10 World’s Largest Insurance Companies from United Kingdom– According to Annual Report of each insurance companies in 2021, there are 10 World’s Biggest Insurance Companies from United Kingdom. These insurance companies have huge market in United Kingdom and some other countries around the world.
In United Kingdom, insurance industries have become central part of economic. Based on the Ibis World Database, in 2022, General Insurance in the UK Market was around $74.4 billion. Insurance industries can help the development of economic of specific nations. Functionally, insurance company can protect people or company from unpredictable risk that can deteriorate our business, life, and activities.
Financially, in the 2021. In England, there are 10 World’s Largest Insurance Companies. These companies have billion US Dollar of Asset and revenue. Here is the rank of World’s Largest Insurance Companies from United Kingdom.
The Rank of 10 World’s Largest Insurance Companies from United Kingdom Based on Assets
| Rank | Name of Companies | Assets | Assets | Liabilities | Liabilities |
|---|---|---|---|---|---|
| Origin Currency | US Dollar (USD) | Origin Currency | US Dollar (USD) | ||
| 1 | Legal & General Group Plc | GBP 582 Billion | 675 Billion | GBP 571 Billion | 662 Billion |
| 2 | Aviva | GBP 358 Billion | 415 Billion | GBP 339 Billion | 393 Billion |
| 3 | Phoenix Group | GBP 333 Billion | 372 Billion | GBP 327 Billion | 366 Billion |
| 4 | Prudential | USD 199 Billion | 199 Billion | USD 181 Billion | 181 Billion |
| 5 | Willis Towers Watson | USD 34.9 Billion | 34.9 Billion | USD 21.6 Billion | 21.6 Billion |
| 6 | AON | USD 31.9 Billion | 31.9 Billion | USD 30.7 Billion | 30.7 Billion |
| 7 | Beazley | GBP 12.8 Billion | 14.3 Billion | GBP 10.6 Billion | 11.8 Billion |
| 8 | RSA Insurance Group | GBP 11.8 Billion | 13.2 Billion | GBP 8.8 Billion | 9.8 Billion |
| 9 | Direct Line Group | GBP 9.3 Billion | 10.4 Billion | GBP 6.4 Billion | 7.1 Billion |
| 10 | Admiral Group | GBP 8.3 Billion | 9.2 Billion | GBP 6.9 Billlion | 7.7 Billion |
| Source : Annual Report, 2021 | |||||
| Description : Origin Currency : Currency in the Annual Report | |||||
| Currency Rate : | |||||
| 1 (GBP) = 1.12 (USD) | |||||
| Origin Currency : Currency officially used in Annual Report 2021 | |||||
| US Dollar : Converted currency from Origin Currency to US Dollar | |||||
The Rank above was arranged based on assets of the insurance companies. All these data were obtained from Balance Sheet, Annual Report 2021. Balance sheet describes the financial position of the companies. Balance sheets comprise of assets, liabilities, and equities. Asset is the physical and non-physical properties that company has owned while running the business. Meanwhile, liabilities are the debt or obligation that company must pay off in the future. Equities is the difference between assets and liabilities.
The Rank of 10 World’s Largest Insurance Companies from United Kingdom Based on Net Income
| Rank | Name of Companies | Revenue | Revenue | Net Income | Net Income |
|---|---|---|---|---|---|
| Origin Currency | US Dollars | Origin Currency | US Dollars | ||
| 1 | RSA Insurance Group | GBP 4.29 Billion | 4.8 Billion | GBP 4.2 Billion | 4.7 Billion |
| 2 | Willis Towers Watson | USD 8.9 Billion | 8.9 Billion | USD 4.2 Billion | 4.2 Billion |
| 3 | Legal & General Group Plc | GBP 45 BIllion | 52 Billion | GBP 2 Billion | 2.3 Billion |
| 4 | Aviva | GBP 33 Billion | 38 Billion | GBP 2 Billion | 2.3 Billion |
| 5 | AON | USD 12.1 Billion | 12.1 Billion | USD 1.3 Billion | 1.3 Billion |
| 6 | Admiral Group | GBP 1.5 Billion | 1.68 Billion | GBP 583 Million | 652 Million |
| 7 | Direct Line Group | GBP 3.2 Billion | 3.5 Billion | GBP 343 Million | 384 Million |
| 8 | Beazley | GBP 3.3 Billion | 3.69 Billion | GBP 308 Million | 344 Million |
| 9 | Phoenix Group | GBP 24.5 Billion | 27.4 Billion | (-709 Million ) | (-794 Million) |
| 10 | Prudential | USD 26.5 Billion | 26.5 Billion | (USD -2.8 Billion) | (-2.8 Billion) |
| Source : Annual Report, 2021 | |||||
| Description : Origin Currency : Currency in the Annual Report | |||||
| Currency Rate : | |||||
| 1 (GBP) = 1.12 US Dollar (USD) | |||||
| Origin Currency : Currency officially used in Annual Report 2021 | |||||
| US Dollar : Converted currency from Origin Currency to US Dollar | |||||
The rank above was arranged based on net Income of the insurance companies in 2021. All these data were obtained from Income Statement of the company in 2021. Income statement describes the business performance of the company in specific years. Financially, the company has right pathway when the company can generate the net income/ profit.
