35 World’s Biggest Insurance Companies

 

35 World’s Biggest Insurance Companies in 2024

 

35 World’s Biggest Insurance Companies in 2024- According to the Annual Report of each insurance Company in 2024, there are 35 World’s Biggest Insurance Companies in 2024. 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 2024, these companies have billions of dollars of total assets and demonstrated amazing performance with gaining billion US Dollar of net income in 2024. Maybe Some people know about these insurance 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 2024. All the data came from the Annual Report of Companies in 2024.

 

The Rank 35 World’s Biggest Insurance Companies Based on Total Assets in 2024

 

Rank	Name of Insurance Company	Total Assets in 2024	Total Assets in 2024	Total Liabilities in 2024	Total Liabilities in 2024
		Origin Currency	US Dollar	Origin Currency	US Dollar
1	Ping An Insurance	RMB 12,957 billion	USD 1,813 billion	RMB 11,653 billion	USD 1,631 billion
2	Allianz Group	EUR 1,044 billion	USD 1,158 billion	EUR 980 billion	USD 1,087 billion
3	China Life insurance	RMB 6,769 billion	USD 947 billion	RMB 6,248 billion	USD 874 billion
4	Legal & General Group plc	GBP 544 billion	USD 739 billion	GBP 540 billion	USD 734 billion
5	Prudential Financial Inc	USD 735 billion	USD 735 billion	USD 707 billion	USD 707 billion
6	AXA S. A	EUR 654 billion	USD 725 billion	EUR 602 billion	USD 668 billion
7	Manulife Financial Insurance	CAD 978 billion	USD 704 billion	CAD 925 billion	USD 666 billion
8	MetLife Inc	USD 677 billion	USD 677 billion	USD 649 billion	USD 649 billion
9	Nippon Life Insurance	JPY 96.3 trillion	USD 654 billion	JPY 87.6 trillion	USD 595 billion
10	Assicurazioni Generali	EUR 538 billion	USD 597 billion	EUR 505 billion	USD 560 billion
11	Great-West Lifeco	CAD 802 billion	USD 577 billion	CAD 769 billion	USD 553 billion
12	CNP Assurances	EUR 434 billion	USD 481 billion	EUR 413 billion	USD 458 billion
13	Aviva Plc	GBP 353 billion	USD 480 billion	GBP 345 billion	USD 469 billion
14	Credit Agricole Assurances	EUR 420 billion	USD 466 billion	EUR 410 billion	USD 455 billion
15	Dai-Ichi Life Holdings	USD 446 billion	USD 446 billion	USD 420 billion	USD 420 billion
16	Japan Post Insurance	JPY 59.55 trillion	USD 404 billion	JPY 56.3 trillion	USD 382 billion
17	Lincoln Financial Group	USD 390 billion	USD 390 billion	USD 382 billion	USD 382 billion
18	JA Kyosai	USD 384 billion	USD 384 billion	USD 351 billion	USD 351 billion
19	Northwestern Mutual	USD 378 billion	USD 378 billion	USD 346 billion	USD 346 billion
20	Zurich Insurance Group	USD 358 billion	USD 358 billion	USD 331 billion	USD 331 billion
21	Meiji Yasuda Life Insurance	USD 357 billion	USD 357 billion	USD 323 billion	USD 323 billion
22	Aegon N. V	EUR 327 billion	USD 362 billion	EUR 318 billion	USD 352 billion
23	Sumitomo Life Insurance	USD 326 billion	USD 326 billion	USD 316 billion	USD 316 billion
24	Nationwide Mutual Insurance Company	USD 322 billion	USD 322 billion
25	Munich RE	EUR 286 billion	USD 317 billion	EUR 253 billion	USD 280 billion
26	UnitedHealth Group	USD 298 billion	USD 298 billion	USD 195 billion	USD 195 billion
27	Chubb Limited	USD 246 billion	USD 246 billion	USD 178 billion	USD 178 billion
28	New York Life Insurance Company	USD 244 billion	USD 244 billion	USD 218 billion	USD 218 billion
29	State Farm	USD 239 billion	USD 239 billion
30	USAA	USD 220 billion	USD 220 billion	USD 188 billion	USD 188 billion
31	Liberty Mutual	USD 166 billion	USD 166 billion	USD 136 billion	USD 136 billion
32	American International Group	USD 161 billion	USD 161 billion	USD 118 billion	USD 118 billion
33	Cigna	USD 155 billion	USD 155 billion	USD 114 billion	USD 114 billion
34	The Travelers Companies	USD 133 billion	USD 133 billion	USD 105 billion	USD 105 billion
35	Allstate	USD 111 billion	USD 111 billion	USD 90 billion	USD 90 billion
36	Progressive	USD 106 billion	USD 106 billion	USD 80 billion	USD 80 billion
Source: Annual Report, 2024
Description:
Origin Currency: Currency officially used in Annual Report 2024
US Dollar: Converted currency from Origin Currency to US Dollar
Currency Rates:
	1 Euro = 1.11 US Dollar (USD)
	1 Pound sterling (GBP) = 1.36 US Dollar (USD)
	1 Yen (JPY)= 0.0068 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 2024. The data can be obtained from the balance sheet of the Annual Report in 2024. 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 35 World’s Biggest Insurance Companies Based on Net Income in 2024

