20 World’s Biggest Insurance Companies in 2021- According to Annual Report of each insurance Company in 2021, there are 20 World’s Biggest Insurance Companies in 2021. These companies have millions of customers and manage billion US Dollar of Assets Under Managements (AUM). Based on financial structure, these company have billion dollars of assets and net income. Maybe Some people know about these companies and its 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, the 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 potential huge losses can be minimized so that it can save our budget. But in our world, there are a million insurance companies with different and diversity of its products. They market insurance products to people all over the world to help people’s life. With unique and diversified products, the people have multiple choice in insurance products.
Based in business and financial, of all insurance companies from all over the world, there are just few of huge insurance companies. To compare all the companies, financial structure and business of companies can be used to measure the rank of companies. Here are the rank of insurance companies that based on the assets of Companies and net income (Profit) in Insurance Companies in 2021. All the data came from From Annual Report of Companies in 2021.
The Rank 20 World’s Biggest Insurance Companies Based on Assets
| Rank | Name of Company | Assets | Assets | Liabilities | Liabilities |
|---|---|---|---|---|---|
| Origin Currency | US Dollar | Origin Currency | US Dollar | ||
| 1 | Ping An Insurance | 10,142 Billion RMB | 1,419 Billion US Dollar | 9,064 Billion RMB | 1,268 Billion US Dollar |
| 2 | Allianz SE | 1,139 Billion Euro | 1,139 Billion US Dollar | 1,055 Billion Euro | 1,055 Billion US Dollar |
| 3 | AXA S.A | 775 Billion Euro | 776 Billion US Dollar | 700 Billion Euro | 700 Billion US Dollar |
| 4 | Nippon Life Insurance | 773 Billion US Dollar | 773 Billion US Dollar | 693 Billion US Dollar | 693 Billion US Dollar |
| 5 | Metlife Inc | 759 Billion US Dollar | 759 Billion US Dollar | 691 Billion US Dollar | 691 Billion US Dollar |
| 6 | Manulife Financial Insurance | 917 Billion CAD | 696 Billion US Dollar | 858 Billion CAD | 652 Billion US Dollar |
| 7 | China Life insurance | 4,891 Billion RMB | 684 Billion US Dollar | 4,412 Billion RMB | 617 Billion US Dollar |
| 8 | Legal & Genenal Group Pc | 582 Billion Poundsterling | 675 Billion US Dollar | 571 Billion Poundsterling | 662 Billion US Dollar |
| 9 | American International Group | 596 Billion US Dollar | 596 Billion US Dollar | 527 Billion US Dollar | 527 Billion US Dollar |
| 10 | Assicurazioni Generali | 586 Billion Euro | 586 Billion US Dollar | 554 Billion Euro | 554 Billion US Dollar |
| 11 | CNP Assurances | 483 Billion Euro | 483 Billion US Dollar | 458 Billion Euro | 458 Billion US Dollar |
| 12 | Japan Post Insurance | 67,174 Billion Yen | 483 Billion US Dollar | 64,753 Billion Yen | 466 Billion US Dollar |
| 13 | Aegon N.V | 468 Billion Euro | 468 Billion US Dollar | 442 Billion Euro | 442 Billion US Dollar |
| 14 | Zurich Insurance Group | 435 Billion US Dollar | 435 Billion US Dollar | 396 Billion US Dollar | 396 Billion US Dollar |
| 15 | New York Insurance Company | 428 Billion US Dollar | 428 Billion US Dollar | 374 Billion US Dollar | 374 Billion US Dollar |
| 16 | Meiji Yasuda Life Insurance | 415 Billion US Dollar | 415 Billion US Dollar | 374 Billion US Dollar | 374 Billion US Dollar |
| 17 | Aviva Plc | 358 Billion Poundsterling | 415 Billion US Dollar | 339 Billion Poundsterling | 393 Billion US Dollar |
| 18 | Dai-Chi Life Holdings | 351 Billion US Dollar | 351 Billion US Dollar | 322 Billion US Dollar | 322 Billion US Dollar |
| 19 | Sumitomo Life Insurance | 351 Billion US Dollar | 351 Billion US Dollar | 338 Billion US Dollar | 338 Billion US Dollar |
| 20 | Prudential Financial Inc | 199 Billion US Dollar | 199 Billion US Dollar | 181 Billion US Dollar | 181 Billion US Dollar |
| Source : Annual Report, 2021 | |||||
| Description : Origin Currency : Currency in the Annual Report | |||||
| Currency Rate : | |||||
| 1 Euro = 1 US Dollar (USD) | |||||
| 1 Poundsterling (GBP) = 1.16 US Dollar (USD) | |||||
| 1 Yen (JPY)= 0.0072 US Dollar (USD) | |||||
| 1 Renminbi (RMB) = 0.14 US Dollar (USD) | |||||
| 1 Canadian Dollar (CAD) = 0.76 US Dollar (USD) | |||||
| Origin Currency : Currency officially used in Annual Report 2021 | |||||
| US Dollar : Converted currency from Origin Currency to US Dollar | |||||
The company above was rank based on assets in 2021. The data can be obtained from balance sheet of Annual Report in 2021. Balance sheet basically measure the assets, liabilities, and equities of the company. Assets usually in non-current and current assets. Briefly, the assets of company showed the property that companies has own in running the business. Meanwhile, liabilities are the debt or loan of company that it must be pay back to its creditor.
