30 World’s Biggest Insurance Companies

 

30 World’s Biggest Insurance Companies in 2023

 

30 World’s Biggest Insurance Companies in 2023- According to the Annual Report of each insurance Company in 2023, there are 20 World’s Biggest Insurance Companies in 2023. These companies have millions of customers and manage billion US Dollar of direct premiums written (DPW). Based on financial conditions on the annual report of 2023, these companies have billions of dollars of total assets and net income. Maybe Some people know about these companies and their insurance products.

Basically, Insurance companies are companies that provide risk coverage services that give compensation for losses or damages due to an uncertain event. 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 and business and exhaust human’s internal finance.

 

With the role of the insurance company, the enormous potential losses can be minimized so that they can save our budget. But in our world, there are a million insurance companies with different and diverse products. They market insurance products to people all over the world to help people’s lives. With unique and diversified products, people have multiple choices in insurance products.

 

 

Based on business and finances, of all insurance companies from all over the world, there are just a few huge insurance companies. To compare all the companies, the financial structure and business of companies can be used to measure the rank of companies. Here is the rank of insurance companies based on the total assets of companies and net income (Profit) in Insurance Companies in 2023. All the data came from the Annual Report of Companies in 2023.

 

The Rank 30 World’s Biggest Insurance Companies Based on Total Assets in 2023

 

Rank	Name of Company	Total Assets	Total Assets	Total Liabilities	Total Liabilities
		Origin Currency	US Dollar	Origin Currency	US Dollar
1	Ping An Insurance	RMB 11,583 billion	USD 1,621 billion	RMB 10,354 billion	USD 1,449 billion
2	Allianz Group	EUR 983 billion	USD 1,022 billion	EUR 919 billion	USD 955 billion
3	China Life insurance	RMB 5,802 billion	USD 812 billion	RMB 5,315 billion	USD 744 billion
4	Prudential Financial Inc	USD 721 billion	USD 721 billion	USD 691 billion	USD 691 billion
5	Metlife Inc	USD 687 billion	USD 687 billion	USD 657 billion	USD 657 billion
6	AXA SA	EUR 644 billion	USD 669 billion	EUR 592 billion	USD 615 billion
7	Legal & General Group Pc	GBP 522 billion	USD 647 billion	GBP 517 billion	USD 641 billion
8	Nippon Life Insurance	JPY 97.5 trillion	USD 633 billion	JPY 87 trillion	USD 565 billion
9	Manulife Financial Insurance	CAD 875 billion	USD 603 billion	CAD 826 billion	USD 569 billion
10	American International Group	USD 539 billion	USD 539 billion	USD 488 billion	USD 488 billion
11	Assicurazioni Generali	EUR 508 billion	USD 528 billion	EUR 477 billion	USD 496 billion
12	Great-West Lifeco	CAD 713 billion	USD 491 billion	CAD 683 billion	USD 471 billion
13	CNP Assurances	EUR 441 billion	USD 458 billion	EUR 414 billion	USD 430 billion
14	JA Kyosai	USD 432 billion	USD 432 billion	USD 401 billion	USD 401 billion
15	Crédit Agricole Assurances	EUR 413 billion	USD 429 billion	EUR 403 billion	USD 419 billion
16	Aviva Plc	GBP 328 billion	USD 406 billion	GBP 319 billion	USD 395 billion
17	Japan Post Insurance	USD 401 billion	USD 401 billion	USD 379 billion	USD 379 billion
18	Lincoln Financial Group	USD 372 billion	USD 372 billion	USD 365 billion	USD 365 billion
19	Zurich Insurance Group	USD 361 billion	USD 361 billion	USD 335 billion	USD 335 billion
20	Northwestern Mutual	USD 358 billion	USD 358 billion	USD 320 billion	USD 320 billion
21	Meiji Yasuda Life Insurance	USD 349 billion	USD 349 billion	USD 310 billion	USD 310 billion
22	Sumitomo Life Insurance	USD 318 billion	USD 318 billion	USD 306 billion	USD 306 billion
23	Aegon NV	EUR 301 billion	USD 313 billion	EUR 292 billion	USD 303 billion
24	Nationwide Mutual Insurance	USD 298 billion	USD 298 billion
25	Munich RE	EUR 273 billion	USD 283 billion	EUR 244 billion	USD 253 billion
26	UnitedHealth Group	USD 273 billion	USD 273 billion	USD 174 billion	USD 174 billion
27	Dai-Ichi Life Holdings	USD 237 billion	USD 237 billion	USD 217 billion	USD 217 billion
28	New York Insurance Company	USD 231 billion	USD 231 billion	USD 206 billion	USD 206 billion
29	USAA	USD 211 billion	USD 211 billion	USD 182 billion	USD 182 billion
30	Liberty Mutual	USD 165 billion	USD 165 billion	USD 140 billion	USD 140 billion
31	Cigna	USD 152 billion	USD 152 billion	USD 106 billion	USD 106 billion
32	The Travelers Companies	USD 125 billion	USD 125 billion	USD 101 billion	USD 101 billion
33	Allstate	USD 103 billion	USD 103 billion	USD 85 billion	USD 85 billion
34	Progressive	USD 88 billion	USD 88 billion	USD 68 billion	USD 68 billion
Source: Annual Report, 2023
Description:
Origin Currency: Currency officially used in Annual Report 2023
US Dollar: Converted currency from Origin Currency to US Dollar
Currency Rates:
	1 Euro = 1.04 US Dollar (USD)
	1 Pound sterling (GBP) = 1.24 US Dollar (USD)
	1 Yen (JPY)= 0.0065 US Dollar (USD)
	1 Renminbi (RMB) = 0.14 US Dollar (USD)
	1 Canadian Dollar (CAD) = 0.69 US Dollar (USD)

 

The company above was ranked based on total assets in 2023. The data can be obtained from the balance sheet of the Annual Report in 2023. Balance sheet basically measures the assets, liabilities, and equities of the company. Assets usually in non-current and current assets. Briefly, the total assets of the company showed the property that companies owned in running the business. Meanwhile, liabilities are the debt or loan of a company that it must pay back to its creditor.