 

Rank	Name of Insurance Company	Total Revenue in 2024	Total Revenue in 2024	Net Income in 2024	Net Income in 2024
		Origin Currency	US Dollar	Origin Currency	US Dollar
1	Ping An Insurance	RMB 1,141 billion	USD 159 billion	RMB 146 billion	USD 20.4 billion
2	UnitedHealth Group	USD 400 billion	USD 400 billion	USD 15.2 billion	USD 15.2 billion
3	China Life insurance	RMB 528 billion	USD 74 billion	RMB 108 billion	USD 15 billion
4	Allianz Group	EUR 97.6 billion	USD 108.3 billion	EUR 10.5 billion	USD 11.6 billion
5	Chubb Limited	USD 55.7 billion	USD 55.7 billion	USD 9.6 billion	USD 9.6 billion
6	AXA S. A	EUR 87.3 billion	USD 97 billion	EUR 8 billion	USD 8.8 billion
7	Progressive	USD 75.3 billion	USD 75.3 billion	USD 8.4 billion	USD 8.4 billion
8	Munich RE	EUR 60.8 billion	USD 67.4 billion	EUR 5.7 billion	USD 6.3 billion
9	Zurich Insurance Group	USD 59.5 billion	USD 59.5 billion	USD 6.2 billion	USD 6.2 billion
10	The Travelers Companies	USD 46.4 billion	USD 46.4 billion	USD 4.9 billion	USD 4.9 billion
11	State Farm	USD 69 billion	USD 69 billion	USD 4.86 billion	USD 4.86 billion
12	Allstate	USD 64.1 billion	USD 64.1 billion	USD 4.6 billion	USD 4.6 billion
13	Assicurazioni Generali	EUR 54.1 billion	USD 60 billion	EUR 4.1 billion	USD 4.5 billion
14	Liberty Mutual	USD 50.2 billion	USD 50.2 billion	USD 4.42 billion	USD 4.42 billion
15	MetLife Inc	USD 70.9 billion	USD 70.9 billion	USD 4.4 billion	USD 4.4 billion
16	Manulife Financial Insurance	CAD 26.5 billion	USD 19.1 billion	CAD 5.8 billion	USD 4.1 billion
17	USAA	USD 48.6 billion	USD 48.6 billion	USD 3.8 billion	USD 3.8 billion
18	Cigna	USD 247 billion	USD 247 billion	USD 3.7 billion	USD 3.7 billion
19	Nationwide Mutual Insurance	USD 68.5 billion	USD 68.5 billion	USD 3.2 billion	USD 3.2 billion
20	Lincoln Financial Group	USD 18.4 billion	USD 18.4 billion	USD 3.1 billion	USD 3.1 billion
21	Nippon Life Insurance	JPY 11 trillion	USD 74 billion	JPY 439 billion	USD 2.98 billion
22	Prudential Financial Inc	USD 70.4 billion	USD 70.4 billion	USD 2.8 billion	USD 2.8 billion
23	Great-West Lifeco	CAD 21.2 billion	USD 15.2 billion	CAD 3.9 billion	USD 2.8 billion
24	CNP Assurances	EUR 11 billion	USD 12.2 billion	EUR 1.95 billion	USD 2.1 billion
25	Dai-Ichi Life Holdings	USD 72.8 billion	USD 72.8 billion	USD 2.1 billion	USD 2.1 billion
26	Credit Agricole Assurances	EUR 14 billion	USD 15.5 billion	EUR 1.9 billion	USD 2.1 billion
27	JA Kyosai	USD 38 billion	USD 38 billion	USD 1.8 billion	USD 1.8 billion
28	Meiji Yasuda Life Insurance	USD 37.5 billion	USD 37.5 billion	USD 1 billion	USD 1 billion
29	Aviva Plc	GBP 20.7 billion	USD 27.3 billion	GBP 0.70 billion	USD 0.95 billion
30	Japan Post Insurance	JPY 6.1 trillion	USD 41.4 billion	JPY 123 billion	USD 0.84 billion
31	Aegon N. V	EUR 9.8 billion	USD 10.8 billion	EUR 0.67 billion	USD 0.74 billion
32	Northwestern Mutual	USD 38.1 billion	USD 38.1 billion	USD 0.56 billion	USD 0.56 billion
33	New York Life Insurance Company	USD 27 billion	USD 27 billion	USD 0.470 billion	USD 0.470 billion
34	Sumitomo Life Insurance	USD 34.6 billion	USD 34.6 billion	USD 0.32 billion	USD 0.32 billion
35	Legal & General Group plc	GBP 10.5 billion	USD 14.3 billion	GBP 0.195 billion	USD 0.27 billion
36	American International Group	USD 27.2 billion	USD 27.2 billion	(-USD 0.92 billion)	(-USD 0.92 billion)
Source: Annual Report, 2024
Description:
Origin Currency: Currency officially used in Annual Report 2023
US Dollar: Converted currency from Origin Currency to US Dollar
Currency Rates:
	1 Euro = 1.11 US Dollar (USD)
	1 Pound sterling (GBP) = 1.36 US Dollar (USD)
	1 Yen (JPY)= 0.0068 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 2024. 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 35 World’s Biggest Insurance Companies in 2024