The Rank 20 World’s Biggest Insurance Companies Based on Net Income
| Rank | Name of Company | Revenue | Revenue | Net Income | Net Income |
|---|---|---|---|---|---|
| Origin Currency | US Dollar | Origin Currency | US Dollar | ||
| 1 | Ping An Insurance | 1,287 Billion RMB | 180 Billion US Dollar | 121 Billion RMB | 16.9 Billion US Dollar |
| 2 | American International Group | 52 Billion US Dollar | 52 Billion US Dollar | 9.9 Billion US Dollar | 9.9 Billion US Dollar |
| 3 | AXA S.A | 99 Billion Euro | 99 Billion US Dollar | 7.5 Billion Euro | 7.5 Billion US Dollar |
| 4 | Allianz SE | 122 Billion Euro | 122 Billion US Dollar | 7.1 Billion Euro | 7.1 Billion US Dollar |
| 5 | China Life insurance | 794 Billion RMB | 111 Billion US Dollar | 50.9 Billion RMB | 7.1 Billion US Dollar |
| 6 | Metlife Inc | 71 Billion US Dollar | 71 Billion US Dollar | 6.5 Billion US Dollar | 6.5 Billion US Dollar |
| 7 | Zurich Insurance Group | 69 Billion US Dollar | 69 Billion US Dollar | 5.4 Billion US Dollar | 5.4 Billion US Dollar |
| 8 | Manulife Financial Insurance | 61, Billion CAD | 46 BIllion US Dollar | 6.9 Billion CAD | 5.2 Billion US Dollar |
| 9 | New York Insurance Company | 40, Billion US Dollar | 40 BIllion US Dollar | 4.9 Billion US Dollar | 4.9 Billion US Dollar |
| 10 | Assicurazioni Generali | 99, Billion Euro | 99 Billion US Dollar | 3.1 Billion Euro | 3.1 Billion US Dollar |
| 11 | Nippon Life Insurance | 73 Billion US Dollar | 73 Billion US Dollar | 3 Billion US Dollar | 3 Billion US Dollar |
| 12 | Legal & Genenal Group Pc | 45 BIllion Poundsterling | 52 Billion US Dollar | 2 Billion Poundsterling | 2.3 Billion US Dollar |
| 13 | Aviva Plc | 33, Billion Poundsterling | 38 Billion US Dollar | 2 Billion Poundsterling | 2.3 Billion US Dollar |
| 14 | Aegon N.V | 53 Billion Million Euro | 53 Billion US Dollar | 1.7 Billion Euro | 1.7 Billion US Dollar |
| 15 | Meiji Yasuda Life Insurance | 36 Billion US Dollar | 36 Billion US Dollar | 1.7 Billion US Dollar | 1.70 Billion US Dollar |
| 16 | Dai-Chi Life Holdings | 34 Billion US Dollar | 34 Billion US Dollar | 1.7 Billion US Dollar | 1.7 Billion US Dollar |
| 17 | CNP Assurances | 31 Billion Euro | 31 Billion US Dollar | 1.5 Billion Euro | 1.5 Billion US Dollar |
| 18 | Japan Post Insurance | 6,454 Billion Yen | 46.4 Billion US Dollar | 166 Billion Yen | 1.1 Billion US Dollar |
| 19 | Sumitomo Life Insurance | 29 Billion US Dollar | 29 Billion US Dollar | 0.37 Billion US Dollar | 0.37 Billion US Dollar |
| 20 | Prudential Financial Inc | 26 Billion US Dollar | 26 Billion US Dollar | (-2.8 Billion US Dollar ) | (-2.8 Billion US Dollar ) |
| Source : Annual Report, 2021 | |||||
| Description : Origin Currency : Currency in the Annual Report | |||||
| Currency Rate : | |||||
| 1 Euro = 1 US Dollar (USD) | |||||
| 1 Poundsterling (GBP) = 1.16 US Dollar (USD) | |||||
| 1 Yen (JPY)= 0.0072 US Dollar (USD) | |||||
| 1 Renminbi (RMB) = 0.14 US Dollar (USD) | |||||
| 1 Canadian Dollar (CAD) = 0.76 US Dollar (USD) | |||||
| Origin Currency : Currency officially used in Annual Report 2021 | |||||
| US Dollar : Converted currency from Origin Currency to US Dollar | |||||
The rank above is based on the income statement of company in 2021. Income statement basically measure the performance of company’s business in 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 company in doing business can be measured in the income statements.