 

The Rank 30 World’s Biggest Insurance Companies Based on Net Income in 2023

Rank	Name of Company	Total Revenue	Total Revenue	Net Income	Net Income
		Origin Currency	US Dollar	Origin Currency	US Dollar
1	UnitedHealth Group	USD 371 billion	USD 371 billion	USD 23 billion	USD 23 billion
2	Ping An Insurance	RMB 1,031 billion	USD 144 billion	RMB 109 billion	USD 15.26 billion
3	Allianz Group	EUR 91.2 billion	USD 94.8 billion	EUR 9 billion	USD 9.36 billion
4	AXA SA	EUR 83.6 billion	USD 86.9 billion	EUR 7.3 billion	USD 7.5 billion
5	China Life insurance	RMB 344 billion	USD 48.1 billion	RMB 47.5 billion	USD 6.7 billion
6	Cigna	USD 195 billion	USD 195 billion	USD 5.3 billion	USD 5.3 billion
7	Zurich Insurance Group	USD 56 billion	USD 56 billion	USD 4.7 billion	USD 4.7 billion
8	Munich RE	EUR 57.8 billion	USD 60 billion	EUR 4.5 billion	USD 4.6 billion
9	Assicurazioni Generali	EUR 49.4 billion	USD 51.3 billion	EUR 4 billion	USD 4.1 billion
10	Progressive	USD 62.1 billion	USD 62.1 billion	USD 3.9 billion	USD 3.9 billion
11	Manulife Financial Insurance	CAD 23.9 billion	USD 16.4 billion	CAD 5.6 billion	USD 3.8 billion
12	American International Group	USD 46.8 billion	USD 46.8 billion	USD 3.8 billion	USD 3.8 billion
13	The Travelers Companies	USD 41.3 billion	USD 41.3 billion	USD 2.9 billion	USD 2.9 billion
14	Nippon Life Insurance	JPY 12 trillion	USD 78 billion	JPY 408 billion	USD 2.6 billion
15	Prudential Financial Inc	USD 53.9 billion	USD 53.9 billion	USD 2.5 billion	USD 2.5 billion
16	CNP Assurances	EUR 11.6 billion	USD 12 billion	EUR 1.8 billion	USD 1.9 billion
17	Great-West Lifeco	CAD 20.4 billion	USD 14 billion	CAD 2.8 billion	USD 1.9 billion
18	MetLife Inc	USD 66.9 billion	USD 66.9 billion	USD 1.6 billion	USD 1.6 billion
19	Aviva Plc	GBP 18.4 billion	USD 22.8 billion	GBP 1.1 billion	USD 1.36 billion
20	Nationwide Mutual Insurance	USD 60.3 billion	USD 60.3 billion	USD 1.3 billion	USD 1.3 billion
21	Dai-Ichi Life Holdings	USD 27 billion	USD 27 billion	USD 1.3 billion	USD 1.3 billion
22	USAA	USD 42.4 billion	USD 42.4 billion	USD 1.2 billion	USD 1.2 billion
23	Meiji Yasuda Life Insurance	USD 36 billion	USD 36 billion	USD 1 billion	USD 1 billion
24	Sumitomo Life Insurance	USD 29 billion	USD 29 billion	USD 1 billion	USD 1 billion
25	Crédit Agricole Assurances	EUR 7 billion	USD 7.28 billion	EUR 1 billion	USD 1 billion
26	Northwestern Mutual	USD 36.1 billion	USD 36.1 billion	USD 0.71 billion	USD 0.71 billion
27	Japan Post Insurance	USD 44.5 billion	USD 44.5 billion	USD 0.575 billion	USD 0.575 billion
28	Legal & General Group Pc	GBP 9.6 billion	USD 11.9 billion	GBP 0.443 billion	USD 0.54 billion
29	JA Kyosai	USD 38 billion	USD 38 billion	USD 0.53 billion	USD 0.53 billion
30	Liberty Mutual	USD 49.4 billion	USD 49.4 billion	USD 0.22 billion	USD 0.22 billion
31	New York Insurance Company	USD 23 billion	USD 23 billion	USD 0.027 billion	USD 0.027 billion
32	Aegon NV	EUR 10.3 billion	USD 10.7 billion	(EUR -0.199 billion)	(USD -0.206 billion)
33	Allstate	USD 57.9 billion	USD 57.9 billion	(USD -0.21 billion)	(USD -0.21 billion)
34	Lincoln Financial Group	USD 11.6 billion	USD 11.6 billion	(USD -0.75 billion)	(USD -0.75 billion)
Source: Annual Report, 2023
Description:
Origin Currency: Currency officially used in Annual Report 2023
US Dollar: Converted currency from Origin Currency to US Dollar
Currency Rates:
	1 Euro = 1.04 US Dollar (USD)
	1 Pound sterling (GBP) = 1.24 US Dollar (USD)
	1 Yen (JPY)= 0.0065 US Dollar (USD)
	1 Renminbi (RMB) = 0.14 US Dollar (USD)
	1 Canadian Dollar (CAD) = 0.69 US Dollar (USD)

The rank above is based on the income statement of the company in 2023. Income statements basically measure the business performance of a company at a specific time. The company that has positive net income showed the company in the right track of its business. Overall, the efficiency and effectiveness of the company in doing business can be measured in the income statements.

