10 World’s Largest Insurance Cooperatives

10 World’s Largest Insurance Cooperatives– According to World Cooperative Monitor Report in 2023, International Cooperative Alliance, there are 10 World’s Largest Insurance Cooperative. These Insurance Cooperatives have extensive markets in insurance industries and can compete with other insurance companies.

Basically, Insurance cooperatives are cooperative that has some insurance products to their customer and members. Furthermore, insurance cooperatives provide risk coverage services that give compensation for losses and damages due to some uncertain events. In our unpredictable life, people or companies can minimize the financial effects of miscellaneous and unpredictable risk. Without the help of insurance products, the risk can disturb our activities, business and exhaust human’s internal finance.

Principally, cooperatives are the type of business unit that can accommodate the goal of their members. Helping people through cooperation can be useful because cooperation can help to overcome the problems of their members. In the beginning, the history of cooperation came from the movement of people with the same vision to develop a better life. All these insurance cooperatives are fully owned by their members. Here is the rank of 10 World’s Biggest Insurance Cooperatives. All of the data was obtained from the World Cooperative Monitor Report in 2023, International Cooperative Alliance (ICA).

The Rank of 10 World’s Largest Insurance Cooperative Insurance in 2021

Ranks	Name of Insurance Cooperatives	Premium Income in 2021
		(Billion US Dollar)
1	Talanx	53.82
2	Nippon Life	49.07
3	Zenkyoren (National Mutual Insurance Federation of Agricultural Cooperative)	42.39
4	State Farm	42.23
5	Liberty Mutual	41.94
6	Meiji Yasuda Life	25.6
7	Achmea	23.69
8	Northwestern Mutual	22.77
9	Covea	22.68
10	Sumitomo Life	21.98
Source : World Cooperative Monitor 2023, International Cooperative Alliance

 

Brief Description of 10 World’s Largest Insurance Cooperative in 2021

 

1.Talanx Group

Talanx is Germany multinational Cooperative Insurance that has main office in Hannover, Germany. According to the Balance Sheet of Annual Report in 2023, the Talanx Group has total assets around EUR 169 billion with total liabilities around EUR 152 billion. In 2023, based on the business performance, Talanx Group generated USD 53.82 billion of premium income in 2021.

2.Nippon Life    

Nippon Life Cooperative Insurance has main office in mabashi Sanchōme, Chūō-ku, Osaka, Japan. Historically, this Japan insurance cooperative was founded in July 4th, 1889. Along with business development as of 2022, Nippon Life has sales office approximately 1,510 globally and this cooperative has 18,771 of agencies. Based on the financial position of the balance sheet of 2023, Nippon Life Insurance has total assets around ¥ 97,596 billion with total liabilities around ¥ 87,049 billion. Meanwhile, in 2021, Nippon Life generated USD 49.07 billion in premium income.

3.Zenkyoren (National Mutual Insurance Federation of Agricultural Cooperatives)  

Zenkyoren (National Mutual Insurance Federation of Agricultural Cooperatives) was founded in 1951 as a cooperative insurance organisation. Operationally, Zenkyoren has some duties with providing insurance coverage for JA (Japan Agricultural Cooperatives) members and policyholders against accidental loss of life and property damage and assisting members with worry-free coverage throughout their lives.  Along with business development, in 2022, Zenkyoren has a million customers of each insurance product. Basically, Zenkyoren has Comprehensive Life Insurance 22.0 million policies, Building Endowment Insurance 9.3 million policies, Automobile Insurance 8.2 million policies. Financially, in 2022, Financially, As of March 2022, Zenkyoren has assets around ¥ 58,192 billion and they generated USD 42.39 billion of premium income in 2021.

4.State Farm    

State Farm is a giant Cooperative Insurance from United United States with corporate headquarters in Bloomington, Illinois. Historically, this cooperative was Founded in 1922 by George J. Mecherle. Fundamentally, this person, George J. Mecherle, was a farmer and then became an insurance agents and then bulit his own insurance company, State Farm. Nowadays, State Farm is the largest property and casualty insurance and auto insurance provider in the United States. Financially, in 2023, State farms had total assets around USD 220,788 billion and in 2021, State farm generated USD 42.23 billion of premium income.

