Top 10 Insurance Companies

Top 10 Insuarance Companies

berkshire American Cubb Prudential AXA Allianz AIA Ping China

Insurance plays a pivotal role in our lives. Insurance guarantees us protection from financial uncertainties, health issues amongst others. There are a number of companies around the globe that deal in insurance. In this list we are providing information of the top ten insurance companies based on their market capitalization.

1. Berkshire Hathaway

Berkshire Hathaway is based in Omaha in the state of Nebraska, United States. The Forbes Global 2000 list and formula has rated Berkshire as the world’s fifth largest public company. As of 2015, the company has some 331,000 employees who work at its various offices around the world. Its total assets are valued at US$552.25 billion while the equity stands at US$ 255.55 billion. In the year 2015, the revenues of the company were ‎US$ 210.82 billion.

Market capitalization: 346.5 Billion US dollars

2. China Life Insurance

Occupying the 94th spot on the Fortune 2015 Global 500 company list, China Life Insurance is one of the leading companies in China. Based in Beijing, the company is 70 percent owned by the government of China. The company was founded in 2003 and as of 2015 its total assets amount to 362.1 USD. China Life recently made an investment in foreign real estate. This came after the government of China gave the go ahead to Chinese insurance companies to invest in foreign real estate.

Market Capitalization: 91.56 Billion US dollars

3. Ping An Insurance

Founded in 1988, Ping An Insurance is one of the leading Chinese Insurance companies and is based in Shenzhen, China. The Ping An Insurance Group is the holding company of Ping An Property & Casualty Insurance Company of China, Ltd and the Ping An Life Insurance Company of China, Ltd. The company has also bagged the second spot in The Financial Times Global 500 companies list.

Market capitalization: 87.29 Billion US Dollars

4. Allianz

Founded in 1890, Allianz is a European financial services company headquartered in Munich Germany. It is involved in the business of insurance and asset management. When measured by the 2013 revenue, it was the largest financial services. According to a composite measure by Forbes, as of 2014, Allianz is the largest insurance company, and largest financial services group and the largest company in the world. At the end of 2014, Allianz had 147,425 people working at its various locations around the world.

Market capitalization: 74.26 Billion US Dollars

5. AIA Group

AIA Group is a Hong Kong-based company and is present in 18 markets in Asia Pacific. Its wholly owned branches and subsidiaries are in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau and Brunei. AIA has a 97 percent subsidiary and a 26 percent in India. It also has representative offices in Cambodia and Myanmar. The company deals in life insurance, employee benefits, credit life, accident and health insurance, saving plans and pension plans.

Market Capitalization: 66.75 Billion US dollars

6. American International Group

Also known as AIG, the American International Group is present in 130 countries and caters to more than 88 million customers. Over 64,000 employees work in its offices in around 90 countries. The Fortune 500 list ranked AIG as the 40th largest company, 2014 Forbes Global 2000 list ranked it as the 42nd-largest public company in the world. The company is based in New York, the United States.

Market capitalization: 60.94 Billion US Dollars

7. AXA

Based in Paris, France, AXA deals in the business of investment management, global insurance and other financial services. The company was founded in 1817 and today has presence around the world and comprises a work force of 166,000 people.

Market capitalization: 58.94 Billion US Dollars

8. Chubb Limited

Founded in 1882 in Zurich, Switzerland, Chubb Limited operates in 54 countries around the world. The company provides services in commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance. As of 2016, the company has 30,000 employees.

Market capitalization: 55.17 Billion US Dollars

9. Prudential Plc

Prudential Plc was founded in 1848 and is based in London, the United Kingdom. Prudential Corporation Asia is the company’s largest division and has over 13 million customers. It is one of the top providers of life insurance in India, Malaysia, Hong Kong, Indonesia, Vietnam, Singapore and the Philippines. The UK division caters to around seven million customers.

Market capitalization: 48.1 Billion US Dollars

10. Metlife

Founded in 1868, Metlife caters to some 90 million customers in more than 60 countries. The company’s headquarters are based in New York City in the United States. It deals in Insurance, annuities and employee benefits. The company has more than 60,000 employees.

Market capitalization: 48.02 Billion US Dollars

Largest Insurance Companies Worldwide as of March 2016 (in Billion U.S. $)

Rank Company Headquaters Market capital in (in Billion U.S. $) Country Industry
1 Berkshire Hathaway Omaha, Nebraska, United States 346.5 U.S. Property/casualty
2 China Life Insurance Xicheng District, Beijing, China 91.56 China Life/health
3 Ping An Insurance Shenzhen, China 87.29 China Life/health
4 Allianz Munich, Germany 74.26 Germany Property/casualty
5 AIA Group Hong Kong 66.75 Hong Kong Life/health
6 American International Group New York City, New York, United States 60.94 U.S. Property/casualty
7 AXA Paris, France 58.94 France Life/health
8 Cubb Ltd Warren Township, New Jersey, United States 55.17 Switzerland Property/casualty
9 Prudential plc London, United Kingdom 48.1 U.K. Life/health
10 Metlife New York City, New York, United States 48.02 U.S. Life/health

Source: statista.com

Insurance companies are today provide a multitude of services, many extending beyond the normal realm of “insurance.” The largest companies often provide the following services to their clients:

  • Life Insurance
  • Long Term Care Insurance
  • Disability Income Insurance
  • Employee Benefits
  • Special Needs

These firms could also help with the following:

  • Investments
  • Retirement
  • Estate Planning
  • Product Portfolios
  • Education Funding

Most insurance companies offer services in four separate fields:

  • Individual
  • Financial
  • Business
  • Professional

Individual Insurance Services are: Accident & Health Insurance, Life Insurance, Auto Insurance, Travel Insurance, Retirement Services

Financial Planning services are : Annuity, Investment and Financial Services, Life Insurance, Retirement Services, Mutual Funds

Business Insurance Services are : Environmental Coverages, Primary Casualty, Management Liability, Life Insurance, Workers’ Compensation, Professional Liability

Professional Insurance Services are : Employee Benefits, Auto Insurance, Management Liability, Environmental Coverages, Primary Casualty, Life Insurance

Last Updated on : 9th Aug 2016