 

1.Ping An Insurance       

Historically, Ma Mingzhe found Ping An Insurance in 1988 and until now, this company has its head office in Shenzhen, China. Overall, Ping An Insurance is one of the three largest integrated financial groups in China which served over 242 million retail customers as of 2024. Specifically, in the insurance industry, Ping An has three core businesses, namely Life & Health, property and casualty insurance, and banking. Operationally, as of 2024, Ping An Insurance successfully collected life & health’s written premium of around RMB 629,695 million and Property and Casualty written premium of around RMB 321,821 million. In property and casualty insurance, Ping An provides some insurance products including Auto insurance, Liability insurance, Health insurance, Accidental injury insurance, Agricultural insurance, and Guarantee insurance.

In terms of financial conditions, as of December 31st, 2024, according to its annual report, Ping An Insurance has total assets RMB 12,957 billion or equivalent to USD 1,813 billion and total liabilities RMB 11,653 billion or equivalent to USD 1,631 billion. Based on the business performance in 2024, Ping An Insurance gained total revenue around RMB 1,141 billion or equivalent to USD 159 billion and net income around RMB 146 billion or equivalent to USD 20.4 billion.

 

2.Allianz SE       

 

Historically, Allianz was founded on 5 February 1890 by Carl von Thieme. Geographically, this company has head office in Munich, Germany. As of 2024, Allianz employed over 156,000 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, insurance business activities of Allianz Group are divided into two categories, namely property-casualty insurance, and life/health insurance. Related to the Property-Casualty business segment, Allianz provides motor, accident, property, general liability, pet insurance, travel insurance, and assistance services. In the business performance relating to insurance business, total business volume of Allianz consisting of gross written premiums and fee and commission income in Property-Casualty reached EUR 80,230 million and gross premiums in Life/Health achieved EUR 89,317 million.

Financially, in 2024, according to its annual report, the Allianz Group has total assets around EUR 983 billion or equivalent to USD 1,022 billion and total liabilities around EUR 1,044 billion or equivalent to USD 1,158 billion. Based on the business performance in 2024, the Allianz Group successfully gained total revenue EUR 97.6 billion or equivalent to USD 108.3 billion and net income around EUR 10.5 billion or equivalent to USD 11.6 billion.

 

3.AXA S.A.     

 

AXA S.A. 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 50 countries with a total of 154,000 employees and serving around 95 million clients across the nations. Specifically, Axa has three major business lines, namely property-casualty insurance, life & savings insurance, and asset management. In the insurance business operation, as of 2024, Axa successfully collected Gross Premium Written of Property & Casualty reaching EUR 56,514 million and Gross Written Premiums of Life & Health reaching EUR 51,983 million. In the insurance industry, AXA S.A. offers a broad range of products including Motor, Household, Property, and general liability insurance across the nations.

In 2024, financially, based on its published annual report, the Axa S.A. has total assets around EUR 654 billion or equivalent to USD 725 billion and total liabilities around EUR 592 billion or equivalent to USD 615 billion. Based on the business performance in 2024, the company gained total revenue of EUR 87.3 billion or equivalent to USD 97 billion and net income around EUR 8 billion or equivalent to USD 8.8 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 68,072 people as of 2024, Nippon Life can serve 15 million Clients and successfully collected JPY 4,756 billion of Annualized Premiums and pay for Insurance Claims, Annuities and Benefits reached JPY 2,680 billion. In terms of insurance business, Nippon Life operates life insurance business in some countries including Japan, including the U.S.A, Australia, India, Myanmar, China, Thailand, and Indonesia.

Financially, along with the development of the company, according to its annual report in 2024, the Nippon Life Insurance Company has total assets JPY 96.3 trillion or equivalent to USD 654 billion and total liabilities around JPY 87.6 trillion or equivalent to USD 595 billion. Based on the business performance in 2024, the Nippon Life Insurance Company successfully gained total revenue around JPY 11 trillion or equivalent to USD 74 billion and net income around JPY 439 billion or equivalent to USD 2.98 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 2024, MetLife successfully collected a direct premium of USD 45,153 million. Furthermore, In the United States of America (USA), The MetLife companies offer some insurance products, namely life insurance, annuities, auto and home insurance and other financial services to individuals. Financially, according to its annual report in 2024, MetLife Inc has total assets around USD 677 billion and total liabilities around USD 649 billion. Based on its business performance in 2024, MetLife Inc earned total revenue reaching USD 70.9 billion and net income around USD 4.4 billion.

