Japan Post, Axa Outrank U.S. Insurers on List of World’s Largest Insurers

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Japan Post Insurance Co. and Axa S.A. top the lists of the world's largest insurers, while U.S. insurers barely crack the top five.

Japan Post, a unit of the government-owned Japanese postal system, was the largest by assets, reporting 2009 year-end assets of $1.1 trillion. France-based Axa came in second, with $962.8 billion in assets. However, as measured by 2009 net premiums, Axa topped the list, with $116.5 billion. Japan Post ranked fourth.

The only U.S.-based companies to make the top five of either list were American International Group Inc. and UnitedHealth Group Inc.

AIG ranked third by assets, with $847.6 billion. The company, while based in the United States, has significant overseas operation. It has, however, been in the process of selling some of these operations to repay a bailout by the U.S. government. It also ranked sixth by premiums.

UnitedHealth ranked fifth by net premiums, with $79.3 billion. The health insurer operates across the United States and in some international markets. Over the past 10 years, UnitedHealth has grown rapidly through a combination of acquisitions and organic growth.

MetLife Inc. and Prudential Financial Inc. ranked seventh and eighth by assets, respectively. Both are life insurance giants. Meanwhile, WellPoint Inc. and State Farm Group ranked ninth and 10th by premiums, respectively. WellPoint is a top U.S. health insurer, while the mutual State Farm is the largest personal lines insurer in the United States.

The two lists of the world's 25 largest insurers, one ranked by assets and the other by net premiums written, are based on BestLink data and additional research. Best Link provides online access to A.M. Best's database of insurance information.

(By Rick Cornejo, managing editor, BestWeek: [email protected])