Top 100 Insurance Companies In The World (2023)

The top insurance companies in the world are selected for their brand value and for the size and scope of their business. Insurance is essential to life and to business; but selecting an insurance company can sometimes be a headache, especially because the process of making claims is not always straightforward.

Nevertheless, through proper policy making, and efficient management, some insurance companies have been able to establish themselves as trustworthy names- top insurance companies with reputations to defend.

It takes years to earn the confidence of the people; and these companies have managed to do just that.

Top 100 Insurance Companies In The World

1. Ping An Insurance

Ping An Insurance is a global leader in insurance business; this is the biggest insurance company in the Chinese market; and it is a huge conglomerate encompassing areas such as insurance, health management, banking, asset management, and investment services.

The company was established in 1988, and it is headquartered in Shenzhen. Ping An has a strong presence in Asia; Macau, Hong Kong are some of its major markets, while some of the company’s subsidiaries are present in more than 20 countries.

Ping An Insurance has over 362,035 employees, and over $1.5 trillion in operating income.

2. Allianz SE

Allianz SE is one of the world’s biggest names in Insurance; it is a company headquartered in Germany, and which has business all over the world. The company does insurance, asset management, investments, and other financial services.

Allianz is publicly traded; it is a component of the Euro Stoxx 50 Market Index. Allianz has a long list of subsidiaries some of which are specific to individual markets; Allianz France, Bajaj Allianz, Allianz Worldwide Care, Allianz Global Investors, Allianz Insurance PLC, Risklab, Mondial Assistance Group, Allianz Partners, Allianz Global Corporate and Specialty, Allianz Life, Club Marine, Allianz Marine & Transit, Hunter Premium Funding, Euler Hermes, Allianz Technology, and PIMCO.

Allianz has over 159,253 employees globally, and has over $1.1 Trillion in operating income.

3. AXA SA                 

AXA SA is the same as GIG; it uses the latter name in its operations in the Middle East. AXA is a global power in the insurance business; it has business all over the world, but mainly in Europe, North America, the Middle East, with only a small part of its business presence being in Africa.

AXA is a company that understands the business of making money. The company has its own propriety method of investing in markets before they even come to the knowledge of other investment companies.

The company has over 147,000 people on its payroll, and they are located all over the world, while the company headquarters is located in Paris, France.

4. China Life Insurance Company Limited

China Life Insurance Company Limited is an insurance company based in Beijing; it is one of the biggest in the world. China Life Insurance Company Limited is owned both by public investors and the state of China.

It specifically offers insurance products, as well as financial services in the form of annuities, retirement savings, and other investments.

This company’s services are restricted to the People’s Republic of China.

5. Nippon Life Insurance Company

Nippon Life Insurance Company is a giant of the insurance business not just because of its USD74 Billion in Operating Revenue, but because it is one of the oldest, continuously operating insurance companies in the world. Nippon was founded July 4, 1889, and paid its first customer that same year.

The company offers services such as insurance, savings, investments, and retirement savings, as well as general insurance, health insurance, and life insurance.

6. Prudential Financial Inc

Prudential Financial Inc is an American insurance company; one of the most prominent in North America. The company offers such services like insurance, retirement planning, annuities, and other investment products.

This is the largest provider of insurance services in the United States of America; and it also provides its services to over 40 other countries across the world.

The company was established in 1875, and has grown from just an insurance company to a multi layered financial services company with over 50,000 people on its payroll.

Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide to both retail and institutional customers throughout the United States and in over 40 other countries. In 2019, Prudential was the largest insurance provider in the United States with $815.1 billion in total assets.

7. Manulife Financial Corporation

Manulife Financial Corporation is a solid insurance company that was established in 1887, as Manufacturers Life Insurance Company. The company has since grown to become one of the biggest names in insurance in North America and the world in general.