Brief Description 20 World’s Biggest Insurance Companies in 2021
1.Ping an insurance
Historically, Ma Mingzhe found this company in 1988. Until now, this company has main office in Shenzhen, China. Until 2021, the Chinese-based company has assets 10,142 billion RMB / 1,419 billion US Dollar and liabilities 9,064 billion RMB / 1,268 billion US Dollar. Based on the business performance in 2021, the company gained revenue around 1,287 billion RMB / 180 billion US Dollar and net income around 121 billion RMB / 16.9 billion US Dollar.
2.Allianz SE
Allianz SE is one of the biggest insurance companies in 2021. Historically, it was founded on 5 February 1890 by Carl von Thieme. Geographically, this company has head office in Munich, Germany, in 2021, the Insurance companies has assets around 1,139 billion Euro / 1,139 billion US Dollar and Liabilities around 1,055 billion Euro / 1,055 billion US Dollar. Based on the business performance in 2021, the company gained revenue around Revenue 122 billion Euro / 122 billion US Dollar and net income around Net Income 7.1 billion Euro / 7.1 billion US Dollar.
3.AXA S.A
AXA is France-based insurance company that was founded in 1816 by Claude Bébéar. This company has long journey in financial industry especially in Insurance sector. In 2021, financially, based on its published annual report, the company has assets around 775 billion Euro / 776 billion US Dollar and liabilities around liabilities around 700 billion Euro / 700 billion US Dollar. Based on the business performance in 2021, the company gained revenue 99 billion Euro / 99 billion US Dollar and Net income around 7.5 billion Euro / 7.5 billion US Dollar.
4.Nippon Life Insurance
Nippon Life Insurance Company or Nihon Seimei Hoken Sōgo-gaisha, simply known as Nissay was founded on July 4, 1889. To date, the company has main office Imabashi Sanchōme, Chūō-ku, Osaka, Japan. Along with the development of the company, in 2021, the company has assets 773 billion US Dollar and liabilities around 693 billion US Dollar. Based on the business performance in 2021, the company can gain revenue around 73 billion US Dollar and Net Income around 3 billion US Dollar.
5.Metlife Inc
MetLife inc is one of the oldest and the biggest insurance company in the world. Historically, the company was founded on March 24, 1868. Geographically, the company has main office in MetLife Building, New York City, USA. In 2021, the company has assets around 759 billion US Dollar and liabilities around 691 billion US Dollar. Based on its performance in 2021, the company can gain revenue around 71 billion US Dollar and net income around 6.5 billion US Dollar.
6.Manulife Financial Insurance
Manulife is the Canadian biggest one with billions of consumers and income. Historically, this company was founded on June 23, 1887, and still has head office in Toronto, Ontario, Canada. In 2021, according to its annual report, the company has assets around 917 billion CAD / 696 billion US Dollar and liabilities around 858 billion CAD / 652 billion US Dollar. Based on the business performance in 2021, the company gained revenue around 61 billion CAD / 46 billion US Dollar and Net Income around 6.9 billion CAD / 5.2 billion US Dollar.