 

 6. Manulife Financial Corporation

Historically, this company was founded on June 23, 1887, and still has head office in Toronto, Ontario, Canada. Along with business development, Manulife has grown into one of the largest insurance companies which has 37,000 employees globally and more than 109,000 agents worldwide. With these conditions, Manulife has served more than 36 million customers worldwide and successfully collected Annualized premium equivalent (“APE”) around USD 8.4 billion in 2024. Specifically, in the insurance industry, Manulife Financial offers a range of insurance products including Health insurance (Health & dental insurance, Disability insurance, Critical illness insurance), Life insurance (Term life insurance, Guaranteed issue life insurance, Permanent life insurance), and travel insurance.

Financially, in 2024, according to its annual report, the Manulife Financial Corporation has total assets around CAD 978 billion or equivalent to USD 704 billion and total liabilities around CAD 925 billion or equivalent to USD 666 billion. Based on the business performance in 2024, the Manulife Financial Corporation successfully earned total revenue around CAD 26.5 billion or equivalent to USD 19.1 billion and net income around CAD 5.8 billion or equivalent to USD 4.1 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 900,000 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 Gross written premiums of China Life were around RMB 671,457 million in 2024.

 

Financially, based on the annual report in 2024, the China Life insurance has total assets around RMB 6,769 billion or equivalent to USD 947 billion and total liabilities around RMB 6,248 billion or equivalent to USD 874 billion. Based on the business performance of the company, China Life Insurance collected total revenue of RMB 528 billion or equivalent to USD 74 billion with net income around RMB 108 billion or equivalent to USD 15 billion.

 

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 with total employees around 10,799. 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 2024, the Legal & General Group has total assets around GBP 544 billion or equivalent to USD 739 billion with liabilities around GBP 540 billion or equivalent to USD 734 billion. Based on the business performance in 2024, the Legal & General Group can gain total revenue around GBP 10.5 billion or equivalent to USD 14.3 billion with net income around GBP 0.195 billion or equivalent to USD 0.27 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 200 countries. In General Insurance, AIG gained net premiums written of around USD 23.9 billion. In the labor force aspects, AIG had approximately 22,200 employees based in approximately 46 countries as of December 2024. Commonly, AIG International offers General Insurance which is managed by its subsidiary companies including National Union Fire Insurance Company, American Home Assurance Company, Lexington Insurance Company, AIG General Insurance Company, Ltd., AIG Asia Pacific Insurance, Pte, Ltd., AIG Europe S.A., American International Group UK Ltd., Talbot Underwriting Ltd., Western World Insurance Company and Glatfelter Insurance Group (Glatfelter).

In 2024, based on the financial structure on the balance sheet in the annual report of 2024, AIG International has total assets around USD 161 billion with total liabilities around USD 118 billion. Based on the business performance in 2024, AIG International successfully earned total revenue around USD 27.2 billion but unfortunately suffered net loss around USD - 0.92 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 leadings in the insurance industry, which has presence in over 50 countries in the world, with almost 87 thousand employees and 165 thousand agents, serving 71 million customers. Furthermore, in Insurance industries, Generali successfully collected gross premiums written to reach EUR 95,190 million in the year of 2024. Specifically, in the property & casualty (P&C) insurance industry, Generali successfully gained gross written premiums around EUR 33,756 million. Commonly, Generali offer some insurance products including Life insurance, Property and Casualty insurance, Insurance for Companies, and Insurance solutions with ESG components.

 

Financially, according to its annual report in 2024, Assicurazioni Generali has total assets EUR 538 billion or equivalent to USD 597 billion and total liabilities around EUR 505 billion or equivalent to USD 560 billion. Based on the business performance in 2024, the company can get total revenue around EUR 54.1 billion or equivalent to USD 60 billion and net income around EUR 4.1 billion or equivalent to USD 4.5 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 2024, CNP Assurances has 8,479 employees worldwide and served more than 36 million people. In terms of operational aspects, CNP successfully gained premium income reaching EUR 36.2 billion.

         

Financially, in 2024, according to the balance sheet of the annual report in 2024, CNP Assurances has total assets around EUR 434 billion or equivalent to USD 481 billion with total liabilities around EUR 413 billion or equivalent to USD 458 billion. Based on the business performance in 2024, CNP Assurances successfully collected total revenue around EUR 11 billion or equivalent to USD 12.2 billion with net income around EUR 1.95 billion or equivalent to USD 2.1 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, and became the subsidiary company of Japan Post Group. Geographically, this company has a head office in Tokyo, Japan. As of 2024, Japan Post Insurance has employed 17,952 people and this company successfully gained Insurance premiums income reaching JPY 2,484 billion in 2024.

In terms of the financial structure, according to the annual report, the Japan Post Insurance has total assets around JPY 59.5 trillion or equivalent to USD 404 billion with total liabilities around JPY 56.3 trillion or equivalent to USD 382 billion. Based on the business performance in 2024, the Japan Post Insurance earned total revenue around JPY 6.1 trillion or equivalent to USD 41.4 billion and net Income around JPY 123 billion or equivalent to USD 0.84 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 2024, Aegon has served 24.4 million customers globally.