Manulife is quite a diverse company; its services include Asset management, Private banking, Wealth management, Mutual funds, Commercial mortgages, Insurance, Real estate, Commercial banking, Consumer banking, Group benefits, Investments, Reinsurance, Securities, and Underwriting.

The company has an operating income of over CA$750 billion in total assets.

8. Generali Group

Generali Group is the same as Assicurazioni Generali. It is one of the largest insurance companies in the world, and one of the industry leaders in Europe. Generali Group is headquartered in Trieste, Italy, and was established in 1831.

The company offers such services as Insurance, Banking, and Investment Management, as well as annuities, and retirement savings.

Generali Group has over €710 billion in assets, and has operations worldwide. Generali Group has over 74,621 employees, all across the world.

9. Aviva PLC

Aviva PLC is an insurance company headquartered in London, England. The company was established in 1698, but has undergone a series of mergers and acquisitions on the way towards taking its present shape.

Aviva offers services like Life insurance, Pensions, and General Insurance. The company is headquartered in the UK, but it has business, sometimes through acquired subsidiaries in many countries of the world.

The company has over 22,000 people on its payroll, and over £315 billion in total assets.

10. MetLife

MetLife is an insurance giant with over 90 million customers. The company is headquartered in New York City, USA. MetLife was established in 1868, and offers a variety of products including; Insurance, Retirement Products, Investments and so on. The bulk of the company’s business, by far, is made up of Insurance.

The company has business mostly in the United States, but it also operates in Japan, Latin America, Europe, Asia’s Pacific region, and the Middle East.

The company is one of the biggest Fortune 500 Companies, and has over US$759.71 billion in total assets.

The following is a more complete list of the top 100 insurance companies in the world.

Position Company Name Headquarters Total Assets Type of Business Areas Served
1 Ping An Insurance Beijing, China $1,503,340,967,957 Investments, Insurance, Retirement Savings Asia
2 Allianz SE Germany $1,188,984,895,600 Insurance, Investments, Annuities, Retirement Savings, Real Estate Worldwide
3 AXA SA Paris, France $878,166,008,400 Insurance, Investments, Annuities, Retirement Savings Worldwide
4 China Life Insurance Company Limited Beijing, China, $767,396,563,245 Insurance China
5 Nippon Life Insurance Company Tokyo, Japan $742,636,000,000 Insurance, Investments, Annuities, Retirement savings, Asset management Asia
6 Prudential Financial Inc  USA $695,599,000,000 Insurance, Health Management, Investment, Asset Management Worldwide
7 Manulife Financial Corporation United States $688,680,000,000 Insurance, Investments, Annuities, Asset Management North America
8 Generali Group Italy $658,557,723,200 Insurance, Investments, Annuities, Asset Management Europe
9 Aviva PLC London, England $651,513,000,000 Insurance, Investments,  Asset Management Europe
10 MetLife New York, United States $650,104,000,000 Insurance, Annuities, Asset Management North America
11 American International Group, Inc.

 

New York, United States US$596.11 billion Insurance, Annuities, Investments, Retirement Savings North America, Europe
12 Dai-ichi Life Holdings, Inc. Tokyo, Japan $346.9 billion Insurance, Annuities, Retirement Savings, Asset Management Asia
13 Aegon N.V. The Hague, Netherlands €444,868 million Insurance, Asset Management Worldwide
14 CNP Assurances Paris, France $47.6 billion Insurance, Retirement Savings, Annuities, Asset Management Europe
15 Prudential PLC London, England $165.942 billion Insurance, Life insurance, Investment management, Consumer finance Worldwide
16 Phoenix Group Holdings London, England $2.6 Billion Insurance, Europe
17 Zurich Insurance Group Zurich, Switzerland US$435.826 billion Life and non-life insurance, Retirement Savings, investments Europe, America
18 Life Insurance Corporation of India India US$530 billion Life insurance,     Health insurance,     Investment management,     Mutual fund Asia
19 Meiji Yasuda Life Tokyo, Japan JPY36,281.1 billion Insurance Japan
20 New York Life Insurance Co