 

Brief Description of 30 World’s Biggest Insurance Companies in 2023

 

1.Ping Insurance       

Ping An is one of the three largest integrated financial groups in China which had over 232 million retail customers as of 2023. Specifically, in the insurance industry, Ping An has three core businesses, namely Life & Health, property and casualty insurance, and banking. Operationally, as of 2023, Ping A successfully collected Life & Health’s written premium of around RMB 601,934 million and Property and Casualty written premium of around RMB 302,160 million.

 

 

 

Historically, Ma Mingzhe found Ping An Insurance in 1988. Until now, this company has had its head office in Shenzhen, China. As of December 31st, 2023, the Chinese-based company has total assets RMB 11,583 billion or equivalent to USD 1,621 billion and total liabilities RMB 10,354 billion or equivalent to USD 1,449 billion. Based on the business performance in 2023, the company gained total revenue around RMB 1,031 billion or equivalent to USD 144 billion and net income around RMB 109 billion or equivalent to USD 15.26 billion.

2.Allianz SE       

 

AS of 2023, Allianz employed over 157,000 people worldwide and Allianz Group still became one of the world's leading insurers and asset managers with 125 million private and corporate customers in almost 70 countries. Specifically, in the insurance industry, Allianz has some insurance products, namely Property & Casualty Insurance and Health & Life Insurance. In the business performance relating to insurance business, Total business volume of Allianz comprising gross written premiums and fee and commission income in Property-Casualty reached EUR 76,531 million and statutory gross premiums in Life/Health achieved EUR 77,878 million.

 

 

Historically, Allianz was founded on 5 February 1890 by Carl von Thieme. Geographically, this company has head office in Munich, Germany, in 2023, the Insurance company has total assets around EUR 983 billion or equivalent to USD 1,022 billion and Total Liabilities around EUR 919 billion or equivalent to USD 955 billion. Based on the business performance in 2023, the company gained revenue and total revenue EUR 91.2 billion or equivalent to USD 94.8 billion and net income around net income EUR 9 billion or equivalent to USD 9.36 billion.

 

3.AXA S.A          

 

AXA is France-based insurance company that was founded in 1816 by Claude Bébéar. This company has a long journey in the financial industry especially in the Insurance sector. Along with business development, Axa has grown in over 51 countries with a total of 147,000 employees and serving around 94 million clients. Specifically, Axa has three major business lines, namely property-casualty insurance, life & savings, and asset management. In the business operation, as of 2023, Axa successfully collected Property & Casualty Gross Written Premiums of EUR 53,027 million, Health Gross Written Premiums of EUR 16,068 million, Life Gross Written Premiums of EUR 31,990 million.

 

 

In 2023, financially, based on its published annual report, the company has total assets around EUR 644 billion/ USD 669 billion and total liabilities around EUR 592 billion/ USD 615 billion. Based on the business performance in 2023, the company gained total revenue of or equivalent to and Net income around EUR 7.3 billion or equivalent to USD 7.5 billion.

4.Nippon Life Insurance             

 

Nippon Life Insurance Company or Nihon Seimei Hoken Sōgo-geisha, simply known as Nissay was founded on July 4, 1889. To date, the company has head office Imabashi Sanchōme, Chūō-ku, Osaka, Japan. Employed with 70,714 people as of 2023, Nippon Life can serve 15 million Clients and successfully collected JPY 4,594 billion of Annualized Premiums and pay for Insurance Claims, Annuities and Benets reached JPY 2,737 billion.

Financially, along with the development of the company, according to its annual report in 2023, the company has total assets JPY 97.5 trillion or equivalent to USD 633 billion and total liabilities around JPY 87 trillion or equivalent to USD 565 billion. Based on the business performance in 2023, the company can gain revenue around JPY 12 trillion or equivalent to USD 78 billion and Net Income around JPY 408 billion or equivalent to USD 2.6 billion.

5.Metlife Inc     

 

MetLife Inc is one of the oldest and the biggest insurance companies in the world. Historically, the company was founded on March 24, 1868. Geographically, the company has head office in the MetLife Building, New York City, USA. 

 

 

With 153 years of experience and presence in 40 markets globally, MetLife has still become one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. As of 2023, MetLife has successfully collected Direct Premium of USD 44,283 million. Financially, in 2023, the company has total assets around USD 687 billion and total liabilities around USD 657 billion. Based on its business performance in 2023, the company can gain revenue around USD 66.9 billion and net income around USD 1.6 billion.

 

6. Manulife Financial Insurance

 

 Manulife has grown into one of the largest insurance companies which has 38,000 employees globally and more than 98,000 agents worldwide. With these conditions, Manulife has served more than 35 million customers worldwide and successfully collected Annualized premium equivalent (“APE”) around $6.4 billion in 2023.

