Top 10 Largest Insurance Companies in the World 2020, Insurance Industy
largest insurance companies

Global Insurance Industry Outlook

The top 10 largest insurance companies in the world are driving stellar growth for the global insurance industry in 2020. The global insurance industry remains lucrative with growth rates rising at a stellar rate of 4.7 percent.  To achieve success as a new market entrant, it will be important to understand the different sectors of the insurance industry in 2020. For success in the life insurance industry, it’s important to understand and focus on legacy planning and the know-how behind replacing human capital value. Whereas, health insurers have to figure out how to cover medical costs. The leading players in the industry are focusing on a customer-centric approach as the biggest insurance industry trend in 2020 is that customers are the real disrupters in the market.

This fact sheet is to breakdown the top 10 largest insurance companies in the world by asset size so that business professionals, investors, and potential new market entrants can better understand what top insurance companies are doing in 2020 to gear up for sustained success in the future.

 

  • Discover who are the largest insurance companies in the world by asset size?
  • what is the largest insurance company?
  • What’s the future of the industry?
  • Insurance market trends and stats you should know
  • how much is the insurance industry worth?
  • What the biggest insurance companies are doing to adapt to a customer-centric approach business model.

 

BizVibe is already helping the largest insurance companies in the world connect. Connect and track the latest news and insights from these companies.

Insurance Market Trends and Statistics

  • The global industry last year grew at a rate of 4.7 percent, led by life and P&W insurance.
  • Emerging markets contributed to 43 percent of the growth in total insurance from 2010 to 2017.
  • Emerging markets such as developing APAC, Latin America, and Africa recorded high profitability and premium growth from 2014 to 2017.
  • The US insurance industry net premiums written totaled $1.22 trillion in 2018.
  • Property and casualty insurers accounted for 51 percent premiums.
  • Life and annuity insurers accounted for 49 percent of premiums.

Top 10 Largest Insurance Companies in the World by Asset Size in 2020

Who are the top 10 largest insurance companies in the world by asset size in 2020? The following is a list of the top insurance companies ranked by assets in USD billion.

 

1.    Allianz

 

 

Who is the largest insurance company in the world? Allianz is the world’s largest insurance company in the world by asset size and market cap, with assets totaling USD 1,103.90 billion and a market cap of USD 104.4 billion. Allianz is a European multinational financial services company headquartered in Munich, Germany. Allianz has customers in over 70 countries for its insurance segment and surpassed AXA as the biggest insurance company in the world in 2019 in asset size.

 

  • Founded: 1890
  • Allianz Headquarters: Munich, Germany
  • Allianz Asset Value: USD 1,103.90 billion
  • Allianz Revenue: USD 143.9 billion
  • Allianz Market Cap: USD 104.4 billion
  • Allianz Number of Employees: 147,268

 

Allianz Subsidiaries

 

  • Allianz France
  • Allianz Worldwide Care
  • Allianz Global Investors
  • Risklab
  • Allianz Global Assistance
  • Allianz Insurance plc
  • Allianz Global Corporate and Specialty
  • Allianz Life
  • Club Marine
  • Hunter Premium Funding
  • Allianz Marine & Transit
  • Euler Hermes
  • Mondial Assistance Group
  • Allianz Technology
  • PIMCO

 

2.    AXA

 

AXA ranks 2nd on BizVibe’s list of the top 10 largest insurance companies by asset size — with total assets worth over USD 1,011.4 trillion as of 2020. AXA is a French multinational insurance firm headquartered in Paris and is known for its imprint in global insurance, investment management, and other financial services. AXA’s revenues last year were USD 113.1 billion — also making it one of the biggest insurance companies in the world by revenue. Additionally, AXA has a market cap of USD 67 billion.

AXA operates in multiple markets including Western Europe, North America, the India Pacific region, and the Middle East, with a presence also in Africa.