Brief Description of 10 World’s Largest Insurance Companies from United Kingdom
1.Legal & General Group Plc
Legal & General Group plc, commonly known as Legal & General is insurance company that has main office in London. Historically, the journey of this company started on 1836. Along with the development of the business, the company can generate AUM around 1.4-billion-pound sterling and have around ten thousand of employees. Financially, based on the balance sheet of the company in 2021, the Legal & General has assets around 582 billion Pound sterling / 675 billion US Dollar with liabilities around 571 billion Pound sterling / 662 billion US Dollar. Based on the business performance in 2021, the company can generate Revenue around forty-five billion Pound sterling / 52 billion US Dollar with net income around two billion Pound sterling / 2.3 billion US Dollar.
2.Aviva
British multinational insurance company that has primary office in London. Historically, this company was found by the merger between Norwich Union and CGU plc in 2000. Along with development of the company, Aviva have twenty-two thousands of employee. Financially, in 2021, based on the balance sheet of the company in 2021, Aviva has assets around 358 billion Pound sterling / 415 billion US Dollar with liabilities around 339 billion Pound sterling / 393 billion US Dollar. Based on the business performance in 2021, the company has revenue around thirty-three billion Pound sterling / 38 billion US Dollar with net income around two billion Pound sterling / 2.3 billion US Dollar.
3.Phoenix Group
Phoenix Group Holdings plc is British insurance company that has primary office in London. Historically, this company was founded on 1857. Along with business development of the company, Phoenix group has around seven thousand of employees. Financially, according to balance sheet of the company in 2021, Phoenix group has assets around 333 billion Pound sterling / 372 billion US Dollar with liabilities around 327 billion Pound sterling / 366 billion US Dollar. Based on the business performance in 2021, Phoenix Group has revenue around 24.5 billion Pound sterling / 27.4 billion US Dollar buat suffered Net Loss around -709 Million Pound sterling / -794 Million US Dollar.
4.Prudential
Phoenix Group Holdings plc is British insurance company that has primary office in London. Historically, this company was founded on 1857. Along with business development of the company, Phoenix group has around seven thousands of employees. Financially, the company has assets around 199 billion US Dollar with liabilities around 181 billion US Dollar. Based on the income statement of annual report in 2021, Prudential can generate Revenue around 26.5 billion US Dollar but suffered net loss around -2.8 Billion US Dollar.
5.Willis Towers Watson
Willis Towers Watson is British insurance company that has primary office in London, England. Historically, this company was found in 2016 by the merger between Willis Group and Towers Watson. As of 2021, the company has around forty thousands of employees. Financially, based on the balance sheet of the company in 2021, the company has assets around 34.9 billion US Dollar with liabilities around 21.6 billion US Dollar. Based on the business performance in 2021, the company can generate revenue around 26.5 billion US Dollar but suffered net loss around -2.8 Billion US Dollar.
6.AON
Aon PLC is British insurance company which has primary office in London. Historically, this company was found in 1982 by Patrick Ryan. Along with business development of the company, AON has employed around fifty thousand. Financially, in 2021, based on the balance sheet, the company has assets around 31.9 billion US Dollar with liabilities around 30.7 billion US Dollar. Based on the business performance on income statement in 2021, the company can generate revenue 12.1 billion US Dollar with Net Income around 1.3 billion US Dollar.
