Ping An is still by far the world’s most valuable insurance brand, despite recording a 26-per-cent drop in brand value to $44.8 billion. The decline in brand value is largely attributable to the temporary drop in future earnings and revenue outlook, compared to the previous year. The brand has, however, already begun to show signs of a strong recovery as parts of the world begin to remerge from the pandemic, and therefore, if this trend continues, Ping An should see a solid increase in brand value in the coming year.
China Life overtakes Allianz
China Life has overtaken Allianz (down 19 per cent to $20.2 billion) to claim second spot in the Brand Finance Insurance 100 2021 ranking, after recoding a four-per-cent decrease in brand value to $22.6 billion.
Three further Chinese brands feature in the top 10: CPIC (up 10 per cent to $15.4 billion) in fifth; AIA (down 22 per cent to $14.1 billion) in sixth; and PICC (down 20 per cent to $8.8 billion) in ninth. Overall, there are 12 Chinese brands featured in the ranking, with their cumulative brand value accounting for 30 per cent of the total brand value. With access to a market as immense as China, this offers these brands huge potential to leverage a significant volume premium over many other markets.
Declan Ahern, Director of Brand Finance, commented: “As predicted, insurance brands have taken a hit this year as they negotiate the fallout from the pandemic – from the near standstill of the global economy and prolonged low interest rates to slowing development across the sector in general. They have, however, fared better than our initial predictions at the outbreak of last year, demonstrating the resilience of the world’s top insurance brands.”