UnitedHealth Group and Allianz win AM Best’s largest insurer rankings
UnitedHealth Group held on to the top spot in AM Best’s ranking of the world’s 25 largest insurance companies for a ninth straight year, growing net premiums written (NPW) by 14 per cent in 2022 to US$257.2 billion
AM Best released the rankings of the world’s largest global insurance companies, by NPW and non-banking assets, in the January 2024 issue of Best’s Review; the two rankings are based on BestLink data and additional research.
The top 10 insurers by NPW were again dominated by health insurers, as four of the top five insurers were US-based health insurance companies. Number two, Centene, retained its position as its NPW rose 13.2 per cent, while number three, Elevance Health, also kept its position as NPW rose 13.5 per cent. Kaiser Foundation Group of Health Plans moved up to number four, while Ping An Insurance stayed at number five. China life Insurance was the only insurer in the top 25 ranking to see its NPW fall, down 0.7 per cent, as it fell to sixth place from number four.
Despite some reshuffling at the top of AM Best’s annual ranking of the top 25 insurers by net non-banking assets, life insurers still dominated, with seven of the top 10 insurers providing life products. Ping An surged to second behind Allianz from fourth place as its assets rose 11.4 per cent to $960.7 billion in 2022. Berkshire Hathaway slipped to number three from number two in the previous ranking, while China Life rose to fourth from fifth place and AXA was ranked number five. Prudential Financial fell to number six from number three, as its assets dropped by 26.4 per cent.
The top 10 global insurers ranked by 2022 NPW are as follows:
- UnitedHealth Group, US
- Centene, US
- Elevance Health, US
- Kaiser Foundation Group of Health Plans, US
- Ping An Insurance, China
- China Life Insurance, China
- AXA, France
- Allianz, Germany
- Humana, US
- State Farm, US.
The top 10 global insurers ranked by 2022 non-banking assets are as follows:
- Allianz, Germany
- Ping An Insurance, China
- Berkshire Hathaway, US
- China Life Insurance, China
- AXA, France
- Prudential Financial, US
- MetLife, US
- Nippon Life Insurance Company, Japan
- Manulife Financial Group, Canada
- Legal & General Group, UK.