20 Most Profitable Insurance Companies in the World

In this article, we will take a look at the 20 most profitable insurance companies in the world. We will also study the insurance industry and uncover recent happenings.

The Current State of Insurance

The Red Sea Crisis is impacting the insurance industry. On January 16, Reuters reported that war insurance claims have risen tremendously amid the Red Sea Crisis. The insurance industry claimed that risk premiums have increased to almost 1% from 0.7% a week before the report date. This translates to higher costs for ships making trips through the Red Sea for trade. The report also highlighted that shipowners considered voyaging through South Africa to be more cost-effective than paying hundreds and thousands in transit fees and insurance premiums.

The increase in insurance costs is not just because of the Red Sea crisis. on May 21, Reuters reported that the number of auto insurance customers in the United States was up by 6% in the first quarter of 2024 compared to the previous year. The report also highlights that auto insurance costs expanded by 22.6% in April, the highest annual increase since the 1970s. The surge in auto insurance costs is primarily derived from the increasing cost of vehicle repair and maintenance. Moreover, vehicles have started to be damaged more frequently due to severe and adverse weather conditions. Experts expect to see an increase in customer acquisition as companies become more profitable due to high costs and greater demand.

Some Updates from Major Insurance Companies

The Travelers Companies, Inc. (NYSE:TRV) and AXA SA (OTC:AXAHY) are among the most profitable insurance companies in the world. Let’s read some recent updates from these companies. You can also read our piece on the largest insurance companies in the world.

The Travelers Companies, Inc. (NYSE:TRV) is a leading insurance company in the United States. On January 2, the company announced the acquisition of Corvus Insurance, a cyber insurance general underwriter. Corvus has spearheaded some of the industry-leading integrated cyber sales products, underwriting services, and support capabilities. The platform, developed by Corvus, is capable of identifying vulnerabilities in a policy to minimize the possibility of customers experiencing cyber attacks. The acquisition brings crucial cyber capabilities to The Travelers Companies, Inc. (NYSE:TRV).

AXA SA (OTC:AXAHY), another prominent insurance company, is known for its customer-centric strategic decision-making. On May 14, AXA SA (OTC:AXAHY) announced a partnership with the United Postal Union (UPU) to improve insurance through postal networks. Almost 1.5 billion people across the globe, and 28% of the adult population, receive financial services through postal networks. The partnership allows AXA Emerging Customers, the group’s inclusive insurance business, to send out affordable insurance solutions to low-income classes, comprising almost 14 million people and businesses, using physical means of distribution.

Now that we have taken a thorough look at the insurance industry, let’s now discuss some of the most profitable insurance companies in the world. You can also read our piece on the top valuable insurance companies in the US.

20 Most Profitable Insurance Companies in the World

Insurance house, car and family health live concept. The insurance agent presents the toys that symbolize the coverage.

Our Methodology

In this article, we have listed the 20 Most Profitable Insurance Companies in the World. To find the most profitable insurance companies in the world, we sifted through various sources including industry reports, rankings available on various websites, our own rankings, and stock screeners from Yahoo Finance and Finviz. We compiled a list of the top insurance companies in the world. For companies that are publicly traded, we decided to rank them according to trailing 12-month net income, as of March 31, 2024. We used annual net income for private companies and public companies with no available TTM net income data. For foreign companies, we converted the net income to US dollars according to their respective exchange rates. Finally, we narrowed down our selection to rank the 20 Most Profitable Insurance Companies in the World based on their net income in ascending order.

At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here).

20 Most Profitable Insurance Companies in the World

20. Aon plc (NYSE:AON)

Net Income (TTM) as of March 31, 2024: $2.59 Billion

With a trailing 12-month net income of $2.59 billion, Aon plc (NYSE:AON) is one of the most profitable insurance companies in the world. The company engages in the provision of risk, retirement, reinsurance, and health solutions. Aon plc (NYSE:AON) ranks 20th on our list.

19. The Hartford Financial Services Group, Inc. (NYSE:HIG)

Net Income (TTM) as of March 31, 2024: $2.70 Billion

The Hartford Financial Services Group, Inc. (NYSE:HIG) ranks 19th on our list of the most profitable insurance companies in the world. The company provides coverage for workers’ compensation, property insurance, automobile insurance, general insurance, umbrella insurance, and marine insurance, under its commercial lines segment. The Hartford Financial Services Group, Inc. (NYSE:HIG) reported $2.7 billion in TTM net income, as of March 31, 2024.

18. Centene Corporation (NYSE:CNC)

Net Income (TTM) as of March 31, 2024: $2.74 Billion

Centene Corporation (NYSE:CNC) is one of the most profitable insurance companies in the world. The healthcare company provides comprehensive health insurance plans and services. The company provides health insurance coverage to individuals and families who do not qualify for Medicaid and other state-mandated coverage. Centene Corporation (NYSE:CNC) reported $2.74 billion in trailing 12-month net income, as of March 31, 2024.