 

 

 Historically, this company was founded on June 23, 1887, and still has head office in Toronto, Ontario, Canada. In 2023, according to its annual report, the company has total assets around CAD 875 billion or equivalent to USD 603 billion and total liabilities around CAD 826 billion or equivalent to USD 569 billion. Based on the business performance in 2023, the company gained revenue around CAD 23.9 billion or equivalent to USD 16.4 billion and net income around CAD 5.6 billion or equivalent to USD 3.8 billion.

7.China Life insurance  

 

China Life insurance is another biggest insurance company from China. Historically, China life insurance was founded in 1949 and still has head office in Beijing, China. Along with Business development, China Life has more than 20,000 branches and outlets, employing 800,000 employees and sales staff, as well as more than 5,000 service counters. Globally, China Life also has branches and representative offices in Hong Kong, China, Macau, China, Singapore, Indonesia, London, UK, and New York, USA, providing financial insurance services to more than 800 million customers. In the insurance industry, the consolidated premium income exceeds RMB 820 billion in 2023.

 

 

Financially, based on the annual report in 2023, this company has assets around total assets RMB 5,802 billion or equivalent to USD 812 billion and total liabilities around RMB 5,315 billion or equivalent to USD 744 billion. Based on the business performance of the company, China Life can get revenue RMB 344 billion or equivalent to USD 48.1 billion with net income around 50.9 billion RMB or equivalent to 7.1 billion US Dollar.

8.Legal & General Group    

 

Legal & General Group plc, commonly known as Legal & General, is a British multinational insurance company headquartered in London, England. Established in 1836, Legal & General Group is a leading financial services group and insurance serves over 10 million people. In terms of insurance business performance, in 2023, Legal & General successfully collected Gross Written Premiums of GBP 1,991 million in the United Kingdom. Meanwhile, in the United States of America (USA), Legal & General collected Gross Written Premiums of USD 1,584 million.

 

 

Financially, in 2023, the company has total assets around GBP 522 billion or equivalent to USD 647 billion with liabilities around GBP 517 billion or equivalent to USD 641 billion. Based on the business performance in 2023, the company can gain revenue around GBP 9.6 billion or equivalent to USD 11.9 billion with net income around GBP 0.443 billion or equivalent to USD 0.54 billion.

9.American International Group             

 

American International Group, Inc., also known as AIG, is an American multinational insurance corporation. Historically, Cornelius Vander Starr founded this company on December 19, 1919. Along with business development, AIG has provided insurance solutions that help businesses and individuals in approximately 190 countries. In General Insurance, AIG gained net premiums written of around $26.7 billion. In the labor force aspects, AIG had approximately 25,200 employees based in approximately 50 countries as of December 2023.

 

 

In 2023, based on the financial structure on the balance sheet in the annual report of 2023, the American-based company has total assets around USD 539 billion with total liabilities around USD 488 billion. Based on the business performance in 2023, the company can get revenue around USD 46.8 billion with net income around USD 3.8 billion.

10.Assicurazioni Generali           

 

Assicurazioni Generali S.p.A. or simply known as Generali Group is based in Trieste, Italy. Established in 1831, Generali has grown into one of the leading in the insurance industry which has presence in over 50 countries in the world, with almost 82 thousand employees and 164 thousand agents, serving 70 million customers. Furthermore, in Insurance industries, Generali successfully collected gross premiums written to reach EUR 82,466 million. 

 

 

Financially, according to its annual report in 2023, Assicurazioni Generali  has total assets EUR 508 billion or equivalent to USD 528 billion and total liabilities around EUR 477 billion or equivalent to USD 496 billion. Based on the business performance in 2023, the company can get total revenue around EUR 49.4 billion or equivalent to USD 51.3 billion and net Income around EUR 4 billion or equivalent to USD 4.1 billion.

11.CNP Assurances       

 

Caisse Nationale de Prévoyance Assurances or commonly known as CNP Assurances is a French company engaged in the financial sector. This company was founded in 1959 and has many branches in some countries. As of 2023, CNP Assurances has 6,966 employees worldwide and served more than 36 million people. In operational aspects, CNP successfully gained premium income reaching EUR 35.6 billion.

 

          

Financially, in 2023, according to the balance sheet of the annual report in 2023, the CNP Assurances has total assets around EUR 441 billion or equivalent to USD 458 billion with total liabilities around EUR 414 billion or equivalent to USD 430 billion. Based on the business performance in 2023, the company gets total revenue around EUR 11.6 billion or equivalent to USD 12 billion with net income around EUR 1.8 billion or equivalent to USD 1.9 billion. 

12.Japan Post Insurance            

 

Japan Post Insurance Co., Ltd. or in Japanese known as Kabushiki-gaisha Kanpo Seimei Hoken is a Japanese insurance company that was founded on October 1, 2007. Geographically, this company has a head office in Tokyo, Japan. As of 2023, Japan Post Insurance has employed 18,427 people and this company successfully gained Insurance premiums income reaching JPY 2,484 billion.

 

 

In terms of the financial structure, according to the annual report, the company has total assets around USD 401 billion with total liabilities around USD 379 billion. Based on the business performance in 2023, the company will get total revenue around USD 44.5 billion and Net Income around USD 0.575 billion.