In 2024, based on the financial structure of the company, Aegon has total assets around EUR 327 billion or equivalent to USD 362 billion with total liabilities around EUR 318 billion or equivalent to USD 352 billion. Based on the business performance in 2024, Aegon N.V. got total revenue around EUR 9.8 billion or equivalent to USD 10.8 billion and successfully gained net income around EUR 0.67 billion or equivalent to USD 0.74 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 2024, 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 63,000 people serving more than 75 million people worldwide.

In the insurance industry, Zurich offers many Property & Casualty (P&C) and life insurance products. Furthermore, Zurich Insurance also owned Farmers Insurance, one of the biggest insurance companies popular in the USA, which was acquired in 1998. Specifically, in 2024, Zurich insurance gained revenues in its line business, namely Property & Casualty gaining operating profit reaching USD 4.2 billion and Life business gaining USD 2.2 billion.

 

Financially, based on the financial conditions on the Balance sheet in 2024, Zurich Insurance has total assets around USD 358 billion with total liabilities around USD 331 billion. Based on the business performance in 2024, Zurich Insurance successfully earned total revenue of USD 59.5 billion and net income around USD 6.2 billion.

 

15.New York Insurance Company          

 

New York Life Insurance Company is one of the largest insurance companies in the United States. As of 2024, 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 New York Insurance company has total assets around USD 244 billion with total liabilities around USD 218 billion. Based on the business performance in 2024, the New York Insurance gained total revenue of USD 27 billion with net income around USD 0.47 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 47,787 people as of 2024 and successfully collected Insurance Premiums of JPY 2,766 billion from April 2024 until March 2025. Furthermore, the number of Policyholder Meiji Yasuda reached 6,065,718 people.

 

Financially, according to the balance sheet in 2024, the company has total assets around USD 357 billion with total liabilities around USD 323 billion. Based on the business performance in 2024, the company will get total revenue around USD 37.5 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 2024, Aviva is the United Kingdom’s leading diversified insurer across Insurance, Wealth and Retirement serving 20.5 million customers in the UK, Ireland, and Canada. Operationally, in 2024, Aviva successfully collected general insurance gross written premiums reaching GBP 12.2 billion. Commonly, Aviva basically has a strong position in the United Kingdom, Canada, and Ireland.

 Financially, according to the balance sheet 2024, Aviva has total assets around GBP 353 billion or equivalent to USD 480 billion with total liabilities around GBP 345 billion or equivalent to USD 469 billion. Based on the business performance in 2024, Aviva earned total revenue around GBP 20.7 billion or equivalent to USD 27.3 billion with net income around GBP 0.70 billion or equivalent to USD 0.95 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 2024, 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-ichi Life has total assets around USD 446 billion with total liabilities around USD 420 billion. Based on the business performance in 2024, Dai-ichi Life collected total revenue around USD 72 billion with net income around USD 2.1 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 2024, Sumitomo employed around 42,511 people and served more than 5 million customers. Furthermore, The Policies in Force of Sumitomo life in 2024 consist of Individual life insurance of around JPY 47.9 trillion, Individual annuities of around JPY 14.2 trillion, Group insurance of around JPY 33.3 trillion and Group annuities of around JPY 2.7 trillion.

 Financially, according to the balance sheet in 2024, the company has total assets around USD 326 billion with total liabilities around USD 316 billion. Based on the business performance in 2024, the company has total revenue around USD 34.6 billion with net income around USD 0.32 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. Commonly, Prudential provides some life insurance (Term life insurance, Universal life insurance, Indexed variable universal life insurance and Permanent life insurance).

Financially, according to the financial conditions in 2024, Prudential Financial has total assets around USD 735 billion with total liabilities of USD 707 billion. Based on the business performance in 2024, the Prudential Financial successfully earned total revenue of USD 70.4 billion and successfully gained net income of USD 2.8 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. Commonly, in running its insurance business, Great-West Lifeco Inc. has operations in Canada, the U.S. and Europe through the subsidiary company including The Canada Life Assurance Company (Canada Life), Empower Annuity Insurance Company of America (Empower, formerly known as Great-West Life & Annuity Insurance Company), and Irish Life Group Limited (Irish Life).

Financially, in 2024, Great-West Lifeco has total assets of around CAD 802 billion or equivalent to USD 577 billion with total liabilities of around CAD 769 billion or equivalent to USD 535 billion. In terms of business performance in 2024, the Great-West Lifeco successfully gained total revenue of CAD 21.2 billion or equivalent to USD 15.2 billion with net income reaching CAD 3.9 billion or equivalent to USD 2.8 billion.

 

22. JA Kyosai        

 

JA Kyosai was initiated in 1948 as an agricultural cooperative insurance business and as of 2023, the members and policyholders of JA Kyosai have grown into several insurance products. In comprehensive life Insurance, policy holders reached 21.3 million policies. Furthermore, in Building Endowment Insurance, the policy holder reached 8.9 million. In addition, the policyholder of Automobile Insurance reached 8.1 million. In the life insurance business, JA Kyosai provides some life insurance products including Whole Life Insurance, Term Life Insurance, Endowment Life Insurance, Children’s Insurance, Medical Insurance, Nursing Care Insurance, Dementia Insurance, and Annuity Insurance.

