5 Biggest Health Insurance Companies in the World

In this article, we discuss the 5 biggest health insurance companies in the world. If you want to see more companies in this selection, check out the 12 Biggest Health Insurance Companies in the World.

5. Allianz SE (ALV.DE)

TTM Total Revenue:  $127.61 billion (€119.71 billion)  

Allianz SE (ALV.DE) is a Munich, Germany-based financial services company with a significant presence in the health insurance segment. The company employs 159,000 people from around the world and provides its services to 122 million customers spread across 70 countries.

The company is a market leader in the insurance sector in Germany. Allianz SE (ALV.DE), which oversees approximately 683 billion euros of investments for its insurance clients, is among the largest investors in the world. In addition, its asset managers, PIMCO and Allianz Global Investors manage around 1.6 trillion euros of assets on behalf of external clients as of 2022. The company claims to have a network of 1 million medical providers and provides a diverse range of health insurance products like international health insurance, short-term and emergency healthcare insurance, critical illness insurance, and life and disability insurance.

4. Centene Corporation (NYSE:CNC)

TTM Total Revenue:  $144.55 billion

Centene Corporation (NYSE:CNC) is a St. Louis, Missouri-based healthcare company that is a leading provider of health insurance.

Based on the 2021 total health plan enrollment data compiled by Forbes, the company ranks at the fifth position with a total enrollment of 3,962,897 and a market share of 6.17%. Centene Corporation (NYSE:CNC) is the biggest Medicare-managed care organization in the US. The company specializes in providing healthcare coverage to individuals and families who are eligible for Medicaid, as well as those who are eligible for Affordable Care Act (ACA) plans. In addition, Centene Corporation (NYSE:CNC) also offers health insurance plans for individuals eligible for Medicare. You can read the company Q4 2022 earnings call transcript here.

3. Ping An Insurance (Group) Company of China, Ltd. (2318.HK)

TTM Total Revenue:  $147.37 billion (¥1.02 trillion)

Ping An Insurance (Group) Company of China, Ltd. (2318.HK) is a Shenzhen, China-based diversified financial conglomerate founded in 1988 with interests in asset management, banking, financial services, and insurance. The company is also a provider of healthcare services.

Ping An Insurance (Group) Company of China, Ltd. (2318.HK) claims that its services are used by 225 million retail customers and 668 million internet users, which makes it one of the biggest financial services companies in the world. The company has developed a Health Maintenance Organization (HMO) system that brings together all the stakeholders related to health insurance under a single platform. The company serves the healthcare segment through Ping An Good Doctor (also known as Ping An Health) and Ping An Smart Healthcare.

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

TTM Total Revenue:  $156.60 billion

Elevance Health, Inc. (NYSE:ELV), formerly known as Anthem, Inc., is an Indianapolis, Indiana-based provider of health insurance.

The company occupies the second position on the Forbes total health plan enrollment list for 2021, with a total of 4,670,236 plans sold under the Anthem and Wellpoint brand. The company provides its insurance services through a network of 100,000 associates. On February 23, an analyst at JPMorgan increased the target price for Elevance Health, Inc. (NYSE:ELV) from $555 to $572 and reiterated an Overweight rating on the stock. The analyst thinks that the companies in the managed healthcare group are in a strong position to sustain operational efficiency post-Q4 2022.

Here’s what Baron Funds said about Elevance Health, Inc. (NYSE:ELV) in its Q4 2022 investor letter:

“Performance in managed health care was bolstered by Elevance Health Inc. (NYSE:ELV), which operates as a health benefits company. Elevance’s shares rose in response to strong quarterly results and raised guidance driven by solid medical cost management, pharmacy benefit manager strength, and healthy enrollment growth.”

1. UnitedHealth Group Incorporated (NYSE:UNH)

TTM Total Revenue:  $322.13 billion

UnitedHealth Group Incorporated (NYSE:UNH) is a Minnetonka, Minnesota-based health insurance company founded in 1977. The company has a headcount of 125,000 employees and has partnered with 1.3 million doctors and 6,500 healthcare facilities.

UnitedHealth Group Incorporated (NYSE:UNH) is the fifth biggest holding in Daniel Loeb’s Third Point LLC’s portfolio as of Q4 2022. Meanwhile, the stock was the second biggest new buy in the portfolio of Chase Coleman’s Tiger Global during the same period. Meanwhile, Steve Mandel’s Lone Pine Capital also increased its holding in the stock during Q4 2022. All these positive developments by leading hedge fund managers reflect the strong outlook for the company.

Here’s what Stewart Asset Management said about UnitedHealth Group Incorporated (NYSE:UNH) in its Q3 2022 investor letter:

“Looking at the Great Recession which began at year-end 2007 and lasted to mid-year 2009 is helpful too. Our four largest current holdings in the portfolio weathered that period well. UnitedHealth’s (NYSE:UNH) earnings were resilient. While it reported modestly down earnings in 2008, its earnings rebounded quickly to record highs in 2010 and the shares responded strongly in anticipation of this.”

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