13.Aegon N.V   

 

 

Aegon N.V. is a Dutch multinational company headquartered in The Hague, Netherlands. Historically, it was founded in 1983. As of 2023, Aegon has served 23.9 million customers globally. In 2023, based on the financial structure of the company, Aegon has total assets around EUR 301 billion or equivalent to USD 313 billion with total liabilities around EUR 292 billion or equivalent to USD 303 billion. Based on the business performance in 2023, the company got revenue around EUR 10.3 billion or equivalent to USD 10.7 billion but suffered net loss around (EUR -0.199 billion) or equivalent to (USD -0.206 billion).

14.Zurich Insurance Group        

 

Zurich Insurance Group Ltd is a Swiss insurance company that has its head office in Zürich. Historically, this company was founded in 1872. As of 2023, Zurich is one of the leading multi-line insurers serving people and businesses which exist in more than 200 countries and territories and has employed about 60,000 people. Specifically, in 2023, Zurich insurance gained revenues in its line business, namely Property & Casualty gaining operating profit reaching USD 3.9 billion and Life business gaining USD 2.1 billion.

 

 

Financially, based on the financial conditions on the Balance sheet in 2023, the company has total assets around USD 361 billion with total liabilities around USD 335 billion. Based on the business performance in 2023, the company gained revenue of USD 56 billion and net income around USD 4.7 billion.

15.New York Insurance Company          

 

New York Life Insurance Company (NYLIC) is one of the largest insurance companies in the United States. As of 2023, New York Life has some insurance products, namely Term life insurance, Whole life insurance, Universal life insurance, Variable Universal Life Insurance, Long-term care insurance, Individual disability insurance. Operationally, this company has 12,000-plus agents and advisors to serve its customers. 

 

 

In terms of financial conditions according to the Balance sheet, the company has total assets around USD 231 billion with total liabilities around USD 206 billion. Based on the business performance in 2023, the company gained total revenue of USD 23 billion with net income around USD 0.027 billion.

 

16.Meiji Yasuda Life Insurance

 

Meiji Yasuda Life Insurance Company   is a Japanese   insurance company, headquartered in Tokyo and formed in 2004 with the merger between Meiji Life and Yasuda Life. Operationally, Meiji Yasuda employed 47,493 people (as of 2023) and successfully collected Insurance Premiums of JPY 1,474.7 billion (As of April 2024).

 

 

Financially, according to the balance sheet in 2023, the company has total assets around USD 349 billion with total liabilities around USD 310 billion. Based on the business performance in 2023, the company will get total revenue around USD 36 billion with net income around USD 1 billion.

 

17.Aviva Plc      

 

Aviva plc is a British multinational insurance company headquartered in London, England. Historically, this company started the business in 2000. As of 2023, Aviva is the United Kingdom’s leading diversified insurer across Insurance, Wealth and Retirement serving 19.2 million customers in the UK, Ireland, and Canada. Operationally, in 2023, Aviva successfully collected general insurance gross written premiums reaching GBP 10.9 billion.

 

 

 

Financially, according to the balance sheet 2023, the company has total assets around GBP 328 billion or equivalent to USD 406 billion with total liabilities around GBP 319 billion or equivalent to USD 395 billion. Based on the business performance in 2023, the company can gain total revenue around GBP 18.4 billion or equivalent to USD 22.8 billion with net income around GBP 1.1 billion or equivalent to USD 1.36 billion.

 

18.Dai-Ichi Life Holdings             

 

The Dai-ichi Life Insurance Company, Limited or Dai-ichi Seimei Hoken Kabushiki-kaisha (Japanese language) is one of the biggest insurance companies from Japan. It was founded on September 15, 1902, by Tsuneta Yano. As of 2023, Daichi presenting in 10 counties has served 13.8 million customers in Japan. Furthermore, this company also has 59,495 people. 

 

 

Financially, according to the balance sheet in the annual report, Dai-chi has total assets around USD 237 billion with total liabilities around USD 217 billion. Based on the business performance in 2023, the company has total revenue around USD 27 billion with net income around USD 1.3 billion.

19.Sumitomo Life Insurance

 

Sumitomo Life Insurance Company or in Japanese known as Sumitomo Seimei Hoken Sōgo-geisha, Sumisei is a mutual life insurance company that was founded in 1907 and has head office in Osaka. As of 2023, Sumitomo employed around 42,511 people and served more than 5 million customers. Furthermore, Sumitomo life has collected annualized premiums amounting to JPY 3,449.0 billion (As of March 2024).

 

 

Financially, according to the balance sheet in 2023, the company has total assets around USD 318 billion with total liabilities around USD 306 billion. Based on the business performance in 2023, the company has total revenue around USD 29 billion with net income around USD 1 billion.

20.Prudential Financial Inc        

 

Prudential Financial or formerly known as “Friendly Assurance Company” was founded in New Jersey in 1875 by John Dryden. The company still has head offices in Newark, New Jersey, USA. Along with business development from time to time, Prudential has more than 40 thousand Employees & sales associates worldwide serving 50 million customers in over 50 countries.

 

 

Financially, according to the financial conditions in 2023, the company has total assets around USD 721 billion with total liabilities of USD 691 billion. Based on the business performance in 2023, the company has total revenue of USD 53.9 billion and successfully gained net income of USD 2.5 billion.

 

21. Great-West Lifeco     

 

Great-West Lifeco is an international financial holding company specializing in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Operationally, Great-West Lifeco has operated in Canada, the United States and Europe under the brands Canada Life, Empower, and Irish Life. As of 2024, our companies had over 32,250 employees, 106,000 advisor relationships, and thousands of distribution partners who serve more than 40 million customers globally.