 

Financially, according to the Annual Report of 2024, JA Kyosai has total assets of around USD 384 billion with total liabilities of around USD 351 billion. In terms of business performance, JA Kyosai successfully generated total revenue of USD 38 billion and net income of USD 1.8 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 6,700 employees in France and abroad. As of 30 June 2024, Crédit Agricole Assurances' activities were organized into some operating segments, namely Life insurance, Property and casualty insurance, and international insurance. Operationally, as of 2024, total Gross Written Premiums of Crédit Agricole Assurances from all insurance products around EUR 43.6 billion. Specifically, Crédit Agricole Assurances’ gross written premiums from the savings/retirement business during the year of 2024 amounted to EUR 32.1 billion, followed by gross written premiums from Property & Casualty reached EUR 6.2 billion, gross written premiums from Death & Disability/ Creditor/ Group insurance reached EUR 5.3 billion.

 

In the financial aspects, according to Crédit Agricole Assurances in 2024, total assets of Credit Agricole Assurances reached EUR 420 billion or equivalent to USD 466 billion with total liabilities of EUR 410 billion or equivalent to USD 455 billion. In terms of business performance in 2024, Crédit Agricole Assurances earned total revenue of EUR 14 billion or equivalent to USD 15.5 billion and successfully gained net income of EUR 1.9 billion or equivalent to USD 2.1 billion.

 

24. Munich RE      

 

Munich RE was founded 3 April 1880 and still has its headquarters in Munich, Germany employing around 43,583 people. 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 2024 fiscal year, Munich Reinsurance Company’s gross premium income totaled EUR 33,384 million. Specifically, in property-casualty reinsurance, gross premium income of Munich Re reached EUR 23,858 million. Meanwhile, gross premium volume in life and health reinsurance of Munich Re reached EUR 9,526 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 2024, Munich RE still has total assets of EUR 286 billion or equivalent to USD 317 billion with total liabilities of EUR 253 billion or equivalent to USD 280 billion. In terms of business performance, the total revenue of Munich RE reached EUR 60.8 billion or equivalent to USD 67 billion with net income of EUR 5.7 billion or equivalent to USD 6.3 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 2024, according to its annual report, UnitedHealth Group showed a strong financial position, with total assets amounting to USD 298 billion and total liabilities reaching USD 195 billion. Furthermore, the UnitedHealth Group also generated substantial revenue, with total revenue standing at USD 400 billion. After accounting for expenses and claims, the UnitedHealth Group reported gaining a net income of USD 15 billion.

 

27. United Services Automobile Association (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 38,000 employees serving more than 14 million members. United Services Automobile Association (USAA) has some insurance products consisting of Vehicle Insurance (Auto, Motorcycle, ATV, RV and Motorhome, Boat, Bicycle and E-Bike, Classic and Collector Car, Aviation), Property Insurance (Renters, Homeowners, Condo, Landlord, Valuable Personal Property, Flood, Mobile Home, Collectibles, and Cell Phone Protection), Life Insurance (Long-Term Care, Umbrella Insurance, Health Insurance, Medicare Plans, Individual and Family Plans, Dental, Vision, Supplemental Health Gap), Business Insurance (Commercial General Liability, Business Owners Policy, Commercial Auto).

Financially, in 2024, The United Services Automobile Association (USAA) showed a solid financial position, with total assets reaching USD 211 billion and total liabilities of USD 182 billion. Meanwhile, in terms of business performance, the USAA also successfully generated total revenue of USD 42.4 billion. Additionally, USAA achieved a net income of USD 1.2 billion.

 

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 45,515 million in 2024. Commonly, in the insurance industry, Liberty Mutual offers some personal insurance products including Auto insurance, home insurance, Condo insurance, Renters insurance, Pet insurance, Motorcycle insurance, Life insurance, and others.

 

Financially, in 2024 according to its annual report, The Liberty Mutual maintained a solid financial foundation, with total assets valued at USD 166 billion and total liabilities standing at USD 136 billion. The company reported total revenue of USD 50.2 billion, highlighting its strong market performance and ability to generate significant income. Despite a competitive landscape, it achieved a net income of USD 4.42 billion, 

 

29. Progressive Insurance     

 

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 61,400 people. Operationally, in 2024, progressive insurance successfully collected net premiums written from personal lines reaching USD 63,470 million and commercial lines reaching USD 10,953 million.

 According to its annual report in 2024, the financial condition of Progressive remained stable with total assets standing at USD 106 billion, and total liabilities amounted to USD 80 billion. Furthermore, in terms of business performance, Progressive successfully generated total revenue of USD 75.3 billion. After deducting from all cost and interest rates, Progressive insurance successfully earned a net income of USD 8.4 billion.

