Insurers are falling behind
2022 marks a drop in the ranking of almost all insurance companies in the top 20. In particular, the largest Chinese company Ping An fell from 11th place to 17th place from six positions last year. The Shenzhen company, however, retained the highest position among insurers. Second-placed UnitedHealth dropped two places to 22nd while current third-placed Allianz, based in Munich, fell 12 places to 35th. The main companies Aviva, Progressive, Legal & General and Cathay Life, meanwhile, stopped in the Global 2000 top 200, after achieving a position among the top companies in 2021.
However, the insurance industry has some bright spots. Three of the world’s 20 largest insurance companies – AXA Group, Chubb and American International Group (AIG) – have moved up the rankings, with AIG recording the best performance, rising from 439th last year to 90th place in 2022. This gave New York a chance. -based insurer to enter the top 10 in the industry.
These are the 20 largest insurance companies in the world according to the Forbes Global 2000 2022 ranking.
1. Ping An Insurance Group
Headquarters: Shenzhen, China
World Rank: 17th
Business: Life and non-life
Revenue: $181.37 billion
Net worth: $15.74 billion
Assets: $1,587,000,000,000
Market value: $121.69 billion
2021 world ranking: 6th
Although it faces more challenges than its American and European counterparts, Ping An remains the top insurance company in the Global 2000. Its profit in 2021 fell 29% to $ 15.7. China. Fortune Land Development, one of several indebted Chinese property developers that collapsed last year, according to Forbes. Its 2021 annual report also revealed that the insurer had invested $32 billion in real estate assets at the end of last year, representing 5.5% of its total investment assets. This exposure has contributed to a 50% decline in its stock since the beginning of last year. However, Forbes described Ping An as a “real cash cow” due to its increased revenue from its customers, which reached 227 million from 218 million last year.
Read more: Ping An reports first half profit increases in three years
2. UnitedHealth Group
Headquarters: Minnesota, USA
World Rank: 22nd
Work: Life and health
Revenue: $297.55 billion
Net worth: $17.45 billion
Assets: $221.24 billion
Market value: $490.15 billion
2021 world ranking: 20th
United Health Group is the largest US-based insurer on the list. Life and health insurance professionals also produced the seventh highest turnover of any Global 2000 industry. UnitedHealth’s stock is up 25% since October 2021, according to Forbes. In March, the company agreed to acquire home health company LHC Group for $5.4 billion. Read more: UnitedHealth reports $1.7 billion profit
3. Allianz
Headquarters: Munich, Germany
World ranking: 35th
Business: Life and non-life
Revenue: $138.62 billion
Net worth: $7.81 billion
Assets: $1,324,000,000,000
Market value: $96.42 billion
2021 world ranking: 23rd
Allianz holds the second highest net worth among insurers in the global list. Although the company’s ratings were down significantly from a year ago, revenue rose nearly 7% to nearly $130 billion, while profits remained flat. Allianz provides property and casualty, life and health, credit and travel, and asset management insurance services through a wide range of brands and services to more than 126 million customers in 70 countries.
4. Group AXA
Headquarters: Paris, France
World ranking: 48th
Business: Life and non-life
Revenue: $145.19 billion
Net worth: $8.39 billion
Assets: $839.85 billion
Market value: $65.75 billion
2021 world ranking: 51st
AXA climbed three places in the overall rankings to take fourth place among the world’s best insurance companies. The French company also ranks among the top five among all insurers in terms of net worth and assets. In 2018, AXA acquired XL Group, enhancing its position as the world’s leading commercial P&C insurer. Meanwhile, the insurance giant is building on its strong growth in target areas and key markets, while maintaining its commitment to the fight against global warming.
Read more: AXA reveals its first half financial results
5. Life in China
Headquarters: Beijing, China
World ranking: 71st
Work: Life and health
Revenue: $130.5 billion
Net worth: $7.87 billion
Assets: $769.88 billion
Market value: $43.02 billion
2021 world ranking: 46th
While the net sales and profits of China Life increased by 14% from $113.8 billion and 7% from $7.3 billion in 2021, respectively, its market value has decreased by almost 25% to billion $57.3. Overall assets, meanwhile, grew by $651.9 billion, an increase of 18%. As of the end of last year, China Life had about 323 million individual and group long-term life insurance policies, annuities and long-term health insurance policies.
Read more: China’s life collapses amid market slowdown
6. The AIA group
Headquarters: Hong Kong
World ranking: 73rd
Work: Life and health
Revenue: $45.16 billion
Net worth: $7.43 billion
Assets: $334.88 billion
Market value: $120.19 billion
2021 world ranking: 52nd
Despite falling 21 places in the global ranking, the pan-Asian life insurance giant still ranks third among insurers in terms of market value, behind UnitedHealth and Ping An. more than 27% of its net worth compared to $5.8 billion in 2020.
7. MetLife
Headquarters: New York, USA
World ranking: 74th
Business: Life and non-life
Revenue: $71.08 billion
Net worth: $6.55 billion
Assets: $759.71 billion
Market value: $57.39 billion
2021 world ranking: 59th
MetLife continued to grow from a year ago, despite the downgrade. The insurer saw its sales increase by nearly 5% and its profits by more than 20%. The company serves approximately 100 million customers in 40 countries around the world, offering life, health, dental, accident and health, and credit insurance products for individuals and groups. It also offers annuities, endowments, pensions and financial products.
Read more: MetLife beat analysts’ expectations for higher earnings and debt
8. Zurich Insurance
Headquarters: Zürich, Switzerland
World ranking: 80th
Business: Life and non-life
Revenue: $69.58 billion
Net worth: $5.21 billion
Assets: $410.15 billion
Market value: $69.22 billion
2021 world ranking: 72nd
Zurich saw 19% and 37% growth in sales and profits last year, compared to $58.4 billion and $3.8 billion, respectively, in 2020. The market value of the technology giant also increased by billion $ 61.7, the peak of just over 12%. Zurich offers a wide range of P&C products and services, as well as life insurance. Its clients span the spectrum, from individuals to small businesses, medium to large enterprises, and international corporations. Read more: Zurich reports biggest increase in first-half operating profit in 14 years
9. Cigna
Headquarters: Connecticut, USA
World ranking: 84th
Work: Life and health
Revenue: $174.27 billion
Net worth: $5.37 billion
Assets: $151.02 billion
Market value: $81.21 billion
2021 world ranking: 72nd
Health insurer Cigna has the sixth highest market value among all insurance companies on the list. However, its overall rating fell 24 places, costing the company the fourth place in the best insurance companies, which it did last year. The company offers health, pharmacy, dental, supplemental insurance and health insurance plans for individuals, families and groups.