In this article, we will discuss the 20 Biggest Global Insurance Companies by Market Cap. You can skip our industry overview and go directly to the 5 Biggest Global Insurance Companies by Market Cap.
Insurance is one of the largest economic sectors in the global economy, with 105 insurers making it to the Forbes Global 2000 List in 2022. According to McKinsey, the pandemic had a substantial impact on the insurance industry: premium growth, which was more than 4% per year between 2010 and 2020, slowed to around 1.2% in 2020. At the same time, profits also declined by 15%.
The industry recovered in 2021, with the Allianz Global Insurance reporting that premiums increased by 5.1% worldwide during the year. The sector’s total assets, as reported by the International Association of Insurance Supervisors, stood at $44 trillion in 2021 against liabilities of $38 trillion. In 2022, Russia’s invasion of Ukraine and its impact on oil and gas prices, extreme drought in food-producing parts of the world, and high inflation were all factors that affected consumer decisions about insurance. Although the final numbers are not out yet, Allianz has predicted global insurance premiums to increase by 4.8% in 2022.
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There are three main segments in the insurance industry: Life, Property and Casualty, and Health. According to Insurance Europe, in 2020, 53% of Europe’s premiums came from Life, 33% came from Property and Casualty, and the rest was from the Health segment. As per a 2021 ranking, Assicurazioni Generali was the leader in life insurance, while Allianz Insurance was the leader for non-life insurance in the European market.
According to KPMG, Asia Pacific markets accounted for more than 25% of worldwide premium income in 2021, driven by double-digit growth in India, Indonesia, and the Philippines. Rising income levels have increased awareness about insurance, and the growth of digital sales channels also allows the insurance sector to expand in Asia Pacific markets. Last year, the Indian insurer Life Insurance Corporation entered the Fortune 500 Global, demonstrating the potential of emerging Asian markets.
In the USA, according to S&P Global Market Intelligence, 47% of the total premiums came from life/annuity, and the rest was generated by property & casualty. State Farm and MetLife were market leaders in P&C and Life insurance, respectively.
Our Methodology
To come up with the 20 biggest global insurance companies by market cap, we identified the biggest insurance companies and ranked these companies in ascending order in order of their market cap. In the case of private companies, we have used the annual revenue of 2021 to estimate each company’s market capitalization. We used a price-to-revenue multiple for these companies to estimate the market value. We have used a price-to-revenue multiple of 1.5x, calculated by taking the average price-to-revenue multiple of the top five publicly-traded insurance companies in our list.
20 Biggest Global Insurance Companies by Market Cap
20. Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MUV2.DE)
Market Cap as of January 07, 2023: $49.4 billion
Headquartered in Munich, Germany, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MUV2.DE) is a German multinational insurance company. It is the world’s largest reinsurance company that operates in the insurance and reinsurance business worldwide, including life & health and property and casualty segments. The company also owns ERGO Group Insurance, which operates in 30 countries, especially in Europe and Asia.
In addition to Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MUV2.DE), Ping An Insurance (Group) Company of China, Ltd. (2318.HK), AIA Group Limited (1299.HK) and UnitedHealth Group Incorporated (NYSE:UNH) are included in our list of 20 biggest global insurance companies by market cap.
19. Life Insurance Corporation of India (LICI.NS)
Market Cap as of January 07, 2023: $53.9 billion
Headquartered in Mumbai, India, Life Insurance Corporation of India (LICI.NS) is an insurance company owned by the Ministry of Finance, Government of India. It provides its insurance-based products in India, Mauritius, Fiji, and the United Kingdom. The product line of Life Insurance Corporation of India (LICI.NS) includes individual, group, and micro-insurance products such as pension plans, savings, group savings, investments, group term insurance, annuity, health, retirement, critical illness, accidental death, disability benefit, etc.
18. GEICO
Estimated Market Value: $56.2 billion
Annual 2021 revenue: $37.5 billion
Founded in 1936, The Government Employees Insurance Company (GEICO) is a private auto insurance company based in America. It is the third-largest auto insurance company in the United States as of January 2023. In the beginning, the targeted customer base of GEICO was the military personnel and employees of the government of the United States. GEICO now offers its products and services to a wide range of consumers, including private sector employees. In 1996, GEICO was acquired by Berkshire Hathaway Inc. (NYSE:BRK-B).
17. MetLife, Inc. (NYSE:MET)
Market Cap as of January 07, 2023: $57.7 billion
Founded in 1868, MetLife, Inc. (NYSE:MET) is one of the biggest international providers of insurance, annuities, and employee benefit programs, With 90 million clients in more than 60 countries. The company operates in 5 segments: United States, Latin America, Asia, EMEA, and MetLife Holdings. The United States segment is the biggest revenue contributor and is further divided into the group benefit and retirement solutions segment.
16. Humana Inc. (NYSE:HUM)
Market Cap as of January 07, 2023: $62.3 billion
Founded in 1961, Humana Inc. (NYSE:HUM) is an American for-profit health insurance company. It is among the largest health insurance corporations in the United States, with a focus on managing Medicare Advantage programs. Humana Inc. (NYSE:HUM) specializes in government-sponsored programs, with almost all of its medical memberships coming from the military’s Tricare program, Medicaid, and Medicare advantage. Other insurance-based products of the company include standalone prescription medication plans for seniors, employer-based plans with a focus on small businesses, and other specialized insurance products such as vision, dental, and life. Humana Inc. (NYSE:HUM) also offers additional healthcare services in addition to medical insurance, such as primary care, at-home care, and pharmacy benefits management (PBM).