17. The Travelers Companies, Inc. (NYSE:TRV)

Net Income (TTM) as of March 31, 2024: $3.12 Billion

The Travelers Companies, Inc. (NYSE:TRV) ranks 17th on our list of the most valuable insurance companies in the world. The company offers insurance coverage across commercial, property, and casualty insurance lines. Other services by The Travelers Companies, Inc. (NYSE:TRV) include business insurance, personal insurance, and bond and specialty insurance. The company was founded in 1853 and reported $3.12 billion in trailing 12-month net income, as of March 31, 2024.

16. Manulife Financial Corporation (NYSE:MFC)

Net Income (TTM) as of March 31, 2024: $3.12 Billion

With a trailing 12-month net income worth $3.12 billion, Manulife Financial Corporation (NYSE:MFC) is one of the most profitable insurance companies in the world. The company is based in Canada and engages in the provision of insurance and financial services. Manulife Financial Corporation (NYSE:MFC) provides insurance coverage across health, life, travel, and mortgage protection insurance lines.

15. The Cigna Group (NYSE:CI)

Net Income (TTM) as of March 31, 2024: $3.62 Billion

The Cigna Group (NYSE:CI) is one of the most profitable insurance companies in the world. The company offers dental, medical, supplemental, life, and accident insurance via its subsidiaries. The Cigna Group (NYSE:CI) reported $3.62 billion in trailing 12-month net income, as of March 31, 2024.

14. Marsh & McLennan Companies, Inc. (NYSE:MMC)

Net Income (TTM) as of March 31, 2024: $3.92 Billion

Marsh & McLennan Companies, Inc. (NYSE:MMC) ranks 14th on our list of the most profitable insurance companies in the world. The company provides risk management, strategy management, and people management solutions. The company also specializes in the provision of risk mitigation, insurance, reinsurance, risk control, and risk advice services. Marsh & McLennan Companies, Inc. (NYSE:MMC) has a TTM net income of $3.92 billion, as of March 31, 2024.

13. American International Group, Inc. (NYSE:AIG)

Net Income (TTM) as of March 31, 2024: $4.79 Billion

With a trailing 12-month net income of $4.79 billion, American International Group, Inc. (NYSE:AIG) ranks as one of the most profitable insurance companies in the world. The company is a leading multinational finance and insurance corporation operating in more than 80 countries across the globe. American International Group, Inc. (NYSE:AIG) specializes in commercial and personal insurance solutions and offers a range of products including liability, financial lines, property, global specialty, personal lines, accident, and health.

12. Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (OTC:MURGY)

Net Income (2023): $4.99 Billion

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (OTC:MURGY), commonly referred to as Munich Re, ranks 12th on our list of the most profitable insurance companies in the world. The company provides reinsurance coverage across life, health, property, and casualty insurance lines. Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (OTC:MURGY) reported a net income worth EUR 4.597 billion, for the fiscal year ended 2023.

11. Zurich Insurance Group AG (OTC:ZURVY)

Net Income (2023): $5.12 Billion

Zurich Insurance Group AG (OTC:ZURVY) is one of the most profitable insurance companies in the world. The multi-line insurance company offers its services in more than 200 countries from across the globe. The company has been providing commercial insurance services for the past 150 years across casualty, motor, property, energy, and marine insurance lines. Zurich Insurance Group AG (OTC:ZURVY) reported a net income worth EUR 4.72 billion for the fiscal year ended 2023.

10. Aflac Incorporated (NYSE:AFL)

Net Income (TTM) as of March 31, 2024: $5.35 Billion

Aflac Incorporated (NYSE:AFL) ranks 10th on our list of the most profitable insurance companies in the world. The company provides supplemental health and life insurance products in the United States and Japan. It primarily provides coverage across cancer, accident, disability, critical illness, hospital indemnity, dental, vision, and life insurance lines. Aflac Incorporated (NYSE:AFL) has $5.35 billion in TTM net income, as of March 31, 2024.

9. The Progressive Corporation (NYSE:PGR)

Net Income (TTM) as of March 31, 2024: $5.74 Billion

With a trailing 12-month net income of $5.74 billion, The Progressive Corporation (NYSE:PGR) is one of the most profitable insurance companies in the world. The company provides insurance coverage across multiple insurance lines including auto, personal residential, commercial property, general liability, property, and casualty insurance. The Progressive Corporation (NYSE:PGR) is home to over 35 million customers and offers bundled insurance plans for customer convenience.