 

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 2024, The Travelers successfully earned premiums reaching USD 41,941 million. Commonly, in business insurance, Travelers insurance some insurance products including Workers’ Compensation insurance, Commercial Automobile insurance, Commercial Property insurance, General Liability insurance, and Commercial Multi-Peril insurance.

Financially, in the year 2024, according to its annual report, The Travelers Companies exhibit a robust financial profile, with total assets reaching USD 133 billion and total liabilities recorded at USD 105 billion. In addition, related to business performance, the Travelers Companies generated total revenue of USD 46.4 billion, and a net income of USD 4.9 billion.

 

31. Cigna     

 

The Cigna Group was founded in 1982. To Date, The Cigna's global workforce reached 73,500 which can serve 182 million customers globally in more than 30 countries. Operationally, Cigna group has two growth platforms, namely Evernorth Health Services and Cigna Healthcare. In the year 2024, Cigna Group successfully collected premiums around USD 45,996 million. 

 

Financially, according to the annual report in 2024, the financial performance of Cigna reflected a stable and well-managed fiscal structure. Total assets were recorded at USD 155 billion, while total liabilities reached USD 114 billion. In terms of business performance, The Cigna reported total revenue of USD 247 billion. After deducting operational expenses, interest rates and other expenses, Cigna earned a net income of USD 3.7 billion.

 

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 2024, the financial position of Nationwide Mutual Insurance Company demonstrated stability and resilience. Total assets amounted to USD 322 billion. Furthermore, The Nationwide Mutual Insurance Company successfully generated total revenue of USD 68.5 billion and a net income of USD 3.2 billion.

 

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 2024, The Allstate Corporation has 55,000 employees, 27,700 exclusive agents and agent support staff, and 55,000 independent agents. Commonly, Allstate offers a wide range of protection for autos, homes, individual property, and identities. Furthermore, Allstate has 208 million policies in force in 2024. Specifically, in the year 2024, Allstate successfully collected Property and casualty insurance premiums reaching USD 56,388 million and Accident and health insurance premiums and contract charges achieving USD 1,921 million.

 

Financially, in 2024, according to its annual report, total assets of Allstate reached USD 111 billion, while total liabilities reached USD 90 billion. Meanwhile, related to business performance in 2024, Allstate successfully gained total revenue of USD 64.1 billion and successfully gained a net income of USD 4.6 billion.

 

34. Lincoln National Corporation

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. Commonly, some insurance products offered by Lincoln National are Absence Management, Life Insurance, Accident, Critical Illness and Hospital Indemnity Insurance, Dental and Vision.

Financially, in 2024, Lincoln National Corporation has total assets amounting to USD 390 billion and total liabilities reaching USD 382 billion. In terms of business performance in 2024, The Lincoln National Corporation reported total revenue of USD 18.4 billion and net income of around USD 3.1 billion.

 

35. Chubb Limited    

Chubb Limited is the Swiss-incorporated insurance and financial company headquartered in Zurich, Switzerland. Historically, Chubb was incorporated in 1985. With operations in 54 countries and territories, Chubb provides commercial and consumer P&C insurance, Accident and Health (A&H), reinsurance, and life insurance to a diverse customer. In the year of 2024, Chubb Limited successfully gained Net premiums written of around USD 51,468 million and net premiums earned USD 49,846 million.

Financially in 2024, according to its annual report, Chubb Limited has total assets of around USD 246 billion with total liabilities of around USD 178 billion. Related to business performance in 2024, Chubb Limited has total revenue of around USD 55.7 billion and net income of around USD 9.6 billion.

 

36. State Farm 

Founded in June 1922 by retired farmer George J. Mecherle, State has grown which has 19,000 agents, 343 claim offices and 30 operations centers and still has headquarters in Bloomington, Illinois, U.S.A. As of 2023, total employees of State farm reached 65,000. As one of the largest property, casualty, and auto insurance providers in the United States in the year of 2024, State Farm successfully gained Premium Earned reaching USD 69,038 million. Commonly, State Farm offers some insurance products including Auto & Home Insurance (Car Insurance, Home Insurance, Renters Insurance, Condo Insurance, Boat Insurance, Motorhome Insurance, Motorcycle Insurance) and Life & Health Insurance (Life Insurance, Medicare Supplement Insurance, Supplemental Health Insurance, Disability Insurance, Pet Medical Insurance).

Financially, in the year 2024, according to its annual report, State Farm as insurance company has total assets of around USD 239 billion in the year 2024. In terms of business performance in 2024, State Farm successfully gained total revenue of around USD 69 billion and net income of around USD 4.86 billion.

 

The Summary of 15 World’s Biggest Insurance Companies in 2024 Based on Total Assets

 

 

The Summary of 15 World’s Biggest Insurance Companies in 2024 Based on Net Income 

 

 

Bibliography 35 World’s Biggest Insurance Companies in 2024

 

Ping An Insurance. 2025. Annual Report 2024. Accessed via https://group.pingan.com/investor_relations.html  on August 30th, 2025.

American International Group. 2025. Annual Report 2024. Accessed via https://www.aig.com/investor-relations/annual-reports-and-proxy-statements  on August 30th, 2025.