 

 

Financially, in 2023, Great-West Lifeco has total assets of around CAD 713 billion or equivalent to USD 491 billion with total liabilities of around CAD 683 billion or equivalent to USD 471 billion. In terms of business performance in 2023, the Great-West Lifeco successfully gained total revenue of CAD 20.4 billion or equivalent to USD 14 billion with Net Income reaching CAD 2.8 billion or equivalent to USD 1.9 billion.

 

22. JA Kyosai        

 

JA Kyosai was initiated in 1948 and as of 2023, members and policyholders of JA Kyosai have grown into several insurance products. In comprehensive life Insurance, policy holders reached 22.0 million. Furthermore, in Building Endowment Insurance, the policy holder reached 9.2 million. In addition, the policyholder of Automobile Insurance reached 8.2 million.

 

According to the Annual Report of 2023, JA Kyosai has total assets of around USD 432 billion with Total Liabilities of around USD 401 billion. In terms of business performance, JA Kyosai successfully generated total revenue of USD 38 billion and net income of USD 0.53 billion.

  

23. Crédit Agricole Assurances 

 

Crédit Agricole Assurances was founded May 21, 2008, and is still a subsidiary division of Crédit Agricole. To date, Crédit Agricole Assurances has 5,800 employees in France and abroad. As of 30 June 2024, Crédit Agricole Assurances' activities were organised into some operating segments, namely Life insurance, Property and casualty insurance, international insurance. Operationally, as of 2023, the revenue of Life insurance reached EUR 3.7 billion and the revenue of property and casualty insurance reached EUR 2.8 billion.

 

 

In the financial aspects, according to Crédit Agricole Assurances in 2023, total assets of Credit Agricole Assurances reached EUR 413 billion or equivalent to USD 429 billion with total liabilities of EUR 403 billion or equivalent to USD 419 billion. In terms of business performance in 2023, Crédit Agricole Assurances gained total revenue of EUR 7 billion or equivalent to USD 7.28 billion and successfully gained net income of EUR 1 billion or equivalent to USD 1.1 billion.

 

24. Munich RE      

 

Munich RE was founded 3 April 1880 and still has its headquarters in Munich, Germany. Munich Re's business line consists of Munich Reinsurance Company and ERGO. Specifically, Munich Reinsurance provides reinsurance cover for life, health, property, casualty, transport, aviation, space, fire, and engineering business. In the year 2023, Munich Reinsurance Company’s gross premium income totaled EUR 32,018 million. Meanwhile, ERGO managed some insurance products, namely life, health and property-casualty insurance which is present in more than 30 countries around the world and serves around 35 million clients.

 

 

Financially, in the year of 2023, Munich RE still has total Assets of EUR 273 billion/ USD 283 billion with total liabilities of EUR 244 billion/ USD 253 billion. In terms of business performance, the total revenue of Munich RE reached EUR 57.8 billion/ USD 60 billion with net income of Net Income of EUR 4.5 billion/ USD 4.6 billion.

 

25. UnitedHealth Group

 

UnitedHealth Group is a health care and well-being company with team members in two distinct and complementary businesses, namely Optum (provides technology services, pharmacy care services) and UnitedHealthcare (insurance and managed care company with four main segments, namely UnitedHealthcare Employer and Individual, UnitedHealthcare Medicare and Retirement, UnitedHealthcare Community and State, and UnitedHealthcare Global). UnitedHealth Group with governments, employers, partners, and providers served 148 million people. Since its foundation by Richard T. Burke in 1972, UnitedHealth Group has had a central office in Minnetonka, Minnesota and has grown with a labor force reaching 440,000 people. 

 

 

Financially, in 2023, UnitedHealth Group showed a strong financial position, with total assets amounting to USD 273 billion and total liabilities reaching USD 174 billion, reflecting a solid asset base and financial stability. Furthermore, the UnitedHealth Group also generated substantial revenue, with total revenue standing at USD 371 billion, indicating robust business operations and premium collections. After accounting for expenses and claims, the UnitedHealth Group reported gaining a net income of USD 23 billion, demonstrating profitability and effective fiscal management.

 

27. USAA    

 

United Services Automobile Association (USAA) is an American financial services company providing insurance and banking products to members of the military, veterans, and their families. Historically, it was founded in 1922 at San Antonio, Texas. To date, USAA has more than 37,000 employees serving more than 13.5 million members. United Services Automobile Association (USAA) has some insurance products consisting of property and casualty (P&C) insurance (including automobile insurance, homeowner insurance, renters' insurance, as well as umbrella and private property insurance) and whole life insurance, term life insurance, and annuities.

 

 

Financially, in 2023, The United Services Automobile Association (USAA) demonstrates a strong financial position, with total assets amounting to USD 211 billion and total liabilities of USD 182 billion. This indicates a robust balance sheet with a healthy asset-to-liability ratio. Meanwhile, the USAA also generated total revenue of USD 42.4 billion, reflecting its substantial market presence and operational efficiency. Additionally, it achieved a net income of USD 1.2 billion, underscoring its profitability and ability to effectively manage costs and risks in a competitive industry.

 

28. Liberty Mutual         

 

Founded on July 1, 1912, Liberty Mutual has grown into one of the largest insurance companies which offers many insurance products and services, including personal automobiles, homeowners, workers' compensation, and others. TO date, Liberty Mutual has existed in more than 29 Countries and employed more than 40,000 worldwide. In terms of operational performance, Liberty Mutual has successfully generated Premiums earned reaching USD 45,877 million in 2023.

