Who Are the Largest Life Insurance Companies in the World?
A.M. Best is a credit-rating service that focuses entirely on the insurance industry and insurance-related products. It reports on over 16,000 insurers across the globe. It works in over 100 countries to furnish life insurance consumers, professionals, and anyone who is seeking to find the financial strength of insurance companies with thorough information through their insurance reviews.
On January 4, 2021, A.M. Best released their list of the 25 largest insurance companies in the world, by net premiums written and by non-banking assets, from 2019. Non-banking financial institutions offer financial services like brokering, consulting, and risk pooling, which is insurance. They are not managed by a banking regulatory agency and/or they do not have a full banking license.
Assets in insurance is anything in the insurance company’s custody that can be used to cover their debts. The insurers on A.M. Best ‘s World’s Largest Insurers by Non-Banking Assets list may or may not have branches of banking for the public, but those assets are not counted. However, non-banking assets, such as financial management, are reflected in the non-banking assets.
The table below is A.M. Best ‘s top 10 worldwide insurers of 2019 by non-banking assets.
|Company||Location||Net Non-Banking Assets 2019|
|1. Allianz SE||Germany||$1,096,870,880.00|
|2. Prudential Financial||United States||$896,552,000.00|
|4. Berkshire Hathaway||United States||$817,729,000.00|
|5. Nippon Life Insurance Company||Japan||$742,784,884.00|
|6. MetLife Inc.||United States||$740,463,000.00|
|7. Legal & General Group Plc.||United Kingdom||$735,409,869.00|
|8. Ping An Insurance||China||$708,648,924.00|
|9. Japan Post Insurance Co.||Japan||$664,743,783.00|
|10. China Life Insurance||China||$646,493,671.00|
1. Allianz SE
Based in Munich, Germany, with $1.1 billion in non-banking assets, Allianz is a financial group that offers financial services all over the world. Its global subsidiaries include Allianz Life Insurance Company of North America, headquartered in Minneapolis. Allianz is #24 on the Forbes global 2,000 yearly ranking in 2021, which rates the top 2,000 public companies around the world.
2. Prudential Financial
Prudential Financial has locations worldwide, utilizing three important divisions: their U.S. Retirement Solutions & Investment Management division, their Individual Life & Group Insurance division, and their International Insurance division. Prudential operates in the Americas, Asia-Pacific, Europe, the Middle East, and Africa.
With global operations, AXA is a multi-functioning conglomerate offering property and casualty insurance, group and individual life insurance, and asset management. Originating from a mutual insurer in Normandy in 1958, today AXA has 153,000 employees in 54 countries and 105 million customers.
4. Berkshire Hathaway
Berkshire Hathaway has the financial ability to handle very large and long-standing liabilities and to complete transactions quickly. Berkshire Hathaway Life is a part of Berkshire Hathaway Reinsurance Group. Reinsurance is when insurers share the risk of large policies with other insurers to minimize the risk
5. Nippon Life Insurance Company
Founded in 1889, Nippon Life Insurance Company is the largest Japanese life insurance company. It is an asset management group as well as an insurance company, and it operates in Europe, the Asia-Pacific area, and the U.S.
6. MetLife Inc.
MetLife offers a variety of insurance coverages, including hospital indemnity insurance, home and auto insurance, pet insurance, and group variable universal life insurance. MetLife has operations in more than 40 markets around the world.
7. Legal & General Group Plc.
Founded in the United Kingdom, Legal and General Insurance has been offering life insurance products since 1836. Now an international provider, it provides retirement solutions to corporations and individuals.
8. Ping An Insurance
What first began as Ping An Insurance Company in 1988 is now Ping An Insurance Group of China, a leading retail financial services group. It is China’s largest insurer, offering life and health insurance, property and casualty insurance, banking, and asset management.
9. Japan Post Insurance Co.
Japan Post Insurance Co. is a young Japanese insurance company founded in 2007. As a part of Japan Post Holdings group, it offers comprehensible life insurance products. The Japanese writing of their name translates into “simple insurance.”
10. China Life Insurance
China Life Insurance Company provides annuities, life insurance, and critical illness insurance. It operates internationally in Singapore, Indonesia, Hong Kong, and Macau. It ranked number 32 on Fortune’s Global 500 companies in 2021.
Net premiums written are the gross premiums paid to an insurer for a given time. A.M. Best ‘s World’s Largest Insurers list also ranks insurance companies by their net premiums written. The table below shows the top 10 largest insurers by their total life insurance premiums in 2019.
|Company||Location||Net Premiums Written 2019|
|UnitedHealth Group||United States||$189,699,000.00|
|Ping An Ins Group||China||$110,746,845.00|
|China Life Insurance Group||China||$97,744,867.00|
|Kaiser Foundation||United States||$97,247,349.00|
|Anthem Inc.||United States||$94,730,000.00|
|People’s Ins Co Group||China||$74,419,774.00|
|Centene Corporation||United States||$71,714,000.00|