8. Elevance Health, Inc. (NYSE:ELV)

Net Income (TTM) as of March 31, 2024: $6.24 Billion

Elevance Health, Inc. (NYSE:ELV) ranks eighth on our list of the most profitable insurance companies in the world. The company was founded in 1944 and is based in the United States. It offers health insurance and other benefits across four segments including commercial and specialty business, government business, CarelonRx, and others. Elevance Health, Inc. (NYSE:ELV) reported $6.24 billion in TTM net income, as of March 31, 2024.

7. CVS Health Corporation (NYSE:CVS)

Net Income (TTM) as of March 31, 2024: $7.32 Billion

CVS Health Corporation (NYSE:CVS) is also part of our list of the most profitable insurance companies in the world. Aetna Inc. is a subsidiary of the company that provides health insurance services including health, dental, and vision insurance. CVS Health Corporation (NYSE:CVS) has $7.82 billion in trailing 12-month net income, as of March 31, 2024. The company wrote $99.19 billion in premiums for the fiscal year ended 2023.

6. AXA SA (OTC:AXAHY)

Net Income (2023): $7.82 Billion

AXA SA (OTC:AXAHY) ranks sixth on our list of the most profitable insurance companies in the world. The company is based in France and offers services in insurance and asset management. AXA SA (OTC:AXAHY) provides coverage across care, home, business, landlord, van, travel, and health insurance lines. It offers financial security to more than 2 million individuals via its group and individual life insurance plans. The company reported EUR 7.19 billion net income for the fiscal year ended 2023.

5. Chubb Limited (NYSE:CB)

Net Income (TTM) as of March 31, 2024: $9.28 Billion

Chubb Limited (NYSE:CB) is one of the most profitable insurance companies in the world. The insurance company is present in more than 50 countries providing coverage across commercial and personal property, casualty, personal accident, reinsurance, life, and supplemental health insurance lines. For the fiscal year ended 2023, Chubb Limited (NYSE:CB) reported $57.5 billion in gross premiums and $9.28 billion in TTM net income, as of March 31, 2024.

4. Allianz SE (OTC:ALIZY)

Net Income (2023): $9.81 Billion

Allianz SE (OTC:ALIZY) ranks fourth on our list with a group net income of EUR 9.03 billion for the fiscal year ended 2023. The German company provides services in insurance and asset management to 122 million customers across 70 countries. Allianz SE (OTC:ALIZY) provides comprehensive health, life, and disability insurance solutions along with health and protection services. The company also provides business insurance solutions in supply chain security and asset protection, under its Allianz Commercial segment.

Follow Allianz Ag Holding (OTCMKTS:AZSEY)

3. Ping An Insurance (Group) Company of China, Ltd. (OTC:PNGAY)

Net Income (2023): $15.08 Billion

Ping An Insurance (Group) Company of China, Ltd. (OTC:PNGAY) reported a net income worth 109.27 billion Chinese yuan, contributing to its ranking on our list. The financial services holding company offers insurance, banking, asset management, and finance services. Ping An Insurance (Group) Company of China, Ltd. (OTC:PNGAY) is home to over 232 million retail customers. Under its insurance business, the company offers life and health insurance, insurance and healthcare management, insurance and senior care, and property and casualty insurance.

2. UnitedHealth Group Incorporated (NYSE:UNH)

Net Income (TTM) as of March 31, 2024: $15.36 Billion

UnitedHealth Group Incorporated (NYSE:UNH) ranks second on our list of the most profitable insurance companies in the world. The health insurance company is based in the United States and operates across four segments including UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx. UnitedHealth Group Incorporated (NYSE:UNH) provides health insurance services and solutions to individuals and companies.

Follow Unitedhealth Group Inc (NYSE:UNH)

1. Berkshire Hathaway Inc. (NYSE:BRK-A)

Net Income (TTM) as of March 31, 2024: $73.42 Billion

Berkshire Hathaway Inc. (NYSE:BRK-A) ranks first on our list of the most profitable insurance companies. The company owns several insurance businesses including GUARD Insurance companies, Berkshire Hathaway Speciality Insurance, Gateway Underwriters Agency, and GEICO, to name a few. For the fiscal year ended 2023, Berkshire Hathaway Inc. (NYSE:BRK-A) reported insurance premiums worth $83.4 billion. GEICO, an auto insurance company, provides insurance coverage across auto, motorcycle, ATV, RV, boat, snowmobile, travel, pet, homeowner, renter, and jewelry insurance lines. It has a 13.8% market share based on written premiums and reported $3.6 billion in underwriting earnings before taxes, for the fiscal year ended 2023. Berkshire Hathaway Reinsurance Group on the other hand reported $1.9 billion in underwriting earnings before taxes.

Follow Berkshire Hathaway Inc (NYSE:BRK.A)

At Insider Monkey, we delve into a variety of topics, however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

You can also look at 15 Gayest States in America in 2024 and 20 Countries that Use Child Labor or Forced Labor For Goods Production.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.