5.Liberty Mutual            

Liberty Mutual Group is a global insurance (Property and Casualty insurance) company from America. Operationally, Liberty Mutual has a main office in Berkeley Street, Boston, Massachusetts. Liberty Mutual started its business on July 1, 1912.  As of 2023, Liberty Mutual has total assets of around $165.208 billion with total equity around $25.060 billion. Based on the business performance in 2022, Liberty Mutual Group generated 41.94 billion US$ of premium income.

 

6.Meiji Yasuda Life        

Meiji Yasuda Life has its main office in Tokyo and started its business in 2004 with the merger between Meiji Life and Yasuda Life. Based on the balance sheet in 2023, the company has total assets around ¥ 48.7 trillion with total liabilities around ¥ 45 trillion. Based on the business performance in 2021, Meiji Yasuda Life generated USD 25.6 billion of premium income.

7.Achmea          

Achmea Holding N.V. is the insurance cooperative from Netherlands. Historically, this company was founded on January 1st, 1995, due to the merger of Zilveren Kruis and Avéro Centraal Beheer Groep. Financially, in 2023, total assets of Achmea reached EUR 11.6 billion with total liabilities of EUR 2.7 billion. As of 2021, Achema generated 23.04 billion US$ of premium income in 2021.

8.Northwestern Mutual             

Northwestern Mutual is an insurance and investment cooperative that has a main office in Milwaukee, Wisconsin. Historically, this company was founded in 1857. To Date, this company has employed of 6,700 of people. Financially, in 2023, Northwestern Mutual has total assets of USD 358 billion with total liabilities of USD 320 billion. Based on the financial performance in 2021, Northwestern Mutual generated USD 23.69 billion of Premium Income in 2021.

9.COVEA         

COVEA is mutual Cooperative Insurance that has main office in Paris, France.  Covea was founded in 1999. This company has some insurance products in Property insurance, Liability insurance, and financial services. Financially, according to the annual report in 2023, total assets of COVEA reached EUR 132 billion. Along with business development of the company, this company has employed around 23 thousand people and generated 22.68 billion US$ of Premium Income in 2021.

10.Sumitomo Life            

Sumitomo Life Cooperative Insurance or in Japanese known as Sumitomo Seimei Hoken Sōgo-gaisha, Sumisei is a mutual life insurance company that was founded in 1907 and has head office in Osaka. Based on the balance sheet in 2023, the company has total assets around ¥ 48 trillion with total liabilities around ¥ 46 trillion. In terms of business performance in 2021, Sumitomo Life earned USD 21.98 billion in premium income.

The Summary of 10 World’s Largest Insurance Cooperatives

 Bibliography of 10 World’s Largest Cooperative Insurance

International Cooperative Alliance.2024. Cooperative identity, values & principles Accessed via https://www.ica.coop/en/cooperatives/cooperative-identity  on March 9th, 2023.

Nippon Life. 2024. Annual Report 2023.  Accessed via https://www.nissay.co.jp/global/report/2024/index.html on March 9th, 2023.

Talanx Group. 2024. Annual Report 2023.  Accessed via https://www.talanx.com/en/investor_relations on March 9th, 2024.

Zenkyoren (National Mutual Insurance Federation of Agricultural Cooperatives). 2024.  Accessed via https://www.ja-kyosai.or.jp/  on March 9th, 2023.

State Farm. 2024. Annual Report 2023. Accessed via https://www.statefarm.com/about-us/company-overview/annual-reports  on March 9th, 2024.

Liberty Mutual. 2024. Annual Report 2023. Accessed via https://www.libertymutualgroup.com/about-lm/investor-relations/   on March 9th, 2024.

Meiji Yasuda Life. 2024. Annual Report 2023. Accessed via https://www.meijiyasuda.co.jp/english/disclosure/financial_information.html on March 9th, 2024.

Achmea. 2024. Annual Report 2023.  Accessed via https://news.achmea.nl/achmea-publishes-its-2023-annual-report/ on March 9th, 2024.

Sumitomo Life. 2024. Annual Report 2023.  Accessed via https://www.sumitomolife.co.jp/english/annual/ on March 9th, 2024.

Northwestern Mutual. 2024. Annual Report 2023.  Accessed via https://www.northwesternmutual.com/2023-annual-report/detailed-financial-results/ on March 9th, 2024.

COVEA. 2023. Annual Report 2023. Accessed via https://www.covea.com/en/news/2023-annual-results-key-figures-and-results   on March 9th, 2024.