 

New York US$22.03 billion Life insurance, annuities, long-term health management, asset management North America
21 Corebridge Financial

 

Texas, United States US$350 billion General Insurance, Annuity, Life insurance, wealth management Worldwide
22 Munich Re Germany €297.9 billion Insurance, Investment Services, Retirement Savings, Real Estate, Wealth Management Worldwide
23 AIA Group Limited Hong Kong US$284 billion Life insurance, Annuities,  accident and health, insurance, savings plans, employee benefits, Retirement Savings, variable contracts, investments, securities, credit life and pension services Asia Pacific
24 Northwestern Mutual Life Insurance Company Wisconsin, USA $31.1 billion Insurance, Investments, Retirement Savings North America
25 Philippine American Life and General Insurance Philippines ₱292.97 billion Insurance, annuities, mutual funds Philippines
26 Sumitomo Life Insurance Company Philippines ₱292.97 billion Insurance, annuities, mutual funds Philippines
27 Massachusetts Mutual Life Insurance Company United States US$312 billion Financial Services, Insurance, Retirement Savings, Long Term Healthcare, Life Insurance, Disability Income United States
28 Nationwide Mutual Insurance Company Ohio, United States US$270.2 billion Underwriting, Insurance, Annuities, Retirement Savings United States
29 Swiss Life Group Zurich, Switzerland CHF10.3 billion Life insurance, Investments, Retirement Savings,  Asset management,

Health insurance

Europe
30 Chunghwa Post Taiwan 7 trillion NT Insurance, Savings, Parcel Delivery Taiwan
31 NN Group N.V. The Hague, Netherlands €5.6 billion Asset management,

