9 Biggest Insurance Companies from Asia- According to the Annual Report of Insurance companies in 2021, there are 9 biggest insurance companies from Asia. Maybe some of Asia people know these companies due to its insurance products and innovations.With around 4.5 billion People in Asia, this region always has bright prospects. Many growing countries can be found in Asia. With more people and more educated people in this region, the opportunity of insurance companies in Asia can grow positively from time to time.
Specifically, in Insurance industries, there are some insurance companies that has extensive market in Asia. These Asian insurance companies can compete with Europe and USA Insurance companies. Here is the rank of Biggest Insurance Companies From Asia in 2021. These ranks were arranged by two variables namely, Assets and Net Income of insurance companies in 2021.
Table Rank of 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 | Nippon Life Insurance | 773 Billion US Dollar | 773 Billion US Dollar | 693 Billion US Dollar | 693 Billion US Dollar |
| 3 | China Life insurance | 4,891 Billion RMB | 684 Billion US Dollar | 4,412 Billion RMB | 617 Billion US Dollar |
| 4 | Japan Post Insurance | 67,174 Billion Yen | 483 Billion US Dollar | 64,753 Billion Yen | 466 Billion US Dollar |
| 5 | Meiji Yasuda Life Insurance | 415 Billion US Dollar | 415 Billion US Dollar | 374 Billion US Dollar | 374 Billion US Dollar |
| 6 | Dai-Chi Life Holdings | 351 Billion US Dollar | 351 Billion US Dollar | 322 Billion US Dollar | 322 Billion US Dollar |
| 7 | Sumitomo Life Insurance | 351 Billion US Dollar | 351 Billion US Dollar | 338 Billion US Dollar | 338 Billion US Dollar |
| 8 | China Pacific Insurance | 1,946 Billion RMB | 272 Billion US Dollar | 1,713 Billion RMB | 239 Billion US Dollar |
| 9 | Tokio Marine Holding | 27,245 Billion Yen | 196 Billion US Dollar | 23,173 Billion Yen | 166 Billion US Dollar |
| Source : Annual Report, 2021 | |||||
| Description : Origin Currency : Currency in the Annual Report | |||||
| Currency Rate : | |||||
| 1 Yen (JPY)= 0.0072 US Dollar (USD) | |||||
| 1 Renminbi (RMB) = 0.14 US Dollar (USD) | |||||
| Origin Currency : Currency officially used in Annual Report 2021 | |||||
| US Dollar : Converted currency from Origin Currency to US Dollar | |||||
The Rank Table above was composed by Assets of the company in 2021. All these data came from Annual Report of each insurance companies in 2021.The assets and liabilities could be look through the Balance sheet in Annual Report. Basically, Assets describe the tangible and intangible property that owned by the company. Meanwhile, the liabilities are the debt or obligation that insurance companies must be pay off in the futures.
Table Rank of Biggest Insurance Companies From Asia Baset 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 | China Life insurance | 794 Billion RMB | 111 Billion US Dollar | 50.9 Billion RMB | 7.1 Billion US Dollar |
| 3 | China Pacific Insurance | 436 Billion RMB | 61 Billion US Dollar | 27.6 Billion RMB | 3.8 Billion US Dollar |
| 4 | Nippon Life Insurance | 73 Billion US Dollar | 73 Billion US Dollar | 3 Billion US Dollar | 3 Billion US Dollar |
| 5 | Tokio Marine Holding | 5,863 Billion Yen | 42 Billion US Dollar | 410 Billion Yen | 2.9 Billion US Dollar |
| 6 | Meiji Yasuda Life Insurance | 36 Billion US Dollar | 36 Billion US Dollar | 1.7 Billion US Dollar | 1.70 Billion US Dollar |
| 7 | Dai-Chi Life Holdings | 34 Billion US Dollar | 34 Billion US Dollar | 1.7 Billion US Dollar | 1.7 Billion US Dollar |
| 8 | Japan Post Insurance | 6,454 Billion Yen | 46.4 Billion US Dollar | 166 Billion Yen | 1.1 Billion US Dollar |
| 9 | Sumitomo Life Insurance | 29 Billion US Dollar | 29 Billion US Dollar | 0.37 Billion US Dollar | 0.37 Billion US Dollar |
| Source : Annual Report, 2021 | |||||
| Description : Origin Currency : Currency in the Annual Report | |||||
| Currency Rate : | |||||
| 1 Yen (JPY)= 0.0072 US Dollar (USD) | |||||
| 1 Renminbi (RMB) = 0.14 US Dollar (USD) | |||||
| Origin Currency : Currency officially used in Annual Report 2021 | |||||
| US Dollar : Converted currency from Origin Currency to US Dollar | |||||
The Rank of the table above describes the performance of insurance companies annually. In this article, the business performance of insurance companies is in 2021. All these data came from income statement of annual report in 2021.