7.Beazley
Beazley PLC is British insurance company that has primary office in London, United Kingdom. Historically, this company was found on 1986. Financially, in 2021, according to balance sheet of Beazley, the company has assets around 12.8-billion-pound sterling / 14.3 billion US Dollar with liabilities around 10.6-billion-pound sterling / 11.8 billion US Dollar. Based on the business performance in 2021, the company can generate revenue around 3.3 billion Pound sterling / 3.69 billion US Dollar with Net Income around 308 million Pound sterling / 344 million US Dollar.
8.RSA Insurance Group
RSA Insurance Group Limited is British insurance company that has primary office in London, England. Historically, this company was found on 1996 by the merger between Sun Alliance and Royal Insurance. Financially, in 2021, based on the balance sheet, the company has assets around 11.8-billion-pound sterling / 13.2 billion US Dollar with Liabilities around 8.8-billion-pound sterling /9.8 billion US Dollar. Based on the business performance in 2021, the company can generate revenue around 4.29-billion-pound sterling / 4.8 billion US Dollar with net Income around 4.2-billion-pound sterling / 4.7 billion US Dollar.
9.Direct Line Group
Direct Line is British insurance company that has primary office in Bromley, England. Historically, this company was found by Martin Long and Peter Wood in 1985. Financially, in 2021, according to Balance sheet of Annual Report in 2021, the company has assets around 9.3-billion-pound sterling / 10.4 billion US Dollar with Liabilities around 6.4-billion-pound sterling / 7.1 billion US Dollar. Based on the income statements of the company in 2021, Direct Line Group can generate revenue around 3.2-billion-pound sterling / 3.5 billion US Dollar with Net Income around 343-million-pound sterling / 384 million US Dollar.
10.Admiral Group
Admiral Group plc is British financial and insurance company that has primary office in Cardiff, Wales. Historically, this business was found on 1999. Financially, in 2021, according to balance sheet of annual report in 2021, Admiral Group has assets around 8.3-billion-pound sterling / 9.2 billion US Dollar with liabilities around 6.9-billion-pound sterling / 7.7 billion US Dollar. Based on the income statement of annual report in 2021, the company can generate revenue around 1.5-billion-pound sterling / 1.68 billion US Dollar with net income around 583-million-pound sterling / 652 million US Dollar.
Bibliography of 10 World’s Largest Insurance Companies from United Kingdom
IbisWorld. 2022.General Insurance in the UK – Market Size 2010–2028. Accessed via https://www.ibisworld.com/united-kingdom/market-size/general-insurance/ on June 14th, 2023.
Legal & General Group Plc. 2022. Annual Report 2021. Accessed via https://group.legalandgeneral.com/en/investors/results-reports-and-presentations on June 14th, 2023.
Aviva. 2022. Annual Report 2021. Accessed via https://www.aviva.com/investors/reports/ on June 14th, 2023.
Phoenix Group. 2022. Annual Report 2021. Accessed via https://www.thephoenixgroup.com/investor-relations/results-reports-and-presentations on June 14th, 2023.
Prudential. 2022. Annual Report 2021. Accessed via https://www.prudentialplc.com/en/investors/reports/2021 on June 14th, 2023.
Willis Towers Watson. 2022. Annual Report 2021. Accessed via https://investors.wtwco.com/ on June 14th, 2023.
AON. 2022. Annual Report 2021. Accessed via https://ir.aon.com/about-aon/investor-relations/overview/default.aspx on June 14th, 2023.
Beazley. 2022. Annual Report 2021. Accessed via https://investor.relations.beazley.com/reports-and-presentations/annual-reports on June 14th, 2023.
RSA Insurance Group. 2022. Annual Report 2021. Accessed via https://www.rsagroup.com/investors/reports/ on June 14th, 2023.
Direct Line Group. 2022. Annual Report 2021. Accessed via https://www.directlinegroup.co.uk/en/investors/annual-report-2021.html on June 14th, 2023.
Admiral Group. 2022. Annual Report 2021. Accessed via https://admiralgroup.co.uk/investor-relations/results-and-presentations on June 14th, 2023.