Life insurance,

Property insurance,

Casualty insurance,

Mortgages

Europe
32 Tokio Marine Holdings Marunouchi, Tokyo, Japan JPY ¥ 5,863.7 billion Insurance Worldwide
33 Sun Life Financial Canada CA$1.44 trillion Insurance, Annuities, Asset Management North America
34 China Pacific Insurance China ¥133.3 billion RMB Insurance, Annuities, Asset Management, Retirement Savings China
35 MS&AD Insurance Group Holdings Japan JPY ¥ 5,132 billion Insurance, Savings, Investments, Asset Management, Retirement Savings Asia
36 UnitedHealth Group United States US$212.206 billion Insurance North America
37 USAA Texas, United states $128 billion Insurance, Annuities, Asset Management, Retirement Savings North America
38 State Farm Mutual Automobile Insurance Company United States 294.8 billion USD Insurance, Casualty, Auto Insurance United States
39 Pacific Mutual Holding Company United States 192 Billion USD Insurance, Asset Management, Retirement Savings United States
40 Swiss Reinsurance Company Ltd Switzerland 238.6 billion USD Reinsurance, Underwriting, Asset Management United States
41 Chubb Zurich, Switzerland 200 billion USD Insurance Europe
42 T&D Life Group Japan 17.81 trillion Japanese yen Insurance, Retirement Savings, Investments Asia
43 Nan Shan Life Insurance Co. Ltd. Taiwan $161 Billion Insurance, Asset Management, Retirement Savings Asia
44 Liberty Mutual Group Massachusetts, United States $156.043 billion Insurance, Health Insurance, Long Term Healthcare,  Asset Management, Retirement Savings North America
45 Cigna Corp. United states 154.9 billion USD Insurance, Health Insurance, Long Term Healthcare,  Asset Management, Retirement Savings North America
46 Royal London Mutual Insurance Society Limited London, England £147 billion Retirement Savings, Insurance, Long Term Healthcare Europe
47 Aflac Incorporated United states 157.5 billion USD Insurance, Long Term Healthcare,  Asset Management, Retirement Savings North America
48 Ageas Insurance Brussels, Belgium $127.273B Insurance, Long Term Healthcare,  Asset Management, Retirement Savings Europe
49 Sompo Holdings Inc Japan 13.79 trillion Japanese yen Retirement Savings, Insurance, Long Term Healthcare Asia
50 Alecta Sweden $110 billion Insurance, Long Term Healthcare,  Asset Management, Retirement Savings Europe
51 India Post India $11 Billion Money Transfer, Savings, Parcel Delivery India
52 Talcott Resolution Life Insurance USA $91 billion Insurance, Long Term Healthcare,  Asset Management, Retirement Savings North America
53 Athora Holding Belgium EUR81 billion Insurance, Annuities, Long Term Healthcare,  Asset Management, Retirement Savings Europe
54 Taikang Insurance Group China RMB 1.5trillion Insurance, Annuities, Long Term Healthcare,  Asset Management, Retirement Savings Asia
55 Hannover Re Germany $79.919B Insurance, Annuities, Long Term Healthcare,  Asset Management, Retirement Savings Europe
56 Kyobo Life Insurance South Korea KRW 131 trillion Life Insurance, Retirement Savings Asia
57 Groupama Paris, France €93.5 billion Insurance, Annuities, Long Term Healthcare,  Asset Management, Retirement Savings Europe
58 Mapfre Spain 69.15 billion EUR Insurance, Investments, Healthcare,  Asset Management, Retirement Savings Europe
59 Baloise Holding Basel, Switzerland 78.78 billion CHF Insurance, Annuities, Long Term Healthcare,  Asset Management, Retirement Savings Europe
60 Great Eastern Life Assurance Singapore $100 billion Insurance, Annuities, Long Term Healthcare,  Asset Management, Retirement Savings Asia
61 Hartford Financial Services Group United States 70.82 billion USD Investments, Insurance, Long Term Healthcare, North America
62 American Equity Investment Life Holding Company IOWA, United States $73.92 Billion Investments, Insurance, Annuities, Stocks, other investments North America
63 Progressive Corporation Ohio USA 64.1 billion USD Insurance, Annuities, Long Term Healthcare,  Asset Management, Retirement Savings North America
64 Storebrand ASA Norway 390.4 billion NOK Insurance, Retirement Savings, Annuities, etc Europe
65 Unum Group Tennessee United States $70.626B Insurance, Annuities, Long Term Healthcare,  Asset Management, Retirement Savings North America
66 Sampo Helsinki, Finland $64.573B Insurance, Retirement Savings, Other Investments, etc Europe
67 Guardian Life Insurance of America New York, USA $76 Billion Insurance, Health and Casualty,  Annuities, Long Term Healthcare,  Asset Management, Retirement Savings North America
68 Migdal Insurance and Financial Holdings Ltd Petah Tikva, Israel $196,896,541 Insurance, Investments,  Annuities, Long Term Healthcare,  Asset Management, Retirement Savings Israel
69 Old Mutual plc Johannesburg, South Africa $64.6 Billion Insurance, Investments,  Annuities,   Asset Management, Retirement Savings South Africa, Zimbabwe, Namibia, Ghana, Nigeria, Malawi, Botswana, Swaziland, China
