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.