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 main office in Beijing, China. Financially based on the annual report in 2021, this company has assets around assets 4,891 billion RMB / 684 billion US Dollar and liabilities around 4,412 billion RMB / 617 billion US Dollar. Based on the business performance of the company, China Life can get revenue 794 billion RMB / 111 billion US Dollar with net income around 50.9 billion RMB / 7.1 billion US Dollar.
8.Legal & Genenal Group Plc
Legal & General Group plc, commonly known as Legal & General, is a British multinational insurance company headquartered in London, England. in 2021, the company has assets around 582 billion Pound sterling / 675 billion US Dollar with liabilities around 571 billion Pound sterling / 662 billion US Dollar. Based on the business performance in 2021, the company can gain revenue around 45 billion Pound sterling / 52 billion US Dollar with Net income around 2 billion Pound sterling / 2.3 billion US Dollar.
9.American International Group
American International Group, Inc., also known as AIG, is an American multinational insurance corporation. Historically, Cornelius Vander Starr found this company on December 19, 1919. Based on the financial structure on Balance sheet, the American-based company has assets around 596 billion US Dollar with liabilities around 527 billion US Dollar. Based on the business performance in 2021, the company can get revenue around 52 billion US Dollar with net income around 9.9 billion US Dollar.
10.Assicurazioni Generali
Assicurazioni Generali S.p.A. or simply known as Generali Group is based on Trieste, Italy. It was founded in 1831. Along with the development of business of the company, in 2021, the company has assets 586 billion Euro / 586 billion US Dollar and liabilities around 554 billion Euro / 554 billion US Dollar. Based on the business performance in 2021, the company can get revenue around 99 billion Euro / 99 billion US Dollar and Net Income around 3.1 billion Euro / 3.1 billion US Dollar.
11.CNP Assurances
CNP Assurances is a French company engaged in the financial sector. This company was founded in 1959 and has many branches office in some countries. In 2021, based on the balance sheet, the company has asset around 483 billion Euro / 483 billion US Dollar with liabilities around 458 billion Euro / 458 billion US Dollar. Based on the business performance in 2021, the company get revenue around 31 billion Euro / 31 billion US Dollar with net income around 1.5 billion Euro / 1.5 billion US Dollar.
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 head office in Tokyo, Japan. Based on the financial structure, the company has assets around Assets 67,174 billion Yen / 483 billion US Dollar with liabilities around 64,753 billion Yen / 466 billion US Dollar. Based on the business performance in 2021, the company get revenue around 6,454 billion Yen / 46.4 billion US Dollar and Net Income around 166 billion Yen / 1.1 billion US Dollar.
13.Aegon N.V
Aegon N.V. is a Dutch multinational company headquartered in The Hague, Netherlands. Historically, It was founded in 1983. In 2021, based on the financial structure of company, Aegon has assets around 468 billion Euro / 468 billion US Dollar with liabilities around 442 billion Euro / 442 billion US Dollar. Based on the business performance in 2021, the company get revenue around 53 billion Million Euro / 53 billion US Dollar with Net Income around 1.7 billion Euro / 1.7 billion US Dollar.
14.Zurich Insurance Group
Zurich Insurance Group Ltd is a Swiss insurance company that has head office in Zürich. Historically, this company was founded in 1872 and still has head office in Zürich, Switzerland. Based on the financial structure on Balance sheet in 2021, the company has assets around 435 billion US Dollar with liabilities around 396 billion US Dollar. Based on the business performance in 2021, the company get revenue 69 billion US Dollar and net Income around 5.4 billion US Dollar.
15.New York Insurance Company
New York Life Insurance Company (NYLIC) is one of the largest insurance companies in the United States. Based on the Balance sheet, the company has assets around 428 billion US Dollar with liabilities around 374 billion US Dollar. Based on the business performance in 2021, the company gained revenue 40 billion US Dollar with net income around 4.9 billion US Dollar.
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. Based on the balance sheet in 2021, the company has assets around 415 billion US Dollar with liabilities around 374 billion US Dollar. Based on the business performance in 2021, the company get revenue around 36 billion US Dollar with Net Income around 1.7 billion US Dollar.
17.Aviva Plc
Aviva plc is a British multinational insurance company headquartered in London; England. Historically, this company started the business since 2000. Based on the balance sheet 2021, the company has assets around 358 billion Pound sterling / 415 billion US Dollar with liabilities around 339 billion Pound sterling / 393 billion US Dollar. Based on the business performance in 2021, the company can gain revenue around 33, Billion Pound sterling / 38 billion US Dollar with net income around 2 billion Pound sterling/ 2.3 billion US Dollar.