70 Western and Southern Financial Group Ohio, United States $111.6 Billion Insurance, Savings and Loans, Investments,  Annuities,   Asset Management, Retirement Savings North America
71 Swiss National Accident Insurance Fund Luzern,  Switzerland $60.15 Billion Insurance, Casualty, Fire, Accident, Auto, Medical, Savings Europe
72 CNA Financial Corporation Chicago, Illinois, United States $60.927 Billion Insurance, Savings and Loans, Investments,  Annuities,   Asset Management, Retirement Savings North America
73 Varma Helsinki, Finland $45.96 Billion Insurance, Employee Insurance, Self Employed Insurance, Workplace Risk Assessment Finland
74 Fukoku Mutual Life Insurance Company Tokyo, Japan $49.9 billion Insurance, Savings and Loans, Investments,  Annuities,   Asset Management, Retirement Savings Japan
75 QBE Insurance Group Sydney, Australia $46.6 Billion Insurance, Health Management, Investments,  Annuities,   Asset Management, Retirement Savings Oceania, South East Asia
76 Venerable Holdings Pennsylvania, USA $24 Billion Insurance, Savings and Loans, Investments,  Annuities,   Asset Management, Retirement Savings America
77 Markel Corporation Virginia, USA $48.45 Billion Insurance, Investments,    Asset Management North America
78 China Re China RMB162.732 billion Insurance, Underwriting, Investments, Asset Management China
77 Folksam Stockholm, Sweden EUR 60bn Insurance, Health Management, Investments,  Annuities,   Asset Management, Retirement Savings Europe
78 Velliv Ballerup, Hovedstaden, Denmark $43.4 billion Insurance,  Investments,  Annuities,   Asset Management, Retirement Savings Europe
79 Arch Capital Group Hamilton, Bermuda $45.11 Billion Insurance,  Savings and Loans, Real Estate, Investments,  Annuities,   Asset Management, Retirement Savings Bermuda, Canada, Europe, Australia, the United States, Hong Kong
80 Ohio National Financial Services Ohio, United States $34 billion Insurance,  Real Estate, Investments,  Annuities,   Asset Management, Retirement Savings North America
81 Clal Insurance Enterprises Holdings Tel Aviv-Yafo, Israel $144.3 Billion Insurance,  Investments,  Annuities,   Asset Management, Retirement Savings Middle East
82 Harel Insurance Investments and Financial Services Ramat Gan, Israel $158.26 billion Insurance, Annuities, Real Estate, Asset Management, Mutual funds, Retirement Savings Middle East
83 Humana Inc Kentucky, United States $44.36 billion Health Insurance, Long Term Health Management North America
84 Aon PLC London, United Kingdom $32.7 billion Investment, Wealth, Health, Human Capital, Commercial Risk,  Reinsurance Solutions Worldwide
85 American Family Mutual Insurance Company Wisconsin, United states $31.1 billion Insurance, Wealth Management, Annuities, Investments North America
86 Everest Re Bermuda $39.66 billion Insurance, Wealth Management, Annuities, Investments Oceania, North America
87 Independence Health Group Philadelphia, Pennsylvania, USA $29.5 billion Health insurance, long term health management North America
88 CUNA Mutual Group Madison, Wisconsin, USA $20.6 billion Investments, Insurance, Asset Management North America
89 NTUC Income Singapore $27.6 billion Insurance, Investment Products, Asset Management Asia
90 PartnerRe Ltd Bermuda $27.2 billion Insurance, underwriting, reinsurance, investments Asia pacific and North America
91 RenaissanceRe Bermuda $36.553 Billion Insurance, underwriting, reinsurance, investments Asia pacific and North America
92 RSA Insurance Group London, England $14.05 Billion Insurance, Annuities, Real Estate, Asset Management, Mutual funds, Retirement Savings Worldwide
93 Mutual of America Life Insurance Company New York, USA $23.6 billion Insurance, Annuities,  Asset Management,  Retirement Savings North America
94 Factory Mutual Insurance Company Rhode Island, United States $24 billion Insurance, Annuities,  Asset Management,  Retirement Savings America
95 Mirae Asset Life Insurance South Korea $26 billion Insurance, Savings and Loans, Annuities,  Asset Management,  Retirement Savings Asia
96 California State Compensation Insurance Fund San Francisco, California $20 billion Insurance, Savings and Loans, Annuities,   Retirement Savings North America
97 New York State Insurance Fund New York $18 billion Insurance, Annuities,   Retirement Savings North America

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Closing

The top 100 insurance companies are not selected only because of the size of their total assets, but because of the value of their brands as shown by their stock prices, and the size of the market share they control. Their ranks may also be influenced by the strength of their local economies.