 

 

Financially, in 2023 according to its annual report, The Liberty Mutual maintained a solid financial foundation, with total assets valued at USD 165 billion and total liabilities standing at USD 140 billion. This reflects a stable financial structure and prudent management of resources. The company reported total revenue of USD 49.4 billion, highlighting its strong market performance and ability to generate significant income. Despite a competitive landscape, it achieved a net income of USD 0.22 billion, demonstrating its capacity to remain profitable while navigating industry challenges.

29. Progressive      

 

Progressive is a leading insurance company specializing in auto insurance, founded in 1937 by Joseph Lewis and Jack Green. To date, headquartered in Mayfield, Ohio, U.S., Progressive has served more than 37 million customers with employees of 55,100 people. Operationally, in 2023, Progressive gained net premium writing reaching USD 61.6 billion.

 

 

According to its annual report in 2023, the financial condition of Progressive remained stable, as reflected in key financial metrics. Total assets stood at USD 88 billion, while total liabilities amounted to USD 68 billion, indicating a well-capitalized balance sheet with a manageable level of obligations. Furthermore, Progressive generated total revenue of USD 62.1 billion, driven by premium collections, investment income, and other financial activities. After deducting expenses, claims, and operational costs, insurance companies reported a net income of USD 3.9 billion, highlighting their profitability and operational efficiency.

 

30. The Travelers Companies   

 

The Travelers Companies, Inc., commonly known as Travelers, is an American insurance company which provides commercial and private property and casualty insurance products to its customers. To Date, The Travelers has more than 30,000 employees and 15,000 independent agents and brokers spreading over the United States, Canada, the United Kingdom, and Ireland. Operationally, in the year 2023, The Travelers successfully gained Earned Premiums reaching USD 37,761 million.

 

 

The Travelers Companies exhibit a robust financial profile, with total assets amounting to USD 125 billion and total liabilities recorded at USD 101 billion. This indicates a favorable asset-to-liability ratio, reflecting financial stability and effective capital management. In addition, The Travelers Companies generated total revenue of USD 41.3 billion, highlighting their operational efficiency and strong market presence. Furthermore, it achieved a net income of USD 2.9 billion, underscoring its profitability and ability to optimize revenue streams while maintaining cost discipline in a dynamic and competitive industry landscape.

 

31. Cigna     

 

The Cigna Group was founded in 1982. To Date, The Cigna's global workforce reached 72,500 which can serve 164 million customers globally in more than 30 markets. Operationally, Cigna group has two growth platforms, namely Ever north Health Services and Cigna Healthcare.

 

 

Financially, according to the annual report in 2023, the financial performance of Cigna reflected a stable and well-managed fiscal structure. Total assets were recorded at USD 152 billion, while total liabilities reached USD 106 billion, indicating a strong capital position with a controlled debt-to-equity ratio. The industry reported total revenue of USD 195 billion, primarily driven by premium collections, investment income, and underwriting activities. After accounting for claims, operational expenses, and financial adjustments, the sector achieved a net income of USD 5.3 billion, demonstrating sustained profitability and efficient risk management.

32. Nationwide Mutual Insurance Company          

 

 

Nationwide Mutual Insurance Company insurance and financial services companies based in Columbus, Ohio, United States of America (USA) founded on April 14, 1926. To Date, Nationwide has around 25,000 employees. Financially, in 2023, the financial position of Nationwide Mutual Insurance Company demonstrated stability and resilience. Total assets amounted to USD 298 billion, reflecting a substantial capital base and a well-diversified portfolio of investments. Furthermore, The Nationwide Mutual Insurance Company generated total revenue of USD 60.3 billion, primarily driven by premium income, investment returns, and underwriting activities. Despite various operational expenses and claims liabilities, The Nationwide Mutual Insurance Company reported a net income of USD 1.3 billion, indicating sustained profitability amid economic fluctuations.

33. Allstate  

 

The Allstate Corporation was founded on April 17, 1931, and the headquarters of Allstate located in Northbrook, Illinois, U.S.A. As of 2023, The Allstate Corporation has 53,400 employees, 9,100 exclusive agents and agent support staff, 20,200 licensed sales professionals and 50,900 independent agents. Furthermore, Allstate has 194 million policies in force in 2023. 

 

 

Financially, in 2023, the financial performance of Allstate reflected both strengths and challenges within the industry. Total assets were recorded at USD 103 billion, while total liabilities reached USD 85 billion, indicating a stable but leveraged financial structure. The sector generated total revenue of USD 57.9 billion, primarily driven by underwriting activities, premium collections, and investment returns. However, after accounting for claims payouts, operational expenditures, and market fluctuations, the Allstate suffered a net loss of USD 0.21 billion, signifying temporary financial strain.

34. Lincoln Financial Group     

 

 

Lincoln National Corporation is an insurance and Asset management company founded in 1905 by Perry Randall. The Number of employees of Lincoln is around 11,000 people. Financially, in 2023, the financial standing of Lincoln Financial Group reflected a highly leveraged structure, with total assets amounting to USD 372 billion and total liabilities reaching USD 365 billion, indicating a narrow equity buffer. The Lincoln Financial Group reported total revenue of USD 11.6 billion, generated primarily from premium collections, investment returns, and underwriting activities. However, due to increased claims payouts, operational costs, and potential investment losses, the sector incurred a net loss of USD 0.75 billion.