18.Dai-Chi 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. Financially, based on the balance sheet of the company, Dai-chi has assets around 351 billion US Dollar with liabilities around 322 billion US Dollar. Based on the business performance in 2021, the company has revenue around 34 billion US Dollar with Net Income around 1.7 billion US Dollar.
19.Sumitomo Life Insurance
Sumitomo Life Insurance Company or in Japanese known as Sumitomo Seimei Hoken Sōgo-gaisha, Sumisei is a mutual life insurance company that was founded in 1907 and has head office in Osaka. Based on the balance sheet in 2021, the company has assets around 351 billion US Dollar with liabilities around 338 billion US Dollar. Based on the business performance in 2021, the company has revenue around 29 billion US Dollar with net income around 0.37 billion US Dollar .
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 office in Newark, New Jersey, USA. Based on the financial structure in 2021, the company has assets around 199 billion US Dollar with Liabilities 181 billion US Dollar. Based on the business performance in 2021, the company has revenue 26 billion US Dollar with net loss (-2.8 Billion US Dollar).
Bibliography 20 World’s Biggest Insurance Companies in 2021
Ping An Insurance. 2022. Annual Report 2021. Accessed via https://group.pingan.com/investor_relations.html on August 30th, 2022
American International Group. 2022. Annual Report 2021. Accessed via https://www.aig.com/investor-relations/annual-reports-and-proxy-statements on August 30th, 2022
AXA S.A. 2022. Annual Report 2021. Accessed via https://www.axa.com/en/investor/annual-and-interim-reports on August 30th, 2022
Allianz SE. 2022. Annual Report 2021. Accessed via https://www.allianz.com/en/investor_relations/results-reports/annual-reports.html on August 30th, 2022
China Life insurance. 2022. Annual Report 2021. Accessed via https://www.e-chinalife.com/tzzgx/investor-relations/faqs/ on August 30th, 2022
Metlife Inc. 2022. Annual Report 2021. Accessed via https://investor.metlife.com/financials/annual-reports/default.aspx on August 30th, 2022
Zurich Insurance Group. 2022. Annual Report 2021. Accessed via https://www.zurich.com/en/investor-relations/results-and-reports on August 30th, 2022
Manulife Financial Insurance. 2022. Annual Report 2021. Accessed via https://www.manulife.com/en/investors/results-and-reports.html on August 30th, 2022
New York Insurance Company. 2022. Annual Report 2021. Accessed via https://www.newyorklife.com/about/financial-information on August 30th, 2022
Assicurazioni Generali. 2022. Annual Report 2021. Accessed via https://www.generali.com/investors/reports-and-presentations on August 30th, 2022
Nippon Life Insurance. 2022. Annual Report 2021. Accessed via https://www.nissay.co.jp/english/annual/2021.html on August 30th, 2022
Legal & Genenal Group Pc. 2022. Annual Report 2021. Accessed via https://group.legalandgeneral.com/en/investors/results-reports-and-presentations on August 30th, 2022
Aviva Plc. 2022. Annual Report 2021. Accessed via https://www.aviva.com/investors/reports/ on August 30th, 2022
Aegon N.V. 2022. Annual Report 2021. Accessed via https://www.aegon.com/investors/annual-reports/ on August 30th, 2022
Meiji Yasuda Life Insurance. 2022. Annual Report 2021. Accessed via https://www.meijiyasuda.co.jp/english/disclosure/annual-reports/backnumber/2021.html on August 30th, 2022
Dai-Chi Life Holdings. 2022. Annual Report 2021. Accessed via https://www.dai-ichi-life-hd.com/en/investor/library/annual_report/index.html on August 30th, 2022
CNP Assurances. 2022. Annual Report 2021. Accessed via https://www.cnp.fr/en/the-cnp-assurances-group/newsroom/publications on August 30th, 2022
Japan Post Insurance. 2022. Annual Report 2021. Accessed via https://www.japanpost.jp/en/ir/ on August 30th, 2022
Sumitomo Life Insurance. 2022. Annual Report 2021. Accessed via https://www.sumitomolife.co.jp/english/annual/ on August 30th, 2022
Prudential Financial Inc. 2022. Annual Report 2021. Accessed via https://www.prudentialplc.com/en/investors/reports/2021 on August 30th, 2022