Brief Description of Biggest Insurance Companies From Asia Based on Net Income
1.Ping an insurance
Ping an insurance still become the biggest insurance company from Asia. Historically, Ma Mingzhe found this company on 1988. Until now, this company has head office in Shenzhen, China. In 2021, the 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 on income statement 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.Nippon Life Insurance
Nippon Life Insurance is the 2nd biggest insurance company from Asia and the biggest insurance company in Japan. Historically, Nippon Life Insurance Company or Nihon Seimei Hoken Sōgo-gaisha, simply known as Nissay was founded on July 4, 1889. Now, the company has head 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 generate revenue around 73 billion US Dollar and Net Income around 3 billion US Dollar.
3.China Life insurance
China Life insurance is another biggest insurance company from China. Historically, China life insurance was founded in 1949 and still has headquarter 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 on income statement in 2021, China Life can generate revenue around 794 billion RMB / 111 billion US Dollar with net income around 50.9 billion RMB / 7.1 billion US Dollar.
4.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 conditions in Balance sheet of annual report, 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.
5.Meiji Yasuda Life Insurance
Meiji Yasuda Life Insurance Company is a Japanese insurance company, headquartered in Tokyo and established in 2004 due to 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 can generate revenue around 36 billion US Dollar with Net Income around 1.7 billion US Dollar.
6.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. Financiallly, 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.
7.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 primary office in Osaka. Based on the balance sheet of annual report in 2021, the company has assets around 351 billion US Dollar with liabilities around 338 billion US Dollar. Based on the business performance on income statement in 2021, the company has revenue around 29 billion US Dollar with net income around 0.37 billion US Dollar.
8.China Pacific Insurance
China Pacific Insurance (Group) Co., Ltd. (CPIC) or commonly known as Pacific Insurance is the China-based insurance company that was founded in 1991. To data, this insurance companies has primary office in Shanghai, China. Financially, based on the balance sheet of the company in 2021, the company has assets around 1,946 billion RMB or equivalent with 272 billion US Dollar and liabilities around 1,713 billion RMB or equivalent with 239 billion US Dollar. Based business performance in 2021, the company can generate revenue around 436 billion RMB / 61 billion US Dollar with recorded Net Income around 27.6 billion RMB / 3.8 billion US Dollar.
9.Tokio Marine Holding
Tokio Marine Holdings, Inc is the Japanese insurance company that has primary office in Marunouchi, Tokyo, Japan. Historically, this insurance company was founded in 1879 and become the oldest insurance companies in Japan. Financially, in 2022, the Japan-based insurance company has assets around 27,245 billion Yen or equivalent with 196 billion US Dollar with liabilities around 23,173 billion Yen or equivalent with 166 billion US Dollar. Based on business performance in 2021, the company can generate revenue 5,863 billion Yen or equivalent with 42 billion US Dollar with net income around 410 billion Yen or equivalent with 2.9 billion US Dollar.
Bibliography of 9 Biggest Insurance Companies Fom Asia
Ping An Insurance. 2022. Annual Report 2021. Accessed via https://group.pingan.com/investor_relations.html on September 30th, 2022
China Life insurance. 2022. Annual Report 2021. Accessed via https://www.e-chinalife.com/tzzgx/investor-relations/faqs/ on August 30th, 2022
Nippon Life Insurance. 2022. Annual Report 2021. Accessed via https://www.nissay.co.jp/english/annual/2021.html on September 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 September 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 September 30th, 2022
Japan Post Insurance. 2022. Annual Report 2021. Accessed via https://www.japanpost.jp/en/ir/ on September 30th, 2022
Sumitomo Life Insurance. 2022. Annual Report 2021. Accessed via https://www.sumitomolife.co.jp/english/annual/ on September 30th, 2022
China Pacific Insurance. 2022. Annual Report 2021. Accessed via https://www.cpic.com.cn/ir_en/ on September 30th, 2022.
Tokio Marine Holding. 2022. Annual Report 2021. Accessed via https://www.tokiomarinehd.com/en/ir/download/annual_report.html on September 30th, 2022.