AXA S.A. 2025. Annual Report 2024. Accessed via https://www.axa.com/en/investor/annual-and-interim-reports  on August 30th, 2025.

Allianz SE. 2025. Annual Report 2024. Accessed via https://www.allianz.com/en/investor_relations/results-reports/annual-reports.html on August 30th, 2025.

China Life insurance. 2025. Annual Report 2024. Accessed via https://www.e-chinalife.com/tzzgx/investor-relations/faqs/   on August 30th, 2025.

MetLife Inc. 2025. Annual Report 2024. Accessed via https://investor.metlife.com/financials/annual-reports/default.aspx  on August 30th, 2025.

Zurich Insurance Group. 2025. Annual Report 2024. Accessed via https://www.zurich.com/en/investor-relations/results-and-reports  on August 30th, 2025.

Manulife Financial Insurance. 2025. Annual Report 2024. Accessed via https://www.manulife.com/en/investors/results-and-reports.html  on August 30th, 2025.

New York Insurance Company. 2025. Annual Report 2024. Accessed via https://www.newyorklife.com/about/financial-information  on August 30th, 2025.

Assicurazioni Generali. 2025. Annual Report 2024. Accessed via https://www.generali.com/investors/reports-and-presentations on August 30th, 2025.

Nippon Life Insurance. 2025. Annual Report 2024. Accessed via https://www.nissay.co.jp/english/annual/2021.html  on August 30th, 2025.

Legal & General Group Pc. 2025. Annual Report 2024. Accessed via https://group.legalandgeneral.com/en/investors/results-reports-and-presentations on August 30th, 2025.

Aviva Plc. 2025. Annual Report 2024. Accessed via https://www.aviva.com/investors/reports/ on August 30th, 2025.

Aegon N.V. 2025. Annual Report 2024. Accessed via https://www.aegon.com/investors/annual-reports/  on August 30th, 2025.

Meiji Yasuda Life Insurance. 2025. Annual Report 2024. Accessed via https://www.meijiyasuda.co.jp/english/disclosure/annual-reports/backnumber/2021.html on August 30th, 2025.

Dai-Ichi Life Holdings. 2025. Annual Report 2024. Accessed via https://www.dai-ichi-life-hd.com/en/investor/library/annual_report/index.html on August 30th, 2025.

CNP Assurances. 2025. Annual Report 2024. Accessed via https://www.cnp.fr/en/the-cnp-assurances-group/newsroom/publications on August 30th, 2025.

Japan Post Insurance. 2025. Annual Report 2024. Accessed via https://www.japanpost.jp/en/ir/ on August 30th, 2025.

Sumitomo Life Insurance. 2025. Annual Report 2024. Accessed via https://www.sumitomolife.co.jp/english/annual/ on August 30th, 2025 .

Prudential Financial Inc. 2024. Annual Report 2023. Accessed via https://www.prudentialplc.com/en/investors/reports/2021 on August 30th, 2025.

USAA. 2025. Annual Report 2024. Accessed via https://mobile.usaa.com/about/annual-report-members/?akredirect=true  on August 25th, 2025.      

Liberty Mutual. 2025. Annual Report 2024. Accessed via https://www.libertymutualgroup.com/about-lm/investor-relations/overview on August 25th, 2025.      

Progressive. 2025. Annual Report 2024. Accessed via https://www.progressive.com/ on August 25th, 2025.                    

The Travelers Companies. 2025. Annual Report 2024. Accessed via https://investor.travelers.com/home/default.aspx   on August 25th, 2025.      

Cigna. 2025. Annual Report 2024. Accessed via https://investors.thecignagroup.com/financials/annual-reports/default.aspx   on August 25th, 2025.      

Nationwide Mutual Insurance Company. 2025. Annual Report 2024. Accessed via https://www.nationwide.com/cps/annual-report/index.html   on August 25th, 2025.      

Allstate. 2025. Annual Report 2024. Accessed via https://www.allstateinvestors.com/?adobe_mc=MCMID%3D60063079932367550081322681049388141846%7CMCORGID%3D97021C8B53295DF30A490D4D%2540AdobeOrg%7CTS%3D1738393448 on August 25th, 2025.      

Munich RE. 2025. Annual Report 2024. Accessed via https://www.munichre.com/en/company/investors.html  on August 25th, 2025.      

UnitedHealth Group. 2025. Annual Report 2024. Accessed via https://www.unitedhealthgroup.com/   on August 25th, 2025.      

JA Kyosai. 2025. Annual Report 2024. Accessed via https://www.ja-kyosai.or.jp/about/annual_report/   on August 25th, 2025.      

Crédit Agricole Assurances. 2025. Annual Report 2024. Accessed via https://www.ca-assurances.com/en/investors/   on August 25th, 2025.      

Chubb Limited. 2025. Annual Report 2024. accessed via https://investors.chubb.com/financials/annual-reports/default.aspx  on August 30th, 2025

State Farm. 2025. Annual Report 2024. accessed via About Us - State Farm® on August 30th, 2025.