 

The Summary of 15 World’s Biggest Insurance Companies in 2023 Based on Total Assets

 

 

 

The Summary of 15 World’s Biggest Insurance Companies in 2023 Based on Net Income 

 

 

 

 

Bibliography 30 World’s Biggest Insurance Companies in 2023 

 

Ping An Insurance. 2024. Annual Report 2023. Accessed via https://group.pingan.com/investor_relations.html  on August 30th, 2024.

American International Group. 2024. Annual Report 2023. Accessed via https://www.aig.com/investor-relations/annual-reports-and-proxy-statements  on August 30th, 2024.

AXA S.A. 2024. Annual Report 2023. Accessed via https://www.axa.com/en/investor/annual-and-interim-reports  on August 30th, 2024.

Allianz SE. 2024. Annual Report 2023. Accessed via https://www.allianz.com/en/investor_relations/results-reports/annual-reports.html on August 30th, 2024.

China Life insurance. 2024. Annual Report 2023. Accessed via https://www.e-chinalife.com/tzzgx/investor-relations/faqs/   on August 30th, 2024.

MetLife Inc. 2024. Annual Report 2023. Accessed via https://investor.metlife.com/financials/annual-reports/default.aspx  on August 30th, 2024.

Zurich Insurance Group. 2024. Annual Report 2023. Accessed via https://www.zurich.com/en/investor-relations/results-and-reports  on August 30th, 2024.

Manulife Financial Insurance. 2024. Annual Report 2023. Accessed via https://www.manulife.com/en/investors/results-and-reports.html  on August 30th, 2024.

New York Insurance Company. 2024. Annual Report 2023. Accessed via https://www.newyorklife.com/about/financial-information  on August 30th, 2024.

Assicurazioni Generali. 2024. Annual Report 2023. Accessed via https://www.generali.com/investors/reports-and-presentations on August 30th, 2024.

Nippon Life Insurance. 2024. Annual Report 2023. Accessed via https://www.nissay.co.jp/english/annual/2021.html  on August 30th, 2024.

Legal & General Group Pc. 2024. Annual Report 2023. Accessed via https://group.legalandgeneral.com/en/investors/results-reports-and-presentations on August 30th, 2024.

Aviva Plc. 2024. Annual Report 2023. Accessed via https://www.aviva.com/investors/reports/ on August 30th, 2024.

Aegon N.V. 2024. Annual Report 2023. Accessed via https://www.aegon.com/investors/annual-reports/  on August 30th, 2024.

Meiji Yasuda Life Insurance. 2024. Annual Report 2023. Accessed via https://www.meijiyasuda.co.jp/english/disclosure/annual-reports/backnumber/2021.html on August 30th, 2024.

Dai-Ichi Life Holdings. 2024. Annual Report 2023. Accessed via https://www.dai-ichi-life-hd.com/en/investor/library/annual_report/index.html on August 30th, 2024.

CNP Assurances. 2024. Annual Report 2023. Accessed via https://www.cnp.fr/en/the-cnp-assurances-group/newsroom/publications on August 30th, 2024.

Japan Post Insurance. 2024. Annual Report 2023. Accessed via https://www.japanpost.jp/en/ir/ on August 30th, 2024.

Sumitomo Life Insurance. 2024. Annual Report 2023. Accessed via https://www.sumitomolife.co.jp/english/annual/ on August 30th, 2024 .

Prudential Financial Inc. 2024. Annual Report 2023. Accessed via https://www.prudentialplc.com/en/investors/reports/2021 on August 30th, 2024.

USAA. 2024. Annual Report 2023. Accessed via https://mobile.usaa.com/about/annual-report-members/?akredirect=true  on November 25th, 2024.      

Liberty Mutual. 2024. Annual Report 2023. Accessed via https://www.libertymutualgroup.com/about-lm/investor-relations/overview on November 25th, 2024.          

Progressive. 2024. Annual Report 2023. Accessed via https://www.progressive.com/ on November 25th, 2024.              

The Travelers Companies. 2024. Annual Report 2023. Accessed via https://investor.travelers.com/home/default.aspx   on November 25th, 2024.           

Cigna. 2024. Annual Report 2023. Accessed via https://investors.thecignagroup.com/financials/annual-reports/default.aspx   on November 25th, 2024.                  

Nationwide Mutual Insurance Company. 2024. Annual Report 2023. Accessed via https://www.nationwide.com/cps/annual-report/index.html   on November 25th, 2024.            

Allstate. 2024. Annual Report 2023. Accessed via https://www.allstateinvestors.com/?adobe_mc=MCMID%3D60063079932367550081322681049388141846%7CMCORGID%3D97021C8B53295DF30A490D4D%2540AdobeOrg%7CTS%3D1738393448 on November 25th, 2024.           

Munich RE. 2024. Annual Report 2023. Accessed via https://www.munichre.com/en/company/investors.html  on November 25th, 2024.               

UnitedHealth Group. 2024. Annual Report 2023. Accessed via https://www.unitedhealthgroup.com/   on November 25th, 2024.           

JA Kyosai. 2024. Annual Report 2023. Accessed via https://www.ja-kyosai.or.jp/about/annual_report/   on November 25th, 2024.               

Crédit Agricole Assurances. 2024. Annual Report 2023. Accessed via https://www.ca-assurances.com/en/investors/   on November 25th, 2024.