 

  • Founded: 1816
  • AXA Headquarters: 25 Avenue Matignon, Paris, France
  • AXA Asset Value: USD 1,011.4 billion
  • AXA Revenue: USD 113.1 billion
  • AXA Market Cap: USD 67 billion
  • AXA Number of Employees: 125,934

 

AXA Products and Services

 

  • Life insurance
  • Health insurance
  • Property insurance
  • Casualty insurance
  • Investment management

 

3.    Prudential Financial

 

Ranking 3rd on BizVibe’s list of the top 10 largest insurance companies in the world is Prudential Financial, a US-based insurance and asset management company. Prudential Financial provides financial products and services to both retail and institutional customers throughout the United States and in over 40 other countries. Prudential Financial is one of the largest life insurance companies in the world with assets reaching USD 896 billion and a market cap of USD 39 billion.

 

  • Founded: 1875
  • Prudential Financial Headquarters: Prudential Plaza, Newark, New Jersey, USA
  • Prudential Financial Asset Value: USD 896 billion
  • Prudential Financial Revenue: USD 59.6 billion
  • Prudential Financial Market Cap: USD 39 billion
  • Prudential Financial Number of Employees: 49,705

 

Prudential Financial Products and Services

               

  • Life insurance
  • Mutual funds
  • Retirement
  • Annuity
  • Real estate

 

4.    Berkshire Hathaway

 

Number 4 on the list of the top 10 largest insurance companies in the world by asset size is holding company Berkshire Hathaway, an American multinational conglomerate led by Warren Buffet. Berkshire Hathaway is headquartered out of Omaha, Nebraska. As of 2020, Berkshire Hathaway is the largest financial services company by revenue in the world, with a revenue of USD 247.5 billion last fiscal year and 4th largest global insurer in the world with assets totaling USD 817 billion. Berkshire Hathaway’s market cap is set at USD 554 billion, making it one of the top insurance companies in the world as well in terms of market cap.

 

  • Founded: 1839
  • Berkshire Hathaway Headquarters: Kiewit Plaza, Omaha, Nebraska, USA
  • Berkshire Hathaway Asset Value: USD 817 billion
  • Berkshire Hathaway Revenue: USD 247.5 billion
  • Berkshire Hathaway Market Cap: USD 554 billion
  • Berkshire Hathaway Number of Employees: 389,300

 

Berkshire Hathaway Products and Services

 

  • Diversified investments
  • Property & casualty insurance
  • Utilities
  • Restaurants
  • Food processing
  • Aerospace
  • Toys
  • Media
  • Automotive
  • Sporting goods
  • Consumer products
  • Internet
  • Real estate

 

5.    MetLife

 

MetLife ranks 5th on the list of the top 10 insurance companies in the world with assets totaling USD 740.4 billion and a market cap of USD 47.4 billion. MetLife is known as a global provider of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries.

 

  • Founded: 1868
  • MetLife Headquarters: New York, New York, U.S.
  • MetLife Total Asset Value: USD 740.4 billion
  • MetLife Revenue: USD 67.94 billion
  • MetLife Market Cap: USD 47.4 billion
  • MetLife Number of Employees: 48,000

 

MetLife Products and Services

 

  • Insurance
  • Annuities
  • Employee Benefits

 

6.    Nippon Life

 

Nippon Life is one of the largest life insurance companies in the world with assets totaling USD 710.9 billion. Nippon Life is the largest life insurance company in Japan by revenue and employs over 70,519 people.

 

  • Founded: 1889
  • Nippon Life Headquarters: Chūō-ku, Osaka, Japan
  • Nippon Life Total Asset Value: USD 740.4 billion
  • Nippon Life Revenue: USD 58.23 billion
  • Nippon Life Number of Employees: 70,519

 

Nippon Life Products and Services

 

  • General insurance
  • Life insurance
  • Health insurance

 

7.    Japan Post Insurance

 

7th on this list of the top 10 largest insurance companies in the world is Japan Post Insurance. Japan Post Insurance is a Japanese global life insurer and back in 2011 was the world’s 4th largest insurance company. Japan Post Insurance is the 7th biggest insurance company in the world current by asset size, with assets totaling USD 666.6 billion.

 

  • Founded: 1889
  • Japan Post Insurance Headquarters: Chūō-ku, Osaka, Japan
  • Japan Post Insurance Total Asset Value: USD 666.6 billion
  • Japan Post Insurance Number of Employees: 5,400

 

Japan Post Insurance Products and Services

 

  • Life insurance

 

8.    Prudential plc

 

Ranking 8th on this list of the biggest insurance companies in the world is Prudential plc, a British multinational life insurance, and financial services company headquartered in London, United Kingdom. The company is mainly known as a global life insurance provider with over 20 million customers. Prudential plc’s assets totaled USD 646.2 billion with revenues reaching USD 93.47 billion last fiscal year.

