corporation (Canada).

Kristan F. Talley