15. Aon plc (NYSE:AON)
Market Cap as of January 07, 2023: $63.5 billion
Aon plc (NYSE:AON) is a British-American multinational financial services firm that offers solutions and advice on risk, health, and retirement globally. In addition to boutique strategy consulting through Aon Inpoint, the company offers a variety of risk reduction products, including commercial risk, wealth, investments, and reinsurance solutions.
14. AXA SA (CS.PA)
Market Cap as of January 07, 2023: $68.69 billion
Headquartered in Paris, France, AXA SA (CS.PA) is a French multinational insurance firm. It provides life and saving insurance products, including savings and retirement, health insurance, and personal protection products. In 2018, the company acquired XL Group Ltd to strengthen its product portfolio with property and casualty commercial lines insurance products. This helped the company to shift from being a life and savings business primarily concentrated in France and Europe markets into a corporation that has a stronger emphasis on nonlife insurance, dealing with particularly bigger commercial corporates.
13. Zurich Insurance Group AG (ZURN.SW)
Market Cap as of January 07, 2023: $71.53 billion
Founded in 1872, Zurich Insurance Group AG (ZURN.SW) is a Swiss insurance company that operates in Europe, North America, Latin America, Africa, the Middle East, and Asia Pacific. The company’s products focus on property and casualty regions, Life and non-life, farmers, non-core business segments, and group functions and operations. The life insurance division of the company provides an array of products, including endowment and term insurance, annuities, full private health, supplemental health, and long-term care insurance. The farmers’ division offers management and administrative services in exchange for a fixed premium. Zurich Insurance Group AG (ZURN.SW) offers its services and products to individuals, businesses of all sizes, and multinational corporations through brokers, agents, and bank distribution channels.
12. The Progressive Corporation (NYSE:PGR)
Market Cap as of January 07, 2023: $78.7 billion
Founded in 1937, The Progressive Corporation (NYSE:PGR) is an American insurance firm that offers commercial and private auto insurance and specialty lines. It is the largest auto insurance company in the United States. In 2015, The Progressive Corporation (NYSE:PGR) acquired a majority stake in ARX Holding Corp and other insurance subsidiaries and affiliates to add homeowners’ insurance to its product portfolio and segmented this business as of the acquisition date. The company markets its products directly through telephone and the internet and also through independent insurance agencies in the United States and Canada.
11. Marsh & McLennan Companies, Inc. (NYSE:MMC)
Market Cap as of January 07, 2023: $84.8 billion
Headquartered in New York, United States, Marsh & McLennan Companies, Inc. (NYSE:MMC) is a multinational services corporation that offers solutions and advice in the fields of strategy, risk, and human capital. The company operates in two segments. The first segment is the risk and insurance services that offer risk management, including risk transfer, risk advice, risk control, and mitigation solutions. This segment serves private clients, businesses, government agencies, insurance providers, associations, and firms that provide professional services. The other segment is the Consulting segment which provides health, wealth, and career consultation and other related products, as well as brand and economic consultation services.
10. Aetna Inc.
Estimated Market Value: $90.9 billion
Annual 2021 revenue: $60.6 billion
Founded in 1853, Aetna Inc. is an American healthcare firm that offers both conventional and consumer-directed services such as dental, medical, pharmacy, behavioral health, disability, group life, and offers several health insurance plans for individuals and families. Aetna Inc. also owns subsidiaries like Cofinity, Meritain health, ActiveHealth Management, etc., that offer their own healthcare-related products and services.
9. Cigna Corporation (NYSE:CI)
Market Cap as of January 07, 2023: $92.5 billion
Headquartered in Bloomfield, Connecticut, United States, Cigna Corporation (NYSE:CI) is an American multinational insurance and managed healthcare corporation. The company offers a variety of health insurance products and services, including medical, dental, vision, and pharmacy coverage. Cigna Corporation (NYSE:CI) acquired Express Scripts Holding Company (YHD:ESRX) in 2018 to expand its pharmacy benefit management (PBM) services.
8. Allianz SE (ALV.DE)
Market Cap as of January 07, 2023: $92.8 billion
Headquartered in Munich, Germany, Allianz SE (ALV.DE) is among the top insurers and asset managers in the world, with more than 126 million consumer and business clients in over 70 countries. It is a multiline insurer that offers an array of corporate and personal insurance services, including life and health insurance, property, assistance services, credit insurance, and global business insurance. The largest markets for the life and health segment of the company are Germany, the United States, Italy, and France, while the largest markets for the property and casualty segment are Germany, France, Australia, and the United Kingdom.
7. Chubb Limited (NYSE:CB)
Market Cap as of January 07, 2023: $94.5 billion
Founded in 1985, Chubb Limited (NYSE:CB) is an insurance company that offers insurance and reinsurance products globally. Chubb Limited (NYSE:CB) offers its products and services that span several segments, including personal property and casualty (P&C) insurance, agricultural insurance, general international insurance, and life insurance. The products and services are offered to small customers, middle markets, and corporations through retail brokers and agents.
6. Elevance Health Inc. (NYSE:ELV)
Market Cap as of January 07, 2023: $113.5 billion
Founded in 1944, Elevance Health Inc. (NYSE:ELV) is an American health insurance firm. It assists patients, families, and communities in obtaining the treatment, assistance, and resources they need to live healthy lives throughout the care process. The company is the biggest insurer in the Blue Cross Blue Shield Association, with over 41 million insured members in over 20 states.
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Disclosure: None. 20 Biggest Global Insurance Companies by Market Cap is originally published on Insider Monkey.