 

  • Founded: 1848
  • Prudential plc Headquarters: London, UK
  • Prudential plc Total Asset Value: USD 646.2 billion
  • Prudential plc Revenue: USD 93.74 billion
  • Prudential plc Number of Employees: 23,792

 

Prudential plc Products and Services

 

  • Life insurance
  • Investment management
  • Consumer finance

 

9.    Legal & General

 

Legal & General is a multinational financial services company headquartered in London, England. The company is known as a provider of investments, lifetime mortgages, pensions, annuities, life insurance, and general Insurance. One of the top-ranking insurance companies in the world, Legal & General’s assets total USD 625.7 billion.

 

  • Founded: 1836
  • Legal & General Headquarters: London, England, UK
  • Legal & General Total Asset Value: USD 625.7 billion
  • Legal & General Revenue: USD 83.68 million

 

Legal & General Products and Services

 

  • Investments
  • Lifetime Mortgages
  • Pensions
  • Annuities
  • Life Insurance
  • General Insurance

 

10.  Ping An Insurance

 

Rounding out this list of the top 10 largest insurance companies in the world is Ping An Insurance, a Chinese holding conglomerate that deals with global insurance and other financial services. Ping An Insurance is considered one of the largest global insurers in the world with its insurance division assets valued at over USD 620.4 billion.

 

  • Founded: 1988
  • Ping An Insurance Headquarters: Shenzhen, China
  • Ping An Insurance Asset Value: USD 620.4 billion
  • Ping An Insurance Revenue: USD 163.6 billion
  • Ping An Insurance Market Cap: USD 211.4 billion
  • Ping An Insurance Group Number of Employees: 190,000

 

Ping An Insurance Group’s Products and Services

              

  • Life and Health Insurance
  • Property and Casualty
  • Banking
  • Asset Management
  • Fintech
  • Healthtech

 

This is BizVibe’s list of the top 10 largest insurance companies in the world by asset size. These companies are changing the way global insurers provide their services to an ever-expanding global market. Find out how you can connect with these companies next.

 

Reach out to top insurance companies today on BizVibe.

Largest Insurance Companies by Asset Size

Here is a ranking of the top 25 largest insurance companies by asset size as of 2020.

 

Rank

Company

Total assets (USD billions)

Country

1Allianz1103.9 Germany
2Axa1011.4 France
3Prudential Financial896 United States
4Berkshire Hathaway817  United States
5MetLife740.4 United States
6Nippon Life710.9 Japan
7Japan Post Insurance666.6 Japan
8Prudential plc646.2 United Kingdom
9Legal & General625.7 United Kingdom
10Ping An Insurance620.4 China
11Assicurazioni Generali590.5 Italy
12China Life Insurance579.4 China
13Manulife Financial550.3 Canada
14Aviva546.9 United Kingdom
15JA Kyosai529.2 Japan
16Dai-ichi Life504.6 Japan
17American International Group491.8 United States
18CNP Assurances475.7 France
19Aegon N.V.449.7 Netherlands
20Life Insurance Corporation449 India
21Crédit Agricole437.9 France
22Zurich Insurance Group395.3  Switzerland
23Meiji Yasuda Life379.9 Japan
24Sumitomo Life341.1 Japan
25New York Life Insurance Company339.1 United States

 

largest insurance companies in the world

Source: AM Best

  • With assets worth over USD 1,1 trillion, Allianz is the largest insurance company in the world by asset size.
  • AXA is the other trillion-dollar company by assets among the top insurance companies.
  • The top 25 biggest insurance companies all have assets worth in the USD billion range.

The Future of the Global Insurance Industry

What’s the future of the global insurance industry as the global market faces changes? Expect FinTech and health technology to drive new business models as the top companies focus on sustaining growth across multiple regions. The most important thing to learn from the top 10 largest insurance companies in the world is a shift towards a customer-centric model. The biggest disruptor in the market will be driven by customers in the future.

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