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.
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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Here is a ranking of the top 25 largest insurance companies by asset size as of 2020.
Total assets (USD billions)
|3||Prudential Financial||896||United States|
|4||Berkshire Hathaway||817||United States|
|7||Japan Post Insurance||666.6||Japan|
|8||Prudential plc||646.2||United Kingdom|
|9||Legal & General||625.7||United Kingdom|
|10||Ping An Insurance||620.4||China|
|12||China Life Insurance||579.4||China|
|17||American International Group||491.8||United States|
|20||Life Insurance Corporation||449||India|
|22||Zurich Insurance Group||395.3||Switzerland|
|23||Meiji Yasuda Life||379.9||Japan|
|25||New York Life Insurance Company||339.1||United